User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
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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 onWednesday, March 08, 2023 by JessicaCPAs - Sign in to Answer
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 onWednesday, March 08, 2023 by JohnCPAs - Sign in to Answer
Taxs filed on SSI
I'm getting SSI .can I file tax on this at the end of the year?
Asked onWednesday, March 08, 2023 by VictorCPAs - Sign in to Answer
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 onWednesday, March 08, 2023 by MatthewCPAs - Sign in to Answer
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 onWednesday, March 08, 2023 by TimCPAs - Sign in to Answer
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 onWednesday, March 08, 2023 by KristiCPAs - Sign in to Answer
LLC 1099
I have my own LLC and one of the companies I did business with said there not issuing 1099 to corporations. I was confused by this. How do I know my income and how will IRS track it? Also I am not S Corp taxes
Asked onWednesday, March 08, 2023 by AzeemCPAs - Sign in to Answer
Is it illegal to not file your taxes when a refund is due?
In 2019 I failed to file taxes on time and didn’t do it until recently. No notices or penalties were sent and I was due a small refund. Did I break a law ?
Asked onWednesday, March 08, 2023 by WilliamCPAs - Sign in to Answer
What category to file
Got married last year, I pay 90% of bills, Should I file head of household with dependent child, age 20 full time student I support or would it be best to file married jointly. I made a little over 69,000 and my husband made about 40,000 together we are about 100k. Which one would be better for better results?
Asked onTuesday, March 07, 2023 by HeatherCPAs - Sign in to Answer
How to file Form F1120A electronically online
How to file Form F1120A electronically online. This is our first time filing. We bought several programs to prepare returns, but they weren't good enough. For example with Turbotax we only managed to submit federal form 1120 electronically... And the Florida form cannot be submitted electronically online through turbotax.... Please advise who can help us submit Florida Form F1120A. Also looking for a CPA partner to work with who needs a nice website. We could make an accountant a beautiful website with a luxury design for free, in exchange for their help in submitting returns and counseling. Please email us if you are ready to discuss details. We will be glad to cooperate.
Asked onTuesday, March 07, 2023 by AleksandrCPAs - Sign in to Answer