Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsShould I convert Traditional IRA to Roth?
Asked onTuesday, March 07, 2023 by JoshuaIf 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?
My W-2 has income for 2 states when I worked in one
Asked onTuesday, March 07, 2023 by SamanthaMy 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?
Can one S-corp pay another S-corp if you own both?
Asked onTuesday, March 07, 2023 by JoshI 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.
starting a small business
Asked onTuesday, March 07, 2023 by ZoraDear 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
What shold i be filing under
Asked onMonday, March 06, 2023 by RhondaDivorced, 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
Reporting a Futures Trading loss on my 2022 income taxes
Asked onMonday, March 06, 2023 by tomI 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!
Rent and Sales Tax
Asked onMonday, March 06, 2023 by VivianaMy 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??
Beneficiary of an IRA.
Asked onMonday, March 06, 2023 by KenHello 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
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
Asked onMonday, March 06, 2023 by NarongkritI 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.
AMENDED RETURN
Asked onMonday, March 06, 2023 by JOHNFiled and received 2022 refund married joint. Can I file an amended return to change filing status to married separately?