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Recent Social Security Tax questions

What is Online Spot Forex Trading and who is called Day

what is Online Spot Forex Trading and who is called Day Trader ?Me and my spouse are planning to apply for U.S. Citizenship on the basis of having U.S. Green Card for last 5 years . Now , there is a column in Citizenship Application Form to mention about the Employment details of applicant during the last 5 years , if any . Please clarify me what should i write about my spouse in the application form for the column of Name of Employer , Address of Employer , Dates of Employment and Occupation keeping the following status of my spouse in mind :My spouse has never done any job in USA and stays at home . He does some online Forex trading for himself for little earning and reports it in tax return . we both file the joint income tax return as married but his online forex earning is either nil or loss from last 2 yrs and he does very few low amount transactions of forex sale-purchase in a year . So should he use self-employed or unemployed ? If self-employed , then what to write in employment details column like employer name , address , dates, occupation , etc. ?

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
I'm retired but I' working as a temp employee and will make

I'm retired but I' working as a temp employee and will make 80,000 this year plus railroad retirement. Projected tax per turbo tax will be 26000. Could this be correct?

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
I retired last month, my wife retired at age 62 now(65) and

I retired last month, my wife retired at age 62 now(65) and we receive close to 2900.00between the 2 of us. I am receiving biweekly 1500.00 for a year as a part of the packageof being laid off. I also received 7200.00 from social security as a back pay because I waited until I was 67 before I took full retirement and they go back 6 months. They are taking taxes out of my biweekly check. I was told you are allowed to all the money youwant without being taxed for social security income. I need to know it that is correct.

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
I live in Illinois and am looking at accepting a position as

Hi ! I live in Illinois and am looking at accepting a position as an independent contractor. I'd love to know what I need to make if I want to clear 80,000/ yearly.Can you show me your calculations?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
IRS question. In order to avoid being classified by the IRS

IRS question. In order to avoid being classified by the IRS as a real estate 'dealer', and stay in my current classification by the IRS as a real estate 'investor' with a half dozen long term rentals and the occasional 2-3 'flips' per year, how many flip deals should I stay under? I have a rather significant capital loss carryforward from decades of investing unsuccessfully in the stock market, and want to make sure that I can offset and extinquish those stock loses with my real estate gains from both the eventual sale of my rental properties but as well from the 2-3 fix-and-flips that I want to perform every year.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,934 satisfied customers
2014 return filed jointly. My wife made the full amount of

2014 return filed jointly. My wife made the full amount of social security tax payments ($7254). I has 2 jobs and paid $9966 in social security. Using TurboTax, I showed a excess credit of $2713. The IRS sent me an audit notice that owe $2713.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
Although we have lived, worked (and paid taxes!) in the US

Hi,Although we have lived, worked (and paid taxes!) in the US for many years, I still have some British pensions which are paid into my UK bank account. These pensions and some lump sum pensions are tax free in the UK. We have declared our one-and-only UK bank account in a Report of Foreign Bank and Financial Accounts (FFBAR).My question is;If we transfer any of the money from the UK to the US, even using an ATM, are we liable for US tax? I think I know the answer, which will be yes, but I am seeking absolute confirmation.Many thanks

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I was my elderly mother's care taker of 2015. I was unable

I was my elderly mother's care taker for all of 2015. I was unable to work anywhere else so she paid me 600.00 a month. I just figured another 600.00 for room and board, although it did not come to that much. Do I have to pay taxes on the room and board.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
I need a taxes question answer I am in the process of

I need a taxes question answer I am in the process of retired an have a pension when retired can collected, social security which I will have to wait 5 years to collected, 401 K retirement I h aVe several option start collecting and pay balance down or rolled over in to a self directed IRA and invested money or roll over into a Roth IRA and wait five years and get the money out tax freeI research several states where there are no pension taxes and social security taxes. These states where Illinois Penn Florida Alabama and Mississippi I want to find out is this possible Will any of this income be taxes

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
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