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Recent tax questions

I am non Us citizen.I have an offshore company.I would like

Hi,I am non Us citizen.I have an offshore company.I would like to trade in Us stock market,trough Us online brokerage firms.My question is:I need to pay Tax in Us after capital gain or i need to pay in my country?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I am a non resident non US citizen married to a US citizen,

I am a non resident non US citizen married to a US citizen, we live in London UKJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Looking to buy a property in US, what is the most efficient way to do it from tax perspective?JA: Is there anything else important you think the Accountant should know?Customer: We both work and pay taxes in UK, my wife files tax returns in US but she pays enough tax in UK so that she does not need to pay any tax in USJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

 
20,318 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
My friend is non American and shopping in California can he

My friend is non American and shopping in California can he get a tax refund like Europe?

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Robin D.

Vocational, Technical or Trade School

 
20,318 satisfied customers
My wife owns transferred cash to a partnership (LLP) in

Hi! My wife owns transferred cash to a partnership (LLP) in India and became a partner of 33%What are our filing requirements? She is a resident and does not have any US income. The partnership is a Limited Liability Partnership and all the partners have limited liability.Which forms do we need to submit?

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Robin D.

Vocational, Technical or Trade School

 
20,318 satisfied customers
Our company and office is located in Cyprus. We have an

Hi,Our company and office is located in Cyprus. We have an ecommerce website and sell to Customers in the US. Our products are shipped directly from a factory in China to the customer, it's known as dropshipping. We don't keep any stock or inventory. The only connections we have with the US are:A) website server hosted in USB) Toll free numbers from a US companyThe customer buys the product on our website. We send the order details to the supplier in China. The supplier in China ships to the customer.Can you explain the US tax implications.Am i correct in assuming we don't have a nexus in the US therefore we don't need to pay any US taxs?EU Question:We also have some customers in Europe, when the product arrived from China, they pay customs tax on arrival to their government. For Cyprus company, we are well over the VAT threshold. But we still need to register for VAT. Since its drop shipped, and the customers in Europe pays customs tax on arrival, what are the requirements we need to write on our website letting the customer know they are responsible for any customs tax.The longer your answer the better.Thanks.

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Robin D.

Vocational, Technical or Trade School

 
20,318 satisfied customers
What are the taxes involved: a) if a US company has 1m in

what are the taxes involved:a) if a US company has 1m in profits in 2016 and before the end of the year the company spends 1m in the acquisition of shares of a foreign company.b) if a US company has 1m in profits in 2016 and before the end of the year the company spends 1m in the acquisition of copyrights from a foreign company.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I have been receiving SSDI benefits since late 2005. I was

I have been receiving SSDI benefits since late 2005. I was 51 years old when a determination of full disability was made, two years after I first applied for benefits. I turned 59 1/2 years old in March 2014, but have had to draw on my retirement annuity since 2006 to supplement my SSDI.I a penalty for early withdrawal was deducted by the firm managing the retirement fund. That penalty was initially 10% of each withdrawal. I also paid federal and state income taxes on the withdrawals. I often received back most of those taxes paid because of my low adjusted income and associated tax rate.As my age approached 59 1/2 the penalty paid to the fund management firm was reduced by 1% with each passing year. Again, I withheld amounts for Federal and State taxes on each withdrawal, though after the initial years I withheld a smaller % since most of it was coming back to me as a refund. I used tax software (typically TurboTax or TaxCut) to determine my taxes, always indicating that I was disabled and receiving SSDI as my primary income.In 2011 I moved from Minnesota to Wisconsin but the tax implications were minimal other than a loss of certain tax credits that had been available in Minnesota. (Homestead Property tax rebate/refund due to significantly lower income limits in Wisconsin.)In 2012 I purchased a home and withdrew a larger than typical amount from my retirement account to apply toward the down payment on the purchase. I also applied some funds from my IRA toward necessary repairs and energy-saving improvements. Again, I used TurboTax to prepare my tax return, and after applying various credits for energy saving improvements, and deductions for mortgage, property taxes and real-estate transaction fees from the purchase of the house. I paid several hundred dollars in federal and state taxes due.Now in 2016 I have received a letter from the State of Wisconsin Dept of Revenue saying that I owe a 10% federal tax penalty (and an additional 1/3 of the Federal amount for state tax penalties) on the early withdrawals from my IRA in 2012. This surprised me because I hadn't had to pay any additional penalties in previous years (to my knowledge) and I had paid the 2% penalty deducted at time of withdrawal by the fund management firm. I assumed that this was due to my disabled status.I am receiving conflicting information as to whether my disability status eliminates the tax penalty on early withdrawals. The fund management firm tells me that I may have to do so, though they aren't privy to the specifics of my tax return. If so, I don't understand why this liability only arose in my 2012 tax year. I also made a larger lump some withdrawal in 2008 to purchase a used vehicle, and no additional tax penalty was assessed (though I did pay a 6% early withdrawal penalty was deducted from the withdrawal by the fund management firm.)I was/am still confused about this early withdrawal penalty deducted by the fund management firm. I assumed this was related to any federal/state tax obligations, particularly since the tax preparation software didn't indicate any taxes due as an additional tax penalty.Recap: Key Questions1) Does my (full) disability status eliminate my liability for the additional tax penalty on early withdrawals?2) Am I likely to be liable for similar taxes in prior and subsequent tax years until I turned 59 1/2?The amount that I owe for the early withdrawal tax penalty, the late payment penalty and the associated interest is roughly 3x the amount of my total tax liability in any other year since my disability eligibility was determined. How many other "shoes" are likely to drop?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
My husband and I are American citizens living abroad We

My husband and I are American citizens living abroad We worked in the US andI file taxes there since Zi have income My account has filed me in the 1024NR form She said this is the form I have to file since my tax country is Greece but my husband who has no income or property in the US does not need to file a tax form since he files in Greece Is this true I think this form is for non US citizens Will I have any consequences? What do Zi need to do?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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