Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Do I incur interest on unpaid estimated tax?
I am a resident of California. I did NOT make ANY estimated tax payments for 2022. In addition to an underpayment penalty, do I also have to pay interest on the unpaid tax? If so, how would I calculate said interest?
Asked Thursday, March 30, 2023 by Rolando M.Sign in to Answer
I need to know what to claim for my part time job, SSI and pension so I don't have to pay in next year.
I had to pay in this year and want to avoid that next year. I currently receive a monthly pension, Social Security and work part time. I am under the impression this service is free.
Asked Thursday, March 30, 2023 by Barbara N.Sign in to Answer
House sold during divorce
My wife and I got divorced last year and she received all of the profits from the sale of the house. The real-estate lawyer that did the closing said usually people have to fill out a 1099-s and submit the closing disclosure. Is there anything I need to file to prove that I didn't receive any money?
Asked Thursday, March 30, 2023 by Yair B.Sign in to Answer
basement finishing construction expenses
We are finishing our lower level (which had been only concrete walls.) We have incurred $12,770 expenses in 2022. Added to other deductible expense, this would exceed the standard deduction. Are these expenses deductible? Includes a great room, bathroom and two bedrooms.
Asked Thursday, March 30, 2023 by Norman J.Sign in to Answer
TSP Withdrawal And NY State Tax...
How much tax will I owe New York State next year as I just took a lump sum to close my Thrift Savings Plan account for $37,000? (They automatically took out around $7,000 for federal tax, but nothing for the state).
Asked Thursday, March 30, 2023 by Gregory D.Sign in to Answer
Prophet made on the sale of a house
I purchased a house about 4 years ago for my son and his wife to live in while they both going to school. I will be selling this house next week. I will be selling the house for more than I bought it for. Will I have to pay taxes on the profit that I made on the house since I never lived there
Asked Thursday, March 30, 2023 by James W.Sign in to Answer
Use of 401k for realestate investment
Can you withdraw money from a 401k to buy rental income property without incurring major tax liability?
Asked Thursday, March 30, 2023 by Christine C.Sign in to Answer
Help as a Dual Citizen wanting to work as a sole proprieter for a US based company
Hello, I live abroad, but am working for a US based company. I still have a MD based address to recieve mail. I just need to be able to invoice my company monthly. What is the easiest way to go about this to make sure i do all of my taxes correctly?
Asked Thursday, March 30, 2023 by Aaron R.Sign in to Answer
Deferred annuity
Is there any way to know or calculate what my net monthly payments will be of $3887, when I begin to receive it at age 63? All $3887 is considered income.
Asked Thursday, March 30, 2023 by Kyle M.Sign in to Answer
Filing W9 tax form as an F1 international student in the USA
I'm an international student in the USA studying on F1 visa. I have been working as an intern at a company for several months. As an F1 international student, I should be filing the W4 tax form. However, my employer had asked me to fill the W9 Form. The HR of the company stated that all the interns at their firm are required to fill only W9 form because we are working as a consultant or as an independent contractor. But W9 form is to be filled by US Citizens and by independent contractors. I explained to the HR of the company that as an F1 international student, I must fill W4 form and W9 form is for US Citizens and that I'm not US citizen. However, the HR told me that I'm working as an independent contractor so I will be required to fill W9 and all the interns have to fill W9 form only. After asking for help from my University and Company, none of them were able to provide help. My questions are: 1. Which form should I file? (I have received W9 form from my company and none of my taxes are cut from paycheck yet.) Do I have to pay tax? If yes, then what % tax? 2. Will this affect my H1B sponsorship in USA, in future? 3. Any additional advice would be appreciated! Thank you.
Asked Thursday, March 30, 2023 by Anoushka G.Sign in to Answer