Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Is there a time requirement to take advantage of net unrealized appreciation?
I retired earlier this year. To take advantage of net unrealized appreciation for the company stock in my 401k, do I have to rollover my 401k funds by the end of this year or can I wait and do it another year?
Asked Monday, May 01, 2023 by Joe C.Sign in to Answer
taxes on reinvested dividends for mutual funds
hypothetical question - I purchased a mutual fund for $10,000, and over time received $1000 in dividends which I've reinvested back into the mutual fund. Over time, the value of the mutual fund is now at $15,000 (NAV increases the value by $4,000, and my reinvested dividends add $1,000 to the value). I now sell the entire thing. Since i already paid taxes on my reinvested dividends, is my tax responsibility only on the $4,000 gain?
Asked Monday, May 01, 2023 by charlie m.Sign in to Answer
How do I get child tax credit with only SSI and child support?
I am waiting still on my amended return from last year so idk how that works with filing this year. But, I was told I should still qualify for CTC this year even though the only income I've had is child support and SSI. But, I have no idea how to do it.
Asked Monday, May 01, 2023 by Angela O.Sign in to Answer
DBA Name Change and Business Shift
I have a current DBA that I have filed for 2 years. It is a graphic design business and I do book covers. Recently, I have gotten more web design and want to re-brand and change the name. Do I have to file a name change with the IRS? I already have the other name registered with my state and the new business is web design and branding not book covers, which is a different buisness even though the codes are the same on the tax form for specialized design services. I am a sole proprietor and have no EIN just my Social if that makes a difference. And if I don't do the name change would that mean two Schedule Cs for my 2023 taxes?
Asked Monday, May 01, 2023 by Julia D.Sign in to Answer
Just married can we both keep our single tax withholding status?
We Married in April 2023. My salary is $75k current payroll withholding is still Single zero. Her salary is $100k current payroll withholding still Single-3 deduction. Next year for 2023 we will file married filing jointly. Can we both keep our current payroll withholding statuses with our employers, so that we get a bigger tax return? Should she change her deductions to 1 or 2?
Asked Sunday, April 30, 2023 by Joseph M.Sign in to Answer
Question about 2023 W4
I have a question regarding step 2 of the W4 form. I started a new job and the form has changed from last time I filled one out. I work as well as my wife, so 2 jobs. I make $180,000 a year and she makes $40,000 so there is a gap between our pay. I thought I read that when filing out step 2 this gap could cause the IRS to hold out more taxes from each of my paychecks each time. I just want the minimum taken out so that i don’t owe or owe too much at the end of the year. Do I need to fill out step 2 and if so how so I can have the minimum taken out. Thank you
Asked Friday, April 28, 2023 by David M.Sign in to Answer
Federal tax applied
I am senior, as of 0ct 1, 2022 l am no longer employed and have been receiving my doc sec. At first my taxes showed refund. Upon receiving my soc sec form of funds received for retirement since March 2022 l inserted the amount and it now indicate l owe roughly $2500. What can l do?
Asked Friday, April 28, 2023 by Janice O.Sign in to Answer
Do we need to file Form 1065
I got an EIN for a partnership with my wife in January 2022. Our intention was to start a Maryland Family Farm LLC but we didn't get that done. Do we still need to submit a form 1065 or is the Schedule F we have been filing sufficient until we get the LLC established? We didn't make a profit in 2022 but we should in 2023.
Asked Friday, April 28, 2023 by Steven B.Sign in to Answer
Non resident spouse.
I am a resident of Ontario. My husband is American and lives in the USA. Do I have to claim his US income on my Canadian taxes?
Asked Friday, April 28, 2023 by Megan H.Sign in to Answer