Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax Questions401k inheritance
Asked onFriday, March 24, 2023 by Kevinmy 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?
do I need to file?
Asked onFriday, March 24, 2023 by Davidour income from retirement is below the IRS max, and our combined SS is less than IRS for taxing do we need to file?
Joint Annuity with one Owner under 59 1/2
Asked onFriday, March 24, 2023 by PeterMy 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
Corrected 1099G
Asked onFriday, March 24, 2023 by GeraldAfter 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
Wrong 1099G
Asked onFriday, March 24, 2023 by GeraldAfter 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
Health insurance Reimbursement
Asked onFriday, March 24, 2023 by TylerI 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.
Gift Tax
Asked onFriday, March 24, 2023 by SukumarIf 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?
Stepson
Asked onFriday, March 24, 2023 by FidelSo 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.
We bought a home before we sold the one we were in.
Asked onFriday, March 24, 2023 by KathyWe 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?.
Forms needed for self employed worker.
Asked onFriday, March 24, 2023 by NatalieI 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