Unanswered Tax Questions

Frequently Asked Questions

What shold i be filing under

Divorced, kids now grown. I need to know what box to check at work for my form. My options don't seem to fit my situation. I would assume single but that option says 'single or married with more incomes'. There are no other incomes...just me/mine

Tax Filing Tips

Reporting a Futures Trading loss on my 2022 income taxes

I had a $15,000 loss last year trading Futures Contracts inside my Roth IRA brokerage account. Can I report that loss on my 2022 tax return? If not, had I had the loss in a regular brokerage account would I have been able to report that on my 2022 tax return? THANKS!

Business Formation

Rent and Sales Tax

My husband and I currently have a Limited Liability Corp that is the owner of an office/ warehouse unit. We occupy the space and run our Window and Door company out of the space. Our Window and Door company is a separate S corp entity. Does the Window Company have to pay rent and sales tax to the Limited Liability Corp even-though we are the owners of both??

Miscellaneous

Beneficiary of an IRA.

Hello Lets say my brother dies, he has me as sole beneficiary of his workplace IRA. I want to split this IRA with my sister. How can this be done without me being hit with big taxes. Would like to make 2 inherited IRAS, one for both of us. Seems like the IRA carrier has a problem with us doing this. What IRS law would we be breaking? ty Ken

Nonresident Tax Issues

How I file the tax 2022 as I'm holding H1B visa a whole year and having a wife as F1 visa holder on some period of time

I have a question about tax filing for 2022 for H1B and H4. I currently hold H1B status from 10/1/2021 until the present. Last year, my wife earned income while she held F1 status from 02/01/2022 until 02/01/2022, and she changed her status to H4 after that time. I would like to know: 1.) Should I file my taxes for 2022 separately or jointly with my wife, as I am considered a U.S. person? (We're going to use turbotax to file this) 2.) Should my wife file her taxes for 2022 as a non-U.S. person? (We're going to use sprintax to file this) I am asking these questions to learn how to maximize our tax refund while staying within the bounds of the law.

Miscellaneous

AMENDED RETURN

Filed and received 2022 refund married joint. Can I file an amended return to change filing status to married separately?

Investment and Finance

Transfer an IRA to Child

My parents have an IRA worth about $600,000. I am 54 and my parents are in their 80's. They want to gift me half of the IRA now. In addition to the standard taxes that they will incur for the IRA withdrawal, Will they incur additional taxes beyond the standard tax rate (gift tax)? Is there a way to gift this without incurring a high tax rate?

Personal Taxes

Social Security and Medicate Tax for Remote Work with a Foreign Employer

I am a US tax resident and I work in the US remotely for a Chinese company. They have no US presence and payroll and pay me into my Chinese bank account. Do I owe social security and medicate tax? How do I report this income and owed SS/medicate taxes? Does this is make me self-employed for tax purpose (where I would pay self-employment tax in lieu of SS/medicate)?

Deductions and Write-Offs

If I reimburse an employee in 2023 for an expense in 2022 which tax year does it belong to?

If an employee say, bought and installed a new door in a property for work in December of 2022 but I reimbursed it in January of 2023 after the next tax year started, which year do I claim the money is a business expense during? If I want to claim it during 2022 how do I do that?

Investment and Finance

I have withdrawn a my retirement to buy a house I have not been able to secure purchase. How can I hold this money without paying tax