Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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State tax owed
I am filing for 2020 and 2021. I did not have unemployment hold taxes for 2020. I did for 2021. I’m getting most of what I paid for 2021 back, but I owe the state for 2020 even with a dependent? Does this sound right?
Asked Monday, March 20, 2023 by Leslie C.Sign in to Answer
Deduction.
I bought a truck and I'm leasing it to a company.. How do I give them they write-off?
Asked Monday, March 20, 2023 by Teresa C.Sign in to Answer
Losses from Pass through partnership on K-1
I am a limited partner of a pass through partnership and received a K-1 with a business income loss of approximately 37,000 in box 1. I am able to deduct this loss in full against ordinary W-2 income? Also, I have a loss, wages and unadjusted basis of assets in box 20 with code Z. How do I determine QBI, if any applies? I appreciate any help you can provide. Thank you.
Asked Monday, March 20, 2023 by Tony M.Sign in to Answer
Settlement in Lawsuit
My husband got a small settlement from a lawsuit (not his own, it was another employee at his company who filed against the company), and he got a photocopy of a W2 for it. (The amount on the W2 in the "Wages" box is less than what he won). My question is do we include it in BOTH federal and state tax returns, is there any special box on the forms it must go in, and do we include the photocopy of the W2 in with the return (he only has one copy for the Federal, does he need another one for the state)? Please answer this ASAP and send it to my email or text it. Thanks in advance! Yours truly, Denise Mayosky
Asked Sunday, March 19, 2023 by Denise M.Sign in to Answer
What to include in an invoice
Hi, I'm an artist and I've been contacted by a major company to do a project. They are requesting my bank info to send the money and want me to send an invoice to them as well. The issue is, while I have an LLC I don't have an EIN or separate business bank account. Should I just draft an invoice using my personal info? Or should I include my LLC name but still have it routed to my personal account?
Asked Sunday, March 19, 2023 by Marissa M.Sign in to Answer
Handicapped Wheelchair Van deduction
I purchased a used handicap rear entry van for my spouse who is incapable of walking. I paid $7500 for the van. Average cost for the same van for regular use is $3300. Can I deduct the difference in pricing, ($4200) because of the conversion to accept a wheelchair? Even though van is used? I know the difference can be deducted for the conversion for the cost above the regular price of the van when new….but this is a used vehicle. Thank you
Asked Sunday, March 19, 2023 by Michael W.Sign in to Answer
Retirement account type and max pretax contribution
I have a W2 job, yearly 181000 income, in which I max out on 401k at 22,500. I also work part time 1099 under a single member LLC, yearly income 95000. What’s self employed retirement account I should open? What is Max contribution for this account?
Asked Sunday, March 19, 2023 by Nguyen D.Sign in to Answer
Child support
If I claim my husband who has no income but owes back child support will they take my refund?
Asked Sunday, March 19, 2023 by Crystal S.Sign in to Answer
Correcting excess Roth IRA contribution
I contributed $6,000 to a crypto Roth IRA in early 2022 that had previous funds in it. Later in the year I got a raise that made those contributions ineligible, so I need to correct the contributions and pull those funds out. The markets have been down, so there are actually losses in the account, leading to me only needing to remove ~$2434 of the original $6,000. I initiated the distribution request with the IRA company, but while the paperwork was processing, the value of the IRA has risen due to a pump in the crypto markets. Now the amount that I had calculated has changed and I would have to remove more funds. So my main question is, at what point is the amount I have to pull out frozen? Is it when I first initiated the distribution request?
Asked Sunday, March 19, 2023 by Peter R.Sign in to Answer
Covid related 401k withdrawal in 2020
Back in 2020 I took out a withdrawal from my 401k through the CARES act. I took around $97,000. I split the taxes owed over 3 years. This is my last year and I got to claim around $28,000. Over the last 3 years I have put back part of the money in my 401k through payroll deduction. Can I deduct what I’ve put back in my 401k from the $28,000 I have left to claim this year?
Asked Sunday, March 19, 2023 by Rodney A.Sign in to Answer