Unanswered Tax Questions

CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?

View All Tax Questions

Nonresident Tax Issues

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

Miscellaneous

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

Payments and Penalties

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

Tax Filing Tips

December Incorporation; No Shareholder Compensation until January

I incorporated my LLC and elected it to be taxed as an S-corp on December 16, 2022. I'm the only shareholder and employee of the company. The company didn't make any revenue or start paying me until January 2023, after I set up a business bank account and started generating revenue. How do I properly report this to avoid issues with not paying myself a reasonable wage as a shareholder/officer?

Asked Wednesday, March 08, 2023 by Luis E.
Sign in to Answer

Personal Taxes

W4

Can I file single and no dependants on my w4 (for most taxes to be taken out) then file as head of household and my dependent at tax time

Asked Wednesday, March 08, 2023 by Jessica S.
Sign in to Answer

Personal Taxes

1/16 of step-grandmothers home inherited. Are taxes owed?

(Louisiana) My grandfather dies in 79 and left house to wife (step-grandmother), Son (uncle) and my father. She died in 2015 and uncle held succession until 2022. Uncle offered buyout of my 1/16. That 1/16 came to $10,000, less costs and atty fees. Ended up net at approximately $9300. Attorney sent 1099-S for $10K. It shows "Proceeds From Real Estate Transactions". I am 66, retired AND disabled. Haven't had to file in years. Now I have this confusion to deal with. My SSDI is unearned income and not reported. I have no clue on where to go on this one. Any info would be appreciated. Thank you.

Asked Wednesday, March 08, 2023 by John S.
Sign in to Answer

Tax Filing Tips

Taxs filed on SSI

I'm getting SSI .can I file tax on this at the end of the year?

Asked Wednesday, March 08, 2023 by Victor B.
Sign in to Answer

Self Directed IRA

Roth IRA and Filing Status

If a couple is contributing regularly to Roth IRA and then gets married towards the end of the year and wants to file Married Filing Separately, what happens to the money contributed during that year (assuming each spouse earns more than $10,000.00/year.)?

Asked Wednesday, March 08, 2023 by Matthew S.
Sign in to Answer

Self Directed IRA

Back door Roth

Hi, due to too much income, I will not be able to contribute to my Roth IRA. But I already made 1K contribution in it for 2023. I want to stop it and prep for a Back door Roth IRA. So what can I do to my current 1K in a Roth? Do I just just leave it in there and at year end do a Traditional IRA recharacterization, or is there a way I can withdraw it or convert it mid year and achieve the same result? I already have a Traditional IRA because I had to do a recharacterization for 2022, and parked all my contributions to Roth minus the Net Income. Can I contribute into that IRA, or do I need to start a new Traditional IRA for the back door strategy? Thanks.

Asked Wednesday, March 08, 2023 by Tim G.
Sign in to Answer

Tax Filing Tips

Do it ourselves???

The last few years my husband and I have used Free Tax USA to file taxes at home. If we paid a CPA to do it, would we be likely to get more back? Is it worth paying someone? We ended up with standard deduction last year and using software this year saying standard as well. Last year we got about 2k refund and this year saying we owe about 2k. Does this sound accurate with tax changes? My husband and I both work, we have 2 kids age 9, own home (paid off). Thank you!

Asked Wednesday, March 08, 2023 by Kristi H.
Sign in to Answer