Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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I don't know if I'm head of houshold
My fiancee and I lived together with her 15 year old child all of last year. I am a 1099 and W2 filer. I paid for 80% of living expenses. Should I be head of household and is it possible for her to get EIC? Do I file them under me or should she and I file separately for her to get the credit?
Asked Thursday, March 09, 2023 by Brian H.Sign in to Answer
Calculation of Net Income Attributable for Excess Roth IRA Contribution Removal
Hi, I contributed the full 2022 contribution limit of $6000 to my Roth IRA on January 3, 2022. Now that I'm doing taxes for 2022, my tax filing software informed me that my contribution is limited to *earned* income, not all income. I only had $900 in wages, the rest was from dividends, capital gains, and interest. So, I think I need to pull $5,100 out of my Roth IRA before the tax deadline. I've filed an extension to give myself time to figure this all out. The form from my broker for this withdrawal has a line item adjustment for Net Income Attributable (NIA) and says to calculate that amount using IRA Pub. 590-A Worksheet 1-3. Line 5 from that worksheet is -0.31 since my Roth IRA stock portfolio value has fallen 31% since the start of 2022. So, does that mean I need to withdraw only $3,522 ($5,100 times 69%)? Or do I need to withdraw the full amount of $5,100?
Asked Thursday, March 09, 2023 by David O.Sign in to Answer
C-corp taxed as s-corp reporting income from 1099-nec issued to ssn
My state does not have corporate or personal income tax. For federal tax purposes, I elected s-corp status for my single shareholder c-corp. As a real estate agent working under a brokerage, my commissions are split with them, so I receive a 1099-nec from them each year made out to my person with my SSN. I report that income as the income for my corporation on my 1120-S etc. Does this pose an audit risk? A CPA set me up this way, but he's subsequently been involved in lawsuits and no longer has a firm, and everything I read in the IRC makes me question this method I've been using.
Asked Thursday, March 09, 2023 by Elizabeth R.Sign in to Answer
Best way to contribute to scholarship fund as an S Corp
My family established a memorial scholarship through a local community college foundation. Should we replenish the fund from our S Corp or do an owner distribution and fund it personally? We don't itemize personal taxes.
Asked Thursday, March 09, 2023 by Niki T.Sign in to Answer
Sale of a 1031 LIke-kind exchange
We bought a lot back in 2004, strictly using the guidelines set out by 1031 rules. I contacted the agency who filed our taxes, they no longer have records. Sadly, neither do we have any records, I can give approximate dates and the initial cost but no documentation. I am using Turbo Tax but I can not answer exactly. How should we proceed? We received a 1099S for this sale from the title company who did the closing.
Asked Thursday, March 09, 2023 by Geraldine K.Sign in to Answer
Taxes for llc
I filed my personal taxes. I didn't make any money on my llc but the state is requiring I file a return or my llc will be suspended. Can I still file even though I filed a personal return?
Asked Thursday, March 09, 2023 by Vanessa B.Sign in to Answer
New York Tax for Nonresidents
How can I find the amount New York State will tax me as a nonresident for being employed by a company based in New York State?
Asked Thursday, March 09, 2023 by Carla J.Sign in to Answer
Gambling wining
I am a tax preparer but have never had a return like this. This lady lives in Louisiana is single and only draws VA disability non taxable income. She never has to file she was in Ohio at a casino and won 15633.00 dollars. They held out state taxes but not federal. Really don't know how to file this or dose she have to. If she dose file will she get credit in Louisiana for the state taxes she paid in Ohio. Thanks so much. I am so lost.
Asked Thursday, March 09, 2023 by Susan O.Sign in to Answer
Can I file with a business?
My sister and I own a business(an LLC). Technically the business is in my name, but all the accounts are in hers. We haven't paid ourselves so there's no payroll. In my mind no payroll means no income for us. Can I file taxes for my business and still do it for myself? (we do the taxes quarterly)
Asked Thursday, March 09, 2023 by Khadijah C.Sign in to Answer
Why do I owe IRS money
I toke money out of IRA 20,000. They toke taxes out of it already. I made less than 40,000.
Asked Thursday, March 09, 2023 by Rich S.Sign in to Answer