Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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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 Friday, March 24, 2023 by Gerald S.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 Friday, March 24, 2023 by Tyler G.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 Friday, March 24, 2023 by Sukumar P.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 Friday, March 24, 2023 by Fidel A.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 Friday, March 24, 2023 by Kathy F.Sign in to Answer
Forms needed for self employed worker.
I need to get my taxes done and I'm new to being self employed. Was wondering if I needed to get any forms from the people that are paying me or do I just tell the people that door doing my taxes? How much money I made. So if I don't get a w2, what kind of forms do I need to get my taxes done? Basically is my question
Asked Friday, March 24, 2023 by Natalie L.Sign in to Answer
I made money in Europe how do I claim that?
Hello, I played as a professional athlete in Europe for 2 months and made about 3,000 euros. I was never given any financial paperwork. How do I file this income?
Asked Thursday, March 23, 2023 by Brooke B.Sign in to Answer
Is it legal
Ok, so I worked for a business and got paid under the table about a year ago. I moved for a different job and then came back and started working for the first company again. This time filling out a w2. Well I just received a 1099 nec from this company for last year but we never had that agreement on the table. Is it legal for them to use my information without my consent?
Asked Thursday, March 23, 2023 by David H.Sign in to Answer
Dad selling home what is his capitol gain responsiblity
Dad is 93 and is now living in an assistant living home. We want to sell his house - He paid $50,000 and selling for $700,000. My mother passed away 4 years ago. A CPA told me that he would not have to pay any capital gains tax. Is that correct? From what I read after $250,000 he has to pay on the balance to the state and federal govt. Also they stated that since my mother has not be dead for 5 years she will also get to take a deduction. I live in California so does the state also get their share. Thank you Patrice Alexander
Asked Thursday, March 23, 2023 by Patrice A.Sign in to Answer
Where do I deduct conference registration fees and travel expenses?
I am an independent scholar who attends annual conferences for my profession. I'm trying to deduct conference costs (registration fees, airfare, lodging, and meals) on TurboTax Deluxe, but don't know where. Also where do they go on my 1040?
Asked Thursday, March 23, 2023 by William C.Sign in to Answer