Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsAmended return
Asked onFriday, June 09, 2023 by KFiled an amended return that hasn’t been processed. Received letter from IRS with tax owed amount from original return which was corrected. Should I pay original amount and get a refund after the amended one is processed?
Premium tax credit
Asked onFriday, June 09, 2023 by DavidThe IRS has determined that I owe $5208.00 because I didn't get insurance through the Insurance marketplace.
If I deposit a check from business and they put “cash” in the name, is it taxable?
Asked onFriday, June 09, 2023 by SamIf I deposit a check from business and they put “cash” in the name, is it taxable?
How can I withdraw from IRA with least penalties?
Asked onFriday, June 09, 2023 by AmandaI am currently unemployed and need to pull from my IRA to cover general expenses and medical insurance premiums. I have both Roth and Traditional IRAs. I read the IRS rules regarding penalties for early withdrawal and the exceptions to these penalties. My questions are: 1) would I qualify for an exception for part or all of my withdrawal; 2) if yes, does it matter which IRA I pull from; 3) if no, what type of withdrawal is going to be least penalized; and 4) I saw something about distributions from the IRA over time instead of one lump sum - does this make a difference?
W2 Correction
Asked onFriday, June 09, 2023 by TinaMy employer included the earnings for my short term disability on my W-2 and I received a W-2 from their 3rd party payer for the same amount. Should I request a correct W-2 from my employer?
Capital Gains
Asked onFriday, June 09, 2023 by TammyWhen do you need to pay capital gains in Nebraska after selling a home?
Do I have to pay federal tax on sale of inherited house
Asked onFriday, June 09, 2023 by SherieDuring the process of selling my mother’s house, she passed. I was sole beneficiary and inherited the house. The sale was completed within a month of her passing. Do I have to file federal income tax on the funds I received? I haven’t filed returns for years as I live on social security. Thank you
How are taxes handled for my selling personal items on ebay?
Asked onFriday, June 09, 2023 by JustinI am selling sports cards on ebay that I have pulled from opening sealed boxes of cards over the years. I am NOT buying and reselling. I am just trying to make some money by getting rid of cards I no longer want. From what I have read online, it looks like I am going to have to pay income taxes on all of the gross sales money that I receive and I can't make any dedections as a personal (non-business) tax filer. Is this correct? This doesn't make any sense to me because I spent a ton of money to obtain these cards over the years so the amount I sell them on ebay for is definitely not all profit if it is at all. This just doesn't make any sense to me that I have to pay income tax on something that I had to buy my self/already own and really am making a very small profit on if any at all. Is there anything I can do to avoid paying these taxes or reduce the tax I will owe? Please provide any other advice so I can save/keep as much money as possible, which I believe is rightfully mine anyway and not the government's!
If I take retirement money out to pay off HELOC will it count as income?
Asked onFriday, June 09, 2023 by DeeI am a 69 yo woman, mostly retired. I live in southern california area. my main income is social security benefits. I qualify and receive MediCal. I have a HELOC from 2014. They say it is time to refinance. I am thinking about using retirement funds to pay it off (currently $26,000). It will save me ~$225/m If I take out money from 401k or retirement IRA or other retirement fund to pay off HELOC will it count as reportable income for taxes?
HSA investment k1
Asked onThursday, June 08, 2023 by leynaI have a k-1 for a HSA and I was not sure if box 1 for ordinary business income or loss should be passed through to sch E as passive income