Unanswered Tax Questions

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Personal Taxes

Work in NJ, live in NYC

Hello, I work in New Jersey but live in New York. My employer takes out taxes for New Jersey but not for New York. I had a federal gross income of around 58,000 but turbo tax tells me I owe 713 dollars to New Jersey and 2,300 ny state taxes. I withheld a little less money for a couple of months. Does this make sense to you? I am just wondering why my New York taxes are so high when the taxable income was around $49,000.

Asked Sunday, April 02, 2023 by Carmen S.
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Retirement

1099-R

I receive a monthly pension. There is no designation code on my 1099-R (none last year either). Is this correct? If so, why can’t I complete my taxes?

Asked Sunday, April 02, 2023 by Janet M.
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Bookkeeping & Write-up

S Corp with husband expenses

My husband and i own a business filed as an s corp. he and i are The only owners with him at 49 percent and me at 51 percent. How do we transfer business income to use as personal use? How is that documented? What’s the best way to document this? For example, we took out 1000 dollars to repay a family member for an initial start up cost- since this isn’t a formal loan, it is not tax deductible, but can it still be a business expense?

Asked Saturday, April 01, 2023 by Mayson B.
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Tax Forms

W-4P

My wife and I are both retiring and have a question on IRS W-4P. Say my pension is $60,000 and my wife's is $50,000. On my wife's W-4P, would she report my pension of $60,000 in Step 2, b, i and iii? On my W-4P, would I also report my wife's pension of $50,000 in Step 2, b, i and iii? Thanks!

Asked Saturday, April 01, 2023 by keith h.
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Miscellaneous

What does one do when one can't find a Basis amount for figuring capital gains?

I inherited my house in 2002. I sold my house in 2022. I can't find the Fair Market Value of the property for 2002, or even it's assessed value for property taxes. What do/may I use as a Basis for figuring my capital gains?? I can't get any advice from the IRS.

Asked Saturday, April 01, 2023 by Robert W.
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Personal Taxes

Dependent

I have an Adult Family Home in WI with one full-time disabled client. Can I claim him as a dependent?

Asked Friday, March 31, 2023 by Dana M.
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Deductions and Write-Offs

Can a child be a business expense

I am an independent contractor. Someone told me that I could write my daughter off as a business expense. Shes 11 years old. She does not work for me. Can you please explain if and how that would be possible. Thanks!

Asked Friday, March 31, 2023 by Sarah S.
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Bookkeeping & Write-up

Clearing out an accounts payable item without it affecting the books.

We went through an acquisition last April and entered a journal entry in QB Online to clear out the balance in each account. We then reversed those entries as of the next day since that was the 1st day under the new owner. We cleared out an AP total for lets say for $1.5 million, then put that $1.5 million right back in the next day. This total was for everything sitting in AP at the time. Now, when we go to pay bills in QB, we see the $1.5 million sitting there as if we need to pay it since we put the money back into AP. How do we clear out this items in payables without it affecting the books? We closed out 2022 and the books can't change at all.

Asked Friday, March 31, 2023 by Christine R.
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Tax Filing Tips

Tax credits

are energy star refrigerators tax deductible?

Asked Friday, March 31, 2023 by Elias A.
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Deductions and Write-Offs

How can I recoup unallowed passive losses

For 2022 I received a final K-1 from a tax credit fund I have been invested in for years. I have gradually built up almost $25,000 of unallowed passive losses. Is there any way to recoup these losses now that the fund has been dissolved?

Asked Friday, March 31, 2023 by Roy D.
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