Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsHow do I find my AGI for 2021.
Asked onSaturday, April 15, 2023 by RachekHow do I find the AGI for 2021. Tried to file but it was not enough to claim
Federal/state taxation on California-source scholarship income received to support research year abroad
Asked onSaturday, April 15, 2023 by BonnieI am a doctoral student at a University of California school, and have been accustomed in the past, while residing in California, to paying both federal and state taxes on that portion of my fellowship income (1098-T income) that is not excludable for qualified tuition and related expenses. From autumn 2022, I left California/the U.S. and went abroad for a period of research that will last at least a year. Shortly before departing, I received a chunk of fellowship income from the University of California that was intended as a stipend to support my upcoming year abroad. My question is mainly as to whether this income is excludable federally. (I understand from the Schedule CA 540NR instructions that it is not excludable in California if the source is a California source, even if the income is supporting activities undertaken in another country. If I am wrong here, I would love to be corrected.) Federally, I think this income may be excludable. I am not certain because the 2555 instructions do not directly address scholarship income; but, if I follow the general principle of treating 1098-T income similarly to wage/salary income, it seems that it should be. However, I hope the fact that I received the income into my bank account before departing the U.S. does not make me unable to exclude it after all? The stated purpose of this income was definitely to support my year abroad. Thank you so much for taking my question!
Simple IRA credit
Asked onSaturday, April 15, 2023 by ElizabethI did a withdrawal from Simple IRA. $1500 was used to pay insurance premiums while my husband was on short term disability. Can I deduct this from taxable amount?
Charity donations
Asked onFriday, April 14, 2023 by ChristieCan donations made in 2022 be claimed on 2023 taxes instead of 2022?
Paying yourself as a newly formed S Corp
Asked onFriday, April 14, 2023 by SonakshiHello, I started a new business 2 months ago, as the only employee filing as an S Corp. As it is a new business, it is not yet generating enough revenue to pay myself a "reasonable salary" comparable to the market. How do I start compensating myself?
W-2
Asked onFriday, April 14, 2023 by LindaWhere is Box D on W-2. Has numbers and letters per form 1040
1041 filing
Asked onFriday, April 14, 2023 by NovaDo I have to fill out a 1041 on a trust acct that made less than $600?
Surplus Scholarship Aid from 1098-T Used For Healthcare Subsidy
Asked onFriday, April 14, 2023 by ErikI'm a graduate student including a 1098-T with my tax return. The amount in Box 1 (payments received for tuition etc.) is about $2,000 LESS than the amount in Box 5 (scholarships or grants). This surplus money goes directly to a healthcare plan through the school (I do not receive any of this directly). Is there any way to claim this such that it's not taxable?
what happens is your brokerage income doesn't meet the reportable de minimus threshold, do I have to report it on my taxes?
Asked onThursday, April 13, 2023 by SamuelI bought and sold equities/stocks on brokerage moomoo app, they didn't provide me with a gain/loss tax for because they told me it didn't meet the re portable de minimus threshold, does that mean I don't have to worry about reporting it to the irs? they haven't provided me the info for it because they said it didn't meet the threshold, so I just wanted to get some confirmation if I don't need to fret over it or not.
Renting below fair market value
Asked onThursday, April 13, 2023 by VladI own an apartment (100% ownership) and am renting it out at about 40% of fair market rent for 365 days/year. According to IRS Pub 527, this is apparently considered "personal use" since it is below FMR value - however, I do not personally use the apartment and I am receiving monthly payments from the tenant - the total payments from the tenant are less than the sum of depreciation and maintenance expenses for the apartment (so a loss). Is this still considered a rental or not? Can I deduct depreciation expense for this rental? If this is indeed considered "personal use", then do I have to report the monthly payments at all, since technically I rent for less than 14 days a year.