Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsIf I filed a for a tax extension
Asked onFriday, March 17, 2023 by KathrynIf I filed for. A tax extension but found my paperwork can I still file my return motions in April
NY gambling deduction for NJ earnings/NJ resident
Asked onFriday, March 17, 2023 by JohnnyHi, I'm a NJ resident, filing in NJ, but have some W-2 wage income in New York, so I need to file both states. I also have gambling earnings in New Jersey, but fully offset by losses (as per the federal level). For color, because of reporting and not actual earnings, I earned w2g's to the tune of $7mm....not true income as it's actually just activity and offset to zero when netting true losses. Now when I do my NY state tax, the standard way looks to take a factor of my NY state income by my federal AGI (pre-gambling deductions). But because of the federal AGI pre-deduction, it is putting me in the second highest bracket for NYS despite my actual NY income being nowhere near that. Shouldn't deductions come into play here? I know you can add deductions in the IT-196, row 29, but can that only be done for losses in NY or federal/NJ losses? Just seems weird that i would be put in the highest bracket for earnings not actually made. Thank you all in advance for your help, Johnny
SEP Contribution by a LLC that is Owed by a Family S-Corp
Asked onFriday, March 17, 2023 by JohnCan a LLC which is owned by, and the incomes & expenses flows into, a family S-Corp have earned income? The reason for the question is that the LLC would like to make a SEP contribution on the LLC income for the 4 shareholding that own the S-Corp.
what 1040 form to list sale of stock?
Asked onFriday, March 17, 2023 by RosanneA Senior relative sold small shares of stock this year. He is filing on 1040SR. should he list the amount earned from the sale of the stock on a Schedule "d" form? this stock has been in his possession for over 40 years. So the sale of the stock would be 100% profit. Is there anything else he would need to do? thank you, Rosanne Maschek
do you need to have paid 80% of your taxes prior to the end of the year to avoid a penalty
Asked onFriday, March 17, 2023 by MarjorieMust you have paid at least 80% of your taxes prior to the end of the year to avoid a penalty
Can I file on time
Asked onFriday, March 17, 2023 by KathrynI recently filed for a tax extension because I didn’t have all my papers, but now I have everything I need. Can I still file my return on time even though I was granted an extension
Does this purchase qualify for a FIRPTA exclusion?
Asked onFriday, March 17, 2023 by SarahI am in the middle of buying a condo, in which I plan to personally reside for the foreseeable future. I am a US citizen, the seller is not. The condo is about $230,000. Do I need to withhold 15% for FIRPTA, or not?
Paper filing
Asked onFriday, March 17, 2023 by NailahIf I am paper filing with no payment attached , what gets sent with my 1040 form? If it is my W2s what is the proper way to attach them?
MT state income tax issue
Asked onFriday, March 17, 2023 by AustinMy wife and I live and work in TX, which has no state income tax. I worked part of the year in MT, and earned roughly $15,000 there. I didn't file a state return through my usual software because it wanted me to use my full joint federal income as my MT taxable income. I believe only the $15,000 I made in MT is taxable, but I see nowhere to file this unless I do it my self and mail it in and even then I can't find a clear answer as to what the actual MT taxable income is. I don't want to file myself and be wrong.
Oklahoma standard deduction for people 65 and older
Asked onFriday, March 17, 2023 by MikeWhat is the oklahoma tax standard deduction for people 65 and older