User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsCity income tax
I am still working full time and took a diversification payment from our ESOP. I know I have to pay federal and Ohio state tax but do I have to pay city tax for this 1099R? Thank You
Asked onTuesday, March 07, 2023 by RonCPAs - Sign in to Answer
Should I convert Traditional IRA to Roth?
If traditional IRA contributions are non-deductible due to income exceeding the limit, and I also exceed the income limit for contributing directly to Roth IRA, should I backdoor convert my traditional IRA to a Roth IRA ahead of filing 2022 taxes? Are there any tax consequences for doing backdoor converting if I already bought ETFs in the Traditional IRA?
Asked onTuesday, March 07, 2023 by JoshuaCPAs - Sign in to Answer
My W-2 has income for 2 states when I worked in one
My employer gave me a W-2 with a NY income of $37,000 and a NJ income of $13,000. Last year, the same employer only showed income for NY. According to payroll, NJ is a reciprocal state which is why there's a NJ income too. I don't understand what this means. Can you explain why there's income for both states that is equaling to $50,000 when my income was in the $37,000 range?
Asked onTuesday, March 07, 2023 by SamanthaCPAs - Sign in to Answer
Can one S-corp pay another S-corp if you own both?
I own 50% of one S-corp that is a booking agency for DJs. I own 100% of another S-corp that is for my personal DJ business. Can the S-corp booking agency pay my own S-corp for DJ gigs that I have to cover? Would prefer to pay as a contractor rather than salary payments or owner distributions.
Asked onTuesday, March 07, 2023 by JoshCPAs - Sign in to Answer
starting a small business
Dear Madam or Sir, I'm about to open a private tattoo studio in my main residence (a free extra room that my landlord approved to be used commercially for this purpose). I have two questions regarding current Quebec laws ( I live in Montreal). 1. What tax advantages would it have for me to directly register as a sole proprietorship, even though I'm just starting out? 2. How exactly am I deducting my start-up costs from 2022, a year I haven't made income yet from this new endeavor? I'm looking forward to hearing back from you. Kind regards. Zora Lenz
Asked onTuesday, March 07, 2023 by ZoraCPAs - Sign in to Answer
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
Asked onMonday, March 06, 2023 by RhondaCPAs - Sign in to Answer
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!
Asked onMonday, March 06, 2023 by tomCPAs - Sign in to Answer
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??
Asked onMonday, March 06, 2023 by VivianaCPAs - Sign in to Answer
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
Asked onMonday, March 06, 2023 by KenCPAs - Sign in to Answer
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.
Asked onMonday, March 06, 2023 by NarongkritCPAs - Sign in to Answer