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    1. I

      Tax Questions and 401k Contributions Guidance for Two-Member LLC in a Community Property State

      We reside and conduct the business activity in TX.
    2. I

      Tax Questions and 401k Contributions Guidance for Two-Member LLC in a Community Property State

      We established an LLC at the beginning of this year, with just two members – my spouse and myself. We reside in a community property state and file our taxes jointly as a married couple. Throughout this year, we've utilized our LLC to carry out business activities. My spouse has been working...
    3. I

      How split income for LLC between spouses in tax form?

      Thank you for your answers. I spoke with the third CPA today, and he agreed with the first CPA regarding profit as 50/50 (does not matter if it is LLC QJV or Partnership and if it is a 50/50 share or 10/90) if the spouse materially participates. If she does not materially participate, then the...
    4. I

      How split income for LLC between spouses in tax form?

      I just want to understand if it is okay to pay SS taxes based on the earned income each of us brings to the LLC and not to file two Schedules SE if my spouse does not have earned income from the LLC. I spoke with two CPAs, and here are their opinions (for the disregarded entity/sole...
    5. I

      How split income for LLC between spouses in tax form?

      My spouse and i formed an LLC in a community property state. We file taxes as MFJ . I have $200k earned income from LLC and my spouse has $0. In an LLC operating agreement, we have a 50/50 split. Currently, our LLC has a default type (Multi-Member LLC) but we could be qualified to choose...
    6. I

      Rollovers

      I had pre-tax funds ($22,185.74) in my traditional 401k that I transferred to a traditional IRA and then to a solo 401k. For some reason, tax software put $22,186 in both field 4a and field 5a. 1099-R forms are near identical. For trad 401k to trad IRA it looks like: 1 Gross distribution...
    7. I

      First tax declaration and foreign unearned income

      Dear @Taxing Matters, If it is okay I would like to ask you one more question regarding my friend. He has become a green card holder in June 2019 and received his green card in June as well. June was his first entry into the U.S. He is single. Can he file tax for a full 2019 year? We have...
    8. I

      First tax declaration and foreign unearned income

      @Taxing Matters @LdiJ Thanks for help. But I cannot agree with your statement: "not include any foreign income that you received before you became a permanent resident" In pub 519 I can see a paragraph " Income from sources outside the United States that is not effectively connected with a...
    9. I

      First tax declaration and foreign unearned income

      @Taxing Matters Thanks. But as I can see it will be the case only if I choose the Dual Status. But I want to choose the Resident Alien Status for the whole year. The reason for this I want to use standard deductible and joint return.
    10. I

      First tax declaration and foreign unearned income

      I am sorry, but do you know where can I find confirmation of this information?
    11. I

      First tax declaration and foreign unearned income

      Actually now I have found the same prase in publication 519: Residency starting date under green card test. If you meet the green card test at any time during a calendar year, but do not meet the substantial presence test for that year, your residency starting date is the first day in the...
    12. I

      First tax declaration and foreign unearned income

      Please could you be more specific? Actually only one question what I have for now is regarding 3) above. I think that I am 100% right regarding 1) and 2).
    13. I

      First tax declaration and foreign unearned income

      I apologize for confusing. You right. My question is where can find the law regarding including my income earned only after I received green card (or entered to the U.S.) It is what I have found §7701(b)(2)(ii): In the case of an individual who is a lawfully permanent resident of the United...
    14. I

      First tax declaration and foreign unearned income

      I very much appreciate you help but I don't think you completely right regarding my case. 1) We have to file tax as green card holders. Maybe IRS doesn't have any special rules about it but USCIS has! When you renew your green cards, or apply for citizenship, you will be asked to supply...
    15. I

      First tax declaration and foreign unearned income

      Can we use schedule B (form 1040) to declare foreign unearned income?
    16. I

      First tax declaration and foreign unearned income

      I very much appreciate your help! Thanks! We've received foreign unearned income in August 2019. We moved to the USA at the beginning of September 2019 and we got our green card at the end of September. As for now, we don't have any investments and businesses outside the US.
    17. I

      First tax declaration and foreign unearned income

      I am married and my wife and I are green cardholders. Our first entry to the USA was in Sep. 2019. Before this date, we lived in another country (Russia). Now we need to pay taxes. In 2019 we didn't work in our country but I got income from stock trading and dividends (3k$). It was before we...

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