Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsRetirement account type and max pretax contribution
Asked onSunday, March 19, 2023 by NguyenI 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?
Child support
Asked onSunday, March 19, 2023 by CrystalIf I claim my husband who has no income but owes back child support will they take my refund?
Correcting excess Roth IRA contribution
Asked onSunday, March 19, 2023 by PeterI 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?
Covid related 401k withdrawal in 2020
Asked onSunday, March 19, 2023 by RodneyBack 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?
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Crypto Tax question - Someone knowledgeable in this area
Asked onSunday, March 19, 2023 by KarenIs it considered a self transfer or ? when I move crypto from my wallet to a company for an investment? I see that moving from one wallet to another wallet or exchange is a transfer, but I don't know what to call it with the above scenario. I'm hoping it isn't considered a sell because I didn't go from one crypto to another crypto. Might it be considered a purchase? I can't find any info online on what it is called when moving my crypto for an investment.
Qualified medical expenses
Asked onSunday, March 19, 2023 by NancyHi, there's a question about HSAs and qualified medical expenses. It appears to be a type of deduction that would increase our refund. But what does that question mean? Is that a medical bill that insurance partially covered and we paid the rest out of pocket? Is it the total amount for purchases he made using his HSA acct? Something else? Thank you.
Property puchase
Asked onSaturday, March 18, 2023 by JoshuaHi, I am thinking of buying a property in Nashville, TN. - I am a UK citizen, living in the UK. Would it be more economical for me to make a purchase through a company registered in Nashville, or in my own personal name? My long term plan is to move to the US. How could I utilise this address to establish a credit history for myself? (The answer to my earlier question in terms of registering a company, or paying personal taxes may impact this, or vice versa). Also, if I was to purchase a car, which would be kept in the allocated parking space of the property, would I need to maintain tax and insurance on the vehicle in between my visits, when the car would not be in use, and would simply be left in the parking space at the property? (In the UK we can declare a vehicle as SORN when it is off the road - as it would be in this situation.
Filing requirements in California
Asked onSaturday, March 18, 2023 by TravisHi simple tax question. Must I file a California state income and/or federal tax return if my only earnings were less than $200 on a web-based third party platform has a an independent contractor or self-employed person? Thanks Travis
Does an LLC company with no business activities or EIN need to apply for a tax declaration to ISA?
Asked onSaturday, March 18, 2023 by RussellHi, I'm a foreigner and I have an LLC company in WY, my company has not had any business activities in America so far, and has not applied for EIN. In this case, do I need to apply for a tax declaration to ISA?