User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsResident 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 onSaturday, March 25, 2023 by NicoleCPAs - 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 onFriday, March 24, 2023 by KevinCPAs - 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 onFriday, March 24, 2023 by DavidCPAs - 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 onFriday, March 24, 2023 by PeterCPAs - 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 onFriday, March 24, 2023 by GeraldCPAs - Sign in to Answer
Wrong 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 onFriday, March 24, 2023 by GeraldCPAs - Sign in to Answer
Health insurance Reimbursement
I worked at a company that did not provide health insurance, and had to sign up for Marketplace Insurance. During the 2022 tax year I worked for that company from January thru May of 2022 and paid the Marketplace Insurance based on the small salary that I received from them. Then in mid April of 2022 I was employed by a new company that provided insurance and an increase in salary. At the start of May I informed Marketplace that I was discontinuing my insurance since I received a new position. My question is when I do my taxes online it asks for the information from the 1095-A form that I received from Marketplace. My taxes before entering the 1095-A show a small return. After I enter the 1095-A form it show me owing over $700.00. Is that correct? On Turbo Tax it says I owe money because my salary increased from what they gave me the original discount on. I am confused because I cancelled the Marketplace Insurance when I moved to a new job and its making me pay a penalty for my increase in salary. But, that increase was after I dropped Marketplace Insurance. Any advice is appreciated. Thank you.
Asked onFriday, March 24, 2023 by TylerCPAs - Sign in to Answer
Gift Tax
If my wife and I gift our daughter $50,000 for her to buy a house this year, how much tax do we need to pay?
Asked onFriday, March 24, 2023 by SukumarCPAs - Sign in to Answer
Stepson
So my stepson went to live with his dad in September of 2022, I was going to claim him on my tax return, but his dad claimed him without telling me an his mom. So my question is can i still claim him for the 8 month's he lived with us.
Asked onFriday, March 24, 2023 by FidelCPAs - Sign in to Answer
We bought a home before we sold the one we were in.
We closed on the purchase of a home in October of 2021, before the sale of our current home. We were able to get it sold with a closing date of December 28 2021. Unfortunately, the closing had a hiccup and we weren’t able to close until Jan 4 2022.. What are my tax implications. We bought at a lower price because of downsizing, We expect to take the 500K exemption but what about the money we spent on the new house? It was a different tax year.how is my gain calculated?.
Asked onFriday, March 24, 2023 by KathyCPAs - Sign in to Answer