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2 weeks ago
Hi, I’m currently working as a post doctoral researcher at a university in the states. I’m currently exempt from federal income tax as well as FICA tax as per the US-UK tax treaty article 20a. I’...
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Hi, I’m currently working as a post doctoral researcher at a university in the states. I’m currently exempt from federal income tax as well as FICA tax as per the US-UK tax treaty article 20a. I’m likely to extend my contract with the university past the 2 year mark and therefore will be extending past the 2 year exemption from the tax treaty. My question has a few parts and I would be helpful if any experts could help. 1) Once past the 2 year mark for the tax treaty, will the IRS look to recover the unpaid income tax? Other posts on this topic have cited that the tax treaties use the term “May recover” when discussing this situation, and I’ve not been able to find anything solid on what constitutes a situation/scenario in which the IRS would actively look to recover the unpaid income tax. 2) non-resident aliens on J1 visas are exempt from FICA taxes for a period of two years. It seems that if I stay past the 2 year exemption that my filing status will change to resident alien (as per the substantial presence test). My question is whether or not I will be liable for FICA taxes for the first two years during which period I was initially exempt? In addition, can anyone clear up whether I will be liable for FICA taxes going forward past the two year mark, given that I am ordinarily a permanent resident of another country and covered by the social security system of that country 3) I’ve seen some people talk about certificates of exemption from the workers original country of residence stating that they are covered/pay into a social security system of their country of permanent residence (issued by HMRC of the UK in my case). If I am not exempt from FICA taxes in the US as per question 2, is there any situation in which this certificate of exemption may apply in my case? 4) Finally, if I am liable for back dated federal and FICA taxes for the initial period of two years in the US, how do I determine how much tax I am liable for and how do I pay it? If anyone can help with this, I would be grateful. Thanks in advance, Danny
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2 weeks ago
No there is no reason to report a gift for a student loan.
2 weeks ago
I was just wondering if there was gift tax reporting implications. Thanks for the quick response.
2 weeks ago
Many people have multiple TT accounts and forget how to access them. Log out of the account you are in now.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/m...
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Many people have multiple TT accounts and forget how to access them. Log out of the account you are in now.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx
Account Recovery
2 weeks ago
This is the user forum for TurboTax where we answer income tax questions and questions about using the tax software. Why are you asking about a will here?
2 weeks ago
Pls I can’t get in to my account
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2 weeks ago
You need to wait for the original return to be fully processed. The IRS might catch your mistake and make corrections for you. If they do not catch it, then you will need to amend your tax retur...
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You need to wait for the original return to be fully processed. The IRS might catch your mistake and make corrections for you. If they do not catch it, then you will need to amend your tax return to add that W-2. Going forward, be aware that all of your W-2's must be entered on the same tax return; you cannot file them one by one on separate returns.
Wait until your original return has been fully processed before you amend, and make sure you have saved a pdf of the original return before you amend. (If you do not save it as a pdf, the amended return will overwrite the original, and the original will be lost forever)
See this TurboTax support FAQ for amending a tax return -
CURRENT YEAR
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk
Do not expect quick results from amending. It can take four months or more for the IRS to process an amended return.
You can watch for information here:
https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1
2 weeks ago
No. A loan must be repaid. A loan is not a gift. What are you trying to do?
2 weeks ago
TurboTax no longer has software for 2019; it is not supported or provided with updates even if you can find it on eBay, etc. You can still get the desktop download software for 2021 to use on a ful...
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TurboTax no longer has software for 2019; it is not supported or provided with updates even if you can find it on eBay, etc. You can still get the desktop download software for 2021 to use on a full PC or Mac. A 2021 return can only be filed by mail; it cannot be e-filed. If you did not request an extension for 2021 by the filing deadline in 2022, you have forfeited your 2021 refund; if you owe tax due for 2021, it is owed with late filing penalties and interest.
You can use online TurboTax for a 2024 return until October 15, 2025, and then online will become unavailable for 2024, and you will need desktop software for 2024.
You cannot change the tax year. The current online program is for 2024 only. Only a 2024 return can be prepared online and only a 2024 return can be e-filed.
Online preparation and e-filing for 2021, 2022, and 2023 is permanently closed.
Note: The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac. It cannot be used on a mobile device.
To file a return for a prior tax year
If you need to prepare a return for 2021, 2022, or 2023 you can purchase and download desktop software to do it, then print, sign, and mail the return(s)
https://turbotax.intuit.com/personal-taxes/past-years-products/
You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.
Remember to prepare your state return as well—if you live in a state that has a state income tax.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/contact-state-department-revenue/L9qVToi02_US_en_US?uid=m6e06um0
When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as certified mail so you will know the IRS/state received the return.
Federal and state returns must be in separate envelopes and they are mailed to different addresses. Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.
You could seek other tax software for 2019 by googling to see which software companies might still offer 2019, or you could seek local paid tax help, or you can use paper forms to prepare 2019 by hand.
2019
2019 Instructions
https://www.irs.gov/pub/irs-prior/i1040gi--2019.pdf
1040 https://www.irs.gov/pub/irs-prior/f1040--2019.pdf
1040SR https://www.irs.gov/pub/irs-prior/f1040s--2019.pdf
2019 Schedules 1-3
https://www.irs.gov/pub/irs-prior/f1040s1--2019.pdf
https://www.irs.gov/pub/irs-prior/f1040s2--2019.pdf
https://www.irs.gov/pub/irs-prior/f1040s3--2019.pdf
2 weeks ago
I've seen similar thread voicing technical concern about rosetta, but how big of a concern is this in reality for the average Mac user, for s/w that is only used for a limited time of the year. Some...
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I've seen similar thread voicing technical concern about rosetta, but how big of a concern is this in reality for the average Mac user, for s/w that is only used for a limited time of the year. Someone said Rosetta uses a lot of disk I/O which can impact lifespan of SSA drives. If this was safari or excel I'd be concerned. You're voicing concern as tho even installing rosetta is a big no-no. I am running a new Mac Mini M4, TT 2024 worked fine didn't need to install anything so either TTX is installing rosetta or it just comes with the O/S, haven't noticed any performance issues. Guess we'll see in a few months what the 2025 version brings maybe you can ask some early adopter here what binaries are delivered so you can decide what to do, but I'd be surprised if they change tack until forced to do so by Apple stopping OS support for Intel H/W. Intuit's online business is about $4bn revenue and growing vs. $200mil for desktop, I don't think they mind losing some long-time desktop users to issues like this or Win 10 end of life, if they're picking up enough people to keep growing and upselling their online services...
2 weeks ago
If you take money from a 401k before you are 59 1/2 you are subjected to a 10% early withdrawal penalty; you also pay ordinary income tax for the amount you take from the retirement account.
2 weeks ago
No. @bill Pohl
2 weeks ago
Thank you
2 weeks ago
There is no tax benefit to using a second Roth IRA to receive another Roth conversion. The result will be the same if you do an additional Roth conversion to the same Roth IRA or to a different Roth...
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There is no tax benefit to using a second Roth IRA to receive another Roth conversion. The result will be the same if you do an additional Roth conversion to the same Roth IRA or to a different Roth IRA. I other words, there is no benefit to keeping the first Roth IRA "clean." There used to be a small potential benefit to using a different Roth IRA back when recharacterization of Roth conversions were permitted. Using a separate Roth IRA could make the calculation of net attributable income easier. However, the tax code was changed for 2018 and beyond such that recharacterizations of Roth conversions are no longer permitted.
2 weeks ago
PS just make sure you are eligible for the IRA contribution - the MAGI/contribution limits are well known but also you can only contribute if you have earned income for the amount of the contribution...
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PS just make sure you are eligible for the IRA contribution - the MAGI/contribution limits are well known but also you can only contribute if you have earned income for the amount of the contribution, some folks don't realize til filing and Turbotax delivers the bad news it wasn't a valid contribution, then it gets messy. https://www.fidelity.com/learning-center/smart-money/ira-contribution-limits You also cannot contribute more to your IRAs than the income you earn each year. If your income is lower than the contribution limit, your annual IRA contribution may be limited to your earned income. For example, if your earned income is $5,000, your max contribution limit is $5,000.
2 weeks ago
Check form 8606 and try filling it out for your situation from 2025 filing perspective to get comfortable with the process - the calculation for the tax on the Roth conversion is based on the ending ...
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Check form 8606 and try filling it out for your situation from 2025 filing perspective to get comfortable with the process - the calculation for the tax on the Roth conversion is based on the ending balance of the IRA as of 12/31/2025 (line 6) - as long as that is zero at year-end and you do not have any remaining basis in the IRA at the end of the year, then you should be able to do a backdoor Roth also. Line 9 in the tax calc will be your total conversion from Line 8, since Line 6 is zero; lines 10/11 divide and multiply your nondeductible by the total conversion, so Line 11 ends with your nondeductible as the nontaxable amount on the conversion. You never pay tax on any after tax / nodeductible money (= basis) that you contributed to the IRA when converting to a Roth, only the earnings and pre-tax contributions are taxable, it's just a question of timing when that money is considered part of conversion which is a pro rata mix of taxable and nontaxable contributions at the time; so if you empty out the IRA then you are fully converting the nondeductible contribution and won't pay tax on that portion.
2 weeks ago
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"I believe that I can move the (duplicate) excess RMD withdrawal into my Traditional IRA as a rollover within 60 days." A 60-day rollover to your own traditional IRA is possible from a traditiona...
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"I believe that I can move the (duplicate) excess RMD withdrawal into my Traditional IRA as a rollover within 60 days." A 60-day rollover to your own traditional IRA is possible from a traditional IRA BDA only if you are the surviving spouse of the original IRA participant from whom you inherited the IRA. If you are a non-spouse beneficiary, there is no option to roll over the funds to any retirement account and you'll need to include the extra distribution in your taxable income.
2 weeks ago
Are Parent Plus loans Considered Gifts?
2 weeks ago
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2 weeks ago
Forgot that I had activated Fidelity automatic RMD withdrawal for inherited IRA and accidentally took the RMD twice. Fidelity said that I cannot return the duplicate withdrawal into the IRA BDA. I wa...
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Forgot that I had activated Fidelity automatic RMD withdrawal for inherited IRA and accidentally took the RMD twice. Fidelity said that I cannot return the duplicate withdrawal into the IRA BDA. I want to avoid the tax consequence and based on what I can find online, I believe that I can move the (duplicate) excess RMD withdrawal into my Traditional IRA as a rollover within 60 days. Can someone confirm that is correct please? I do not want to make the problem worse. Thanks for your help!
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