Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsNeed to cash in retirement
Asked onMonday, June 05, 2023 by CassandraI work for a large company and I’m going to be leaving it soon. I am either going to have to cash in my stock or my 401(k). I need to know what would be the better choice of the two?
Paid IRS for 2021 error. What form is needed for New York State?
Asked onMonday, June 05, 2023 by GerardI sent a check to the IRS to correct an underpayment of my 2021 taxes. How do I notify New York State to determine how much I owe them? I didn’t dispute their findings, it was my mistake.
I have two full-time jobs and I'm trying to figure out how much will I have to pay back at the end of the year
Asked onMonday, June 05, 2023 by ElvinTrying to figure out how much I would have to pay back at the end of the year with two full-time jobs
Delinquent property taxes
Asked onSunday, June 04, 2023 by NancyI'm disabled, low income, & I owe back property taxes in my home. Is there any help available or do you have any suggestions? Much appreciated.
AGI's from the previous years
Asked onSunday, June 04, 2023 by AmandaWe were trying to file this year, but couldn't find our AGI from the previous year. We then realized that our return didn't go through last year because we didn't have the correct AGI for the year previous to last year. Please help! Where do I start?
3520 FORM
Asked onSunday, June 04, 2023 by KEITHI am trying to file the form 3520. I receive a gift from foreign parents 2 months ago (April 2023) 1. My question is when is the deadline for me to file 3520?? I think it is due on April of next year 2024 (Tax date) but file it separately from the 1040 to the Utah locations. 2. The 3520 form currently online is for the calendar year 2022. Can I use the same 2022 form to file for 2023 tax? or I have to wait until the 2023 is issued? Thx Keith
Inherited IRA during COVID
Asked onSaturday, June 03, 2023 by RobertHi! So recently I realized that I massively overpaid on my taxes for 2021 and will be submitting an amended return. Before I do that however, I have kind of a complicated question to ask. I inherited an IRA from a deceased relative back in 2015, and just left it alone until 2020 when I got a notice that I was required to pull all the money out and do something with it in my own name. Apparently there's a rule about that and a 5 year limit. 2020 also happened to be pandemic year, and that money saved my butt. However, when it came time to do taxes, I wasn't sure how to file for that and was in a dark place at the time, so I didn't reach out for the appropriate help. I just followed the prompts on TurboTax and filed it under "Qualified Disaster Distributions From Traditional, SEP, SIMPLE, and Roth IRAs for the Coronavirus and Disaster(s) Listed in Item C" where the amount is taxed in thirds over 3 years. Was that the right move? Did I even need to pay taxes on it at all given that the IRS requires you to empty an inherited IRA after 5 years regardless? Would really appreciate clarification on this, thanks!
If I refinance & get cash back, can I itemize & deduct the interest?
Asked onSaturday, June 03, 2023 by DenIn 2015 I refinanced my homestead & got cash back. I used 20% of the cash to make capital improvements to a rent house & 80% to repair the rent house. In 2022 I bought a second home for recreational purposes with a new loan. On my tax return can I itemize & deduct any of the interest from these 2 home loans?
QBI Deduction Calculation
Asked onSaturday, June 03, 2023 by JohnWhen calculating QBI Deduction for form 2210, Schedule AI, part 1, line 9, I know it is 20% of the smaller of your business income minus half self employment tax, or your taxable income excluding capital gains and qualified dividends. I am assuming it is figured on income for each period that has already been annualized because it is after line 3 where income for each period is annualized. Am I assuming correctly?
Inheritance tax
Asked onFriday, June 02, 2023 by DanielleMy husband and I live in Vermont and inherited a house with a mortgage when probate finalized last fall. When the mortgage is paid we will get $350,000 from the sale. The house was bought for $280,000 in 2016. Do we have a specific timeframe to reinvest and use the profits from the sale to avoid the inheritance tax, or do we come below the threshold to owe any?