vania-janet/multiturn-rag-retrieval-data huggingface dataset:
This loss would be unrealized and, assuming you're a cash-basis tax-payer, you would not be able to take a loss on your 2014 tax return. This is similar to if you held a stock that lost 50% of its value. You wouldn't be able to claim this loss until you finally sold it.  The link that User58220 posted may come into play if you converted your UAH back to USD.
You have interpreted the instructions correctly. The issue with two jobs at the same time, is that that second job will be taxed at the highest rate; but the second employer has no idea what the other position is paying you.  If you make enough to be in the 15% tax bracket for your main job that means: some of the money from each paycheck is  taxed zero; some is taxed at 10% and the last dollars are taxed at 15%. But the second job should withhold for taxes to cover all the income at 15%. To avoid problems you should look at the tax form you are filling out this year. Look at the total tax you paid. Not the refund or the amount you owed when you filed but your total tax paid. The government allows a safe harbor if you make sure that in 2016 you have the same amount withheld this calendar year. If that isn't enough, you will owe money in April 2017, but you will not have to pay a penalty. After you have a couple of paycheck from your main employer, check to see that if you work the rest of the year at that same rate that the federal withholding will make the safe harbor. If you will make it,  you don't have to worry about the penalty. If you will fall short, adjust the w-4 accordingly.
"You're essentially asking the very common ""Do I Need to File a Tax Return?"" question.  It's common enough that the IRS answers it right at the beginning of the Form 1040 Instructions, and it's answered fairly thoroughly here: http://www.irs.gov/individuals/article/0,,id=96623,00.html There's about 20 questions in that checklist which are mostly pretty specialized, but assuming you didn't have taxes withheld that you'd like to get back, and didn't have any retirement income/disbursements this year, the only interesting question is this: ""Were you self-employed with earnings of more than $400.00?"" Sounds like your losses outweighed your profits, and assuming you had no other income, I'd say you're fine not filing. Can't really speak to state law since that can vary so much, but your state's laws are likely similar to federal, and you can probably find a very similar answer near the beginning of the instructions of your state's income tax form."
If you don't receive a W2, there are 2 scenarios you should consider: If you have reason to believe that scenario 1 is accurate, then you could file your taxes based on the last valid paycheck you received. If you have reason to believe that scenario 2 is accurate, then you need to do some extra math, but fortunately it is straight forward. Simply treat your final paychecks as if the gross amount of your check was equal to the sum of your taxes paid, and the net amount of the check is $0. This way your income will increase by the proper amount, and you will still receive credit for the taxes paid. This should work out cleanly for federal and state taxes, but will likely result in an overpayment of FICA taxes. You can use form 843 to receive a refund of excess FICA taxes. As a side note, I'd recommend spot checking the YTD numbers on your last paychecks against previous paystubs to make sure there wasn't any fuzzy math going on when they realized they were going out of business.
Um ... are you asking how much of a wage increase for the people who are employed will make up for the loss in income to the people who become unemployed?   If so, I don't think increasing Joe's wages by any amount will counteract Bob's loss of his job.
You should ask a customer service rep how much you'll net if you close the account. There will probably be a hefty surrender fee. What you get back shouldn't be taxable as its a return of your own money, not a gain.
"Yes, that's right; in the end, tax is charged on the total of your income in a tax year. PAYE on employment income is just a way of making incremental payments throughout the year. Note that tax rates are marginal rates applying to bands of salary, not the entire salary. But as your employment salary would be already over the 40% threshold (£45,000 for 2017/8), the entire ""extra"" from self-employment would indeed be taxed at 40%. Note that you'll also owe National Insurance contributions. In general if your employed income is over the higher-rate tax threshold, it should be 2% Class 4 NICs on the self-employment income. However, due to various complications in the way the system works, you might be initially charged more than that and and explicitly claim the excess back from HMRC. It might also be less if your earnings are below or only slightly above the ""Lower Profits Limit"".  You still get to keep 58%, only you can decide whether that is worth your time or not."
No, you will not have to pay taxes on the corpus (principal) of the trust distribution.  If the trust tax forms were filed correctly, you might have as much as a $9000 loss that will flow to you on the trust's termination.  Previously, the trust was supposed to file a return each year, and either claim the dividends or realized cap gains each year, and pay taxes at trust's rate, or distribute them to the beneficiaries via K-1 form. This is the best way to handle this as the trust has a steep tax table (relative high rates) vs the kiddie tax which would let you get nearly $1K/yr tax free each year as a minor.  During that time, losses net again gains, but can't be 'distributed' to the beneficiary. They are carried forward year to year. In the year the trust is terminated, that loss is not lost, but it's then passed on to the beneficiary, still via K-1. See Schedule K-1 instructions and Schedule K-1 itself.  On a lighter note, the trustee failed you. In the 16 years (Jan 2000-Dec 2015), the market (S&P) grew by 88%, with a compound 4.02%/yr return. Instead of any gain, you got a loss with a -2.75%/yr return. If this were a paid professional, you'd have a potential claim for a lawsuit. This is a reason why amateurs should not be assigned the role of trustee.  To clearly answer the mix of questions you asked - Note - it's always a good idea to seek professional advice. But, the nature of this board is that if any of my answer isn't accurate, a high ranked member (top 20 or so on this list) will likely set me straight within 24 hours.
"This is the only question that I see that you didn't answer yourself: Would withdrawing money from the margin account affect how the income is taxed (i.e., is the money taxed only after it is withdrawn)? The answer to this is ""no.""  The tax is the same whether or not you withdraw money from your margin account."
For example, if a fire burns it down or a tornado takes it away. Or you just find that the house isn't solid enough to support that party where all of your friends are jumping up and down to the latest pop sensation. So beyond losing whatever you invest in the property, you may also lose what you borrowed. Now consider what happens if you invest the same amount of money in General Motors as in the house. Let's call that $10,000 and give the house a value of $200,000. With General Motors, even if they go bankrupt tomorrow, you're only out $10,000. With the house, you're out $200,000. Admittedly it's much hard to lose the entire $200,000 value of the house. But even if the house loses $80,000 in value, you are still $70,000 in the hole. You don't need a disaster for the house to lose $80,000 in value. That's pretty much what happened in the 2006-2010 period. People were losing all of what they invested in houses plus having to declare bankruptcy to get out of the excess debt. Of course, if they had been able to hold on until 2015 markets mostly recovered. But if you lost your job in 2008, they wouldn't let you not make mortgage payments until you got a new one in 2012. When you declare bankruptcy, you don't just lose the house. You also lose all your emergency savings and may lose some of your belongings. There are some pretty prosaic disasters too. For example, you and your tenant both go away for a weekend. It rains heavily and your roof starts to leak due to weak maintenance (so not covered by insurance). The house floods, destroying all the electronics and damaging various other things. Bad enough if it's just you, but you're also responsible for the tenant's belongings. They sue you for $20,000 and they move out. So no rent and big expenses. To get the house livable again is going to take $160,000. Plus you have a $190,000 mortgage on a property that is only worth about $40,000.
In the U.S., there are laws that protect both employees and employers. Ask for proof of overpayment, and time to respond. If you feel you have a case, consult a lawyer that specializes in wage disputes. Otherwise, let them have their money, out of your last check if necessary. You don't want to have to go to court if you really do owe them. If you tell them a lawyer has accepted your case based on evidence, they may choose to settle out of court to avoid public embarrassment and legal fees, since, if you win, they also have to pay your court fees and legal fees, plus possible punitive damages. Conversely, if you go to court, but you owe them, you'll be subject to pay back what you owe plus their legal fees, which will be far more than you intend to pay them, or even what you'd get if you won. Losing would cost you dearly. Nobody can tell you what the outcome of your specific case will be, but unless the sum is significant, I would recommend that you accept the losses and walk away. While I know this can be hard, as someone who also lives the middle class paycheck-to-paycheck life, you probably can't afford to lose, and your company has expensive lawyers. Losing a few thousand dollars is easier than losing tens of thousands (or more) in a court battle. You can always seek assistance, such as unemployment, welfare, utility assistance, and other government programs to get back on your feet. If you owe them more than you can actually repay, try to negotiate. You want to stay out of court if at all practical. Their lawyers run hundreds of dollars per hour, so if they choose to, they can bury you financially if they have a case.
"I would say similar rules apply in the US.  If you have a net loss from rental property, you certainly can claim that loss against your personal income. There are various rules around this though that make it a bit less clear cut.  If you are a ""real estate professional"", which basicly means you spend at least 750 hours per year working on your rental properties (or related activities), then all losses are deductible against any other ordinary income you have. If you aren't a ""real estate professional"", then your rental income is considered a ""passive activity"" and losses you can count against regular income are limited to $25,000 per year (with a carry-forward provision) and begin to phase out entirely if your income is between $100,000 and $150,000. So, the law here is structured to allow most small-time investors to take rental real estate losses against their ordinary income, but the income phase-out provision is designed to prevent the wealthy from using rental property losses to avoid taxation."
"Are you asking why you aren't entitled to money that someone gave you by mistake? I think the answer is obvious even if you don't like it. If you overpaid your taxes how would you feel if the Government said, ""Sorry, finder's keepers. It isn't OUR mistake you can't do math.""  Your best course of action is to work with the agency to see if they will work out a payment plan so it isn't a big hit all at one time. They are likely to work with you since it was their mistaken advice that got you into the situation."
You can file a revised W-4 with your employer claiming more allowances than you do now. More allowances means less Federal tax and (if applicable and likely with a separate form) less state tax. This doesn't affect social security and Medicare with holding, though.  That being said, US taxes are on a pay-as-you-go system. If the IRS determines that you're claiming more allowances than you're eligible for and not paying the proper taxes throughout the year, they will hit you with an underpayment penalty fee, which would likely negate the benefits of keeping that money in the first place. This is why independent contractors and self-employed people pay quarterly or estimated taxes. Depending on the employer, they may require proof of the allowances for adjustment before they accept the revised W-4.
The extra distribution will be treated as ""buy-back"" - reducing that shareholder's ownership stake in the company and reallocating the ""bought-back"" portion among the rest of the shareholders. In this case it is treated as a sale of stock, and the gain is calculated as with any other stock sale, including short-term vs. long-term taxation (there's also Sec. 1244 that can come in handy here). The extra distribution will be treated as dividend. This is very rare for S-Corp, but can happen if it was a C-Corp before. In that case it will be taxed as dividends. Note that options #2, #3 and #4 subject the shareholder to the NIIT, while option #1 subjects the shareholder to FICA/Self Employment tax (and subjects the company to payroll taxes). There might be other options. Your licensed tax adviser will go with you through all the facts and circumstances and will suggest the best way to proceed."
Real world case: IRS:  You owe us $x.  You didn't report your income from job y. My mother:  I didn't work for y.  I don't even know who y is. IRS:  If the W-2 is wrong, talk to them to get it fixed. My mother:  I can't find y.  Please give me an address or phone. IRS:  We can't.  You talk to them and get it fixed. I know this dragged on for more than a year, they never mentioned the final outcome and they're gone now so I can't ask.
One thing we always have to consider when talking about raising the minimum wage is that job loss will happen. Remember that these businesses have been built on paying their employees less. That means money goes towards other things that help the company. When you are forced to increase wages, you have a choice, reorganize your business to free up cash or decrease your labor.
There are a few methods you can use to estimate your taxes. On the results screen, the app will show you your estimated tax burden, your estimated withholding for the year, and your estimated overpayment/refund or shortfall/tax due.  It may also have recommendations for you on how to adjust your W-4 (although, this late in the year, I think it only tells you to come back next year to reevaluate).   Your state might also have income tax, and if you are curious about that, you can find the state tax form and estimate your state income tax as well. My guess is that you will be getting a refund this year, as you have only worked half of the year.  But that is only a guess.
As I have worked for H&R Block I know for a fact that they record all your activity with them for future reference. If it is their opinion that you are obligated to use their service if you use some other service then this, most likely, will affect your future dealings with them.  So, ask yourself this question: is reducing their income from you this year worth never being able to deal with them again in future years? The answer to that will give you the answer to your question.
Bumping the employee portion of the SS tax back up will reduce the amount of money people have to spend, affecting the economy.    Ditto for an increase in the personal income tax.  Last year, the country flirted with going into default over the debt ceiling.  That scared the piss out of the markets.
The tax year will be determined by the date on the check from Lottery and they will withhold estimated taxes for federal, and for most state, incomes taxes.   Just remember if the ticket is claimed in January, then you will have to wait until the following year to get any possible refund.
Brokerage->Brokerage 13-16 The loss from the previous purchase will be added to the cost basis of the security for the second purchase. Since you sold it at a loss again it would increase your losses. Your loss from the first sale will be disallowed. Your loss will be added to the cost basis of the next purchase. Your gains will be taxed on the total of the cost basis which will reduce your gains. Which you will taxed 'less'. Your gains will be taxed. Your loss is allowed. You will be taxed on both.  Wash Sales really only applies to losses. If you sell for gain, the tax man will be happy to take his share. From my understanding, it does not matter if it is IRA or Brokerage, the wash sale rule affects them all. Check this link: http://www.marketwatch.com/story/understanding-the-wash-sale-rules-2015-03-02
The short answer is yes, losses get passed through to members. Limits/percentages do apply, primarily based on your share in the business. Check out the final post in this thread:  http://community2.business.gov/t5/Other-Business-Issues/Paying-oneself-in-a-LLC/td-p/16060  It's not a bad little summary of the profit/loss pass-through.  Regarding your 60K/60K example: the amount of money you earn in your day job will impact how much loss you can claim. Unfortunately I can't find anything more recent at the IRS or business.gov, but see this from 2004 - 40K was the limit before the amount you could claim against started to be mitigated: http://en.allexperts.com/q/Tax-Law-Questions-932/tax-loss-pass.htm HTH
First, contact the new employer's HR or payroll dept, whoever handles this. You might be able to warn them that your wife deposited x$ already. If they can tell their system to stop deposits at ($16500 - x$), that would work. If not, she will need to arrange to withdraw the excess, and pay the tax that wasn't withheld. No penalty, though.
Publication 17 Your Income Tax top of page 14 If the direct deposit cannot be done, the IRS will send a check instead. When your girlfriend gets the check, she can endorse it over to you for deposit into your account.
You will be liable to pay the tax For the 2017 year of assessment (1 March 2016 - 28 February 2017) if you earned less than R75 000 you will not have to pay any tax The annual budget speach is this week and the new tax rates will be released but most likely that R75 000 will increase to R78 000+- so if you earn less than that tax would not even be applicable on you, Should you earn in a tax year more than R75 000 then would be able to do your own tax return and payments via E-Filling on SARS's website : http://www.sarsefiling.co.za/ But if you earn less than R350 000 then you don't have to submit a tax return, but there is nothing that stops you from submitting one if you feel that you want to. You can use https://www.taxtim.com/za/ to help you with other questions  you might have. You can potentially bring down your tax-able income by showing a loss in capital value of your equipment that you purchased that is now worth less than it was when you initially purchased it, but these are all things you should discuss with a tax practitioner, I am not entirely sure how you will show a loss in capital value as a sole-proprietor, that is what you will be since you are not a company.
You are correct. She cannot claim the initial loss of $1,000 on her taxes, she can only report the $500 profit. However, the IRS does allow her to add the $1,000 loss to the basis cost of her replacement shares. e.g.
That will just change the number of people who are employed. Those who remain employed will require less government help, and those who lose their jobs will require more. Tinkering with the minimum wage will not add wealth or prosperity to the nation, it will only redistribute it.
"Here is the way I would estimate your taxes.  Remember that a bi-weekly paycheck means that you get 26 paychecks per year. If the $1000 federal refund is too much for you, you can decrease your withholding to bring your refund down.  This can be done by increasing your exemptions claimed on your W-4.  See ""How can I adjust tax withholding so that I don't get a large Tax Refund?"" for more details. However, keep in mind that your state withholding is perfect right now, and if you increase your exemptions, you will likely owe tax to the state, unless you increase your state withholding at the same time."
You owe $500, but you won't have to pay a penalty, because the $4,000 withheld is more than the $3,000 that you owed last year. But if next year you again don't make estimated payment, so you again have $4,000 withheld plus $0 estimated and then you owe $5,000 in taxes, you will have to pay a penalty, because your withholding was less than what you owed last year. To you had paid $500 in estimated payments, you'd be okay. You'd still owe $500, but you wouldn't owe a penalty, because your total payments were more than the previous year's liability. Clear as mud? Don't forget that you probably will also owe state income tax. If you have a local income tax, you'll owe that too. Scott-McP mentioned self-employment tax. You'll owe that, too. Note that self-employment tax is different from income tax. Self employment tax is just social security tax on self-employed people. You're probably used to seeing the 7-whatever-percent it is these days withheld from your paycheck. That's really only half your social security tax, the other half is not shown on your pay stub because it is not subtracted from your salary. If you're self-employed, you have to pay both halves, or about 15%. You file a form SE with your income taxes to declare it. 4: If you pay your quarterly estimated taxes, well the point of ""estimated"" taxes is that it's supposed to be close to the amount that you will actually owe next April 15. So if you get it at least close, then you shouldn't owe a lot of money in April. (I usually try to arrange my taxes so that I get a modest refund -- don't loan the government a lot of money, but don't owe anything April 15 either.) Once you take care of any business expenses and taxes, what you do with the rest of the money is up to you, right?
It matters because that is the requirement for the 83(b) selection to be valid. Since the context is 83(b) election, I assume you got stocks/options as compensation and didn't pay for them the FMV, thus it should have been included in your income for that year. If you didn't include the election letter - I can only guess that you also didn't include the income. Hence - you lost your election. If you did include the income and paid the tax accordingly, or if no tax was due (you actually paid the FMV), you may try amending the return and attaching the letter, but I'd suggest talking to a professional before doing it on your own. Make sure to keep a proof (USPS certified mailing receipt) of mailing the letter within the 30 days window.
"From a tax/legal perspective, any income is taxable no matter how derived.  On the other hand, if you're asking, ""When has my hobby crossed over from being something that I do on the side to something I should consider doing full-time?""  Different set of answers. Firstly, do you want to place that burden on your hobby?  If you're doing it purely for fun, do you want to ""marry your mistress""? Once you start depending on it for income, the money you earn is no longer fun-money and must now be used to pay legitimate expenses, taxes and other commitments. Secondly, will it support you or will you need other side projects?  Consider your total income package now, including whatever you make from your hobby.  How much would change if you switched your commitments and, perhaps, lost some of that revenue? Lastly, if you started your hobby to be a break from the routine, what will now break you from the routine of your now ex-hobby? All that said, if you're genuinely pleased by the income and overall profitability of the hobby, excited by the opportunities available and see a engaging and stimulating new career ahead of you then go for it."