Unanswered Tax Questions
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Death of Father: Who Pays Taxes?
My father passed away in October 2022. At the time, he was married to my step-mother. Since they did not have a will, my sister and I will be the executors of his estate, based on wills he had before they were married. Who is responsible for their 2022 taxes, my sister and I, or our step-mother? Thank you for your help in this matter.
Asked Friday, March 31, 2023 by Jeremy E.Sign in to Answer
I believe my investment firm miscalculated my investment wealth amount
I have a problem with the investment firm my former employer used - they are telling me I have no wealth left - but I only got the vested amount of $65k. I believe the shares and share price were calculated incorrectly. I don’t know how to prove that. I am very frustrated and have no money. Yet I believe I have over $35.5 million in retirement investment wealth owed to me. The amount of shares say 1421.118 and the share price is $25.5500 The investment firm is calculating the numbers like they have 2 numbers to the right of the decimal points- which is only thousands of dollars and that is not logical for mutual Fund investments. $36,309.5649 - which they say is only $36,309.57 - Technically they shouldn’t have even rounded up that number. They didn’t even do that right! I believe it needs to be calculated and multiplied using core math. Multiplying the numbers to the left side of the decimal point first - then multiplying the numbers to the right side - with the calculated amount being $35,525.649000 When I look at a numbering guide on Google- it says 6 numbers to the right of the decimal point is millions and when written traditionally - that calculation would be $35,526,649.00 - correct??! Unlike numbers to the left of the decimal point- 6 numbers to the right of the decimal point are: Tens, hundreds, thousands, ten thousands, hundred thousands, millions Please help me resolve this issue!
Asked Friday, March 31, 2023 by Linda M.Sign in to Answer
What Income Must I declare.
My wife and I normally file jointly because she does not work outside the home. However, last year she did and made about $3500 but her employer did not take out federal income taxes noting she did not make enough to require such. All the other taxes SS etc., were already deducted on her W2. Since she did not make enough to require income taxes be deducted upfront, am I still required to report her income on our joint return? I did not know about the income when I filed several weeks ago and would need to file a revised return and reporting that income would cost us about $438 of the current return. I just want to be sure I am required to report her income under the noted circumstances before I file the revised return and pay back that money. If I do have to report her income, would it have been better to file separate returns, or would that have cost us even more?
Asked Thursday, March 30, 2023 by Michael T.Sign in to Answer
can i write of the expenses involved
we bought the empty lot next door to us. when we sell it in the future can we deduct the yearly expenses, mortgage interest, local taxes, water fees, maintainance etc. from the 50% capital gains tax? thanks
Asked Thursday, March 30, 2023 by rick s.Sign in to Answer
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