Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Balance sheet
In balance sheet, after the company made sales, where do we record the cost of sales in debit side, is it in cash account or inventory account? Thank you!
Asked Sunday, March 26, 2023 by Melque M.Sign in to Answer
February 2023 repaid social security benefits; report 2022 form SSA-1099 information?
I requested suspension of my Social Security benefits and as required I repaid the received benefits. Suspension was granted in February 2023; do I need to report the information on my 2022 SSA form-1099 even though I repaid the benefits?
Asked Saturday, March 25, 2023 by Corina M.Sign in to Answer
Can I file my little brother as a dependent?
A little background, my little brother is a full-time college student that makes no income. My first question is whether I can claim my brother as a dependent even though my parents also claim him as a dependent. My second question is, how will it impact my tax return if I claim him as a dependent and indicate my contributions as an expense?
Asked Saturday, March 25, 2023 by Avijit B.Sign in to Answer
W4 question
I want to claim 1 on my w4 but it looks like they are taking more out when I do that. Is that correct?
Asked Saturday, March 25, 2023 by Alexa L.Sign in to Answer
repayment of sick days paid by payroll error
my employer paid me 5 days of sick leave by mistake, I wasn't sick. I want my sick day accrual bank rebalanced, my employer offered me a solution that requires a total repayment to get my 5 sick days back. However, they paid me $1833.8 in total, $1188.37 of which went to pretax deduction, union due, pension, 457b plan, etc. $187.21 went to taxes, net pay was $458.22, what's the tax impact if I pay them back the whole amount? if I use my sick days in the future, I would be taxed again right? thanks!!!
Asked Saturday, March 25, 2023 by rui min l.Sign in to Answer
Resident in 1 state, received unemployment and retirement cash out from another, do I file in both states?
Lived in WI all of 2022. Received unemployment from CA. The claim carried over from when I lived there in 2021. Claim ended mid 2022 when I only lived in WI. Cashed out retirement in 2021 from CALSTRS but received an additional check in January of 2022. Do I need to file income taxes in just WI where I was a resident or do I need to file in both states due to the income I received from unemployment and retirement from CA?
Asked Saturday, March 25, 2023 by Nicole M.Sign in to Answer
401k inheritance
my father passed away unexpectedly and his ex-wife (my mom) was the listed beneficiary on his traditional 401k account. she will be receiving the funds to be placed into an inheritance account under her name. she then will be disbursing all of these funds equally to his 5 children. Do taxes need to be paid on these funds and who is required to claim these on their taxes?
Asked Friday, March 24, 2023 by Kevin W.Sign in to Answer
do I need to file?
our income from retirement is below the IRS max, and our combined SS is less than IRS for taxing do we need to file?
Asked Friday, March 24, 2023 by David D.Sign in to Answer
Joint Annuity with one Owner under 59 1/2
My wife and I have a joint non-qualified annuity. I am over 59 1/2 years of age but she is not. We want to cash out our annuity (full surrender). Since she is under 59 1/2, will we incur a 10% IRS penalty on the taxable proceeds? Thank you. Peter
Asked Friday, March 24, 2023 by Peter M.Sign in to Answer
Corrected 1099G
After I e-filed my taxes and received my refund I was sent a corrected 1099G from a medical leave I had in 2022 my question is do I need to do anything further
Asked Friday, March 24, 2023 by Gerald S.Sign in to Answer