Unanswered Tax Questions
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Early IRA distribution
I only worked part of the year, my salary was low, only $22,000 so I took from my IRA. When I did my taxes on a paper 1040 I owed $850 but online they are saying I owe $2100 with a penalty. On the paper form it doesn't say anything about a penalty? Thanks
Asked Tuesday, February 21, 2023 by Kris K.Sign in to Answer
Car lease or no lease
We are thinking of leasing a company truck. The lease payment will be 850 . Is there a maximum dollar amount I can write off each month? Or is it based on the percentage you use the truck for work? Is it a good idea to lease a car for your work.
Asked Tuesday, February 21, 2023 by Amber B.Sign in to Answer
VA Tax Return
Are financial statements required with the VA tax return—i.e. reconciliation of Bal Sheet and P&L? Business produced net loss; gross was <$100k
Asked Tuesday, February 21, 2023 by Deb B.Sign in to Answer
Partnership Self-Employment
Partnership produced a loss for tax year. Form 1065 shows net loss from S/E, and shows gross income in box 14C. Is this the correct way to report, specifically what is shown in box 14C? Accordingly, 50% attributable loss (net) is showing in K1 box 14A and 50% attributable income (gross) is showing in box 14C. This flows from the 1065, but again just wanting to verify that this is correct. Lastly, to confirm—since S/E tax is paid on net, would the boxes 14C be primarily informational then?
Asked Tuesday, February 21, 2023 by Deb B.Sign in to Answer
State Taxes
Hi, my Job sends me to other states to wrk. I am a resident of GA. I work in GA, AL, SC, and NC It shows that each state is taking out taxes, but every year I owe state taxes. Income GA Fed $49823 GA State: $32110.75/ tax of: $1363 AL State: $160 / tax of: $.67 SC State: $14805 / tax of: $912 NC State: $2747 / tax pd: $96 Fed refund : $908 /Ga State owe: $864 (It shows GA state at $41000 and owing $864) Standard deduction Do I file each state separately ?
Asked Tuesday, February 21, 2023 by Nitacha S.Sign in to Answer
best way to structure investment
Not sure if this is the right place to ask, but let's say my friend is loaning me 10000 for stocks/investment purposes. Let's also say that for this investment, it returns about $4,860.00 in the first month, and he's going to get a 30% cut of that, so $(1,458), should I start an LLC for this?
Asked Monday, February 20, 2023 by victor t.Sign in to Answer
Camper rental
How do I enter camper rental income with no 1099
Asked Monday, February 20, 2023 by Nancy T.Sign in to Answer
2023 Tax Question
I retired as of June 1, 2022 at the age of 70. Per advice from family members, I foolishly did not have federal taxes withheld from my SSA benefits. I did a quick review for my 2022 tax return, and it looks like I may owe $2,600 in taxes. I have both a traditional and roth ira. If I make a deposit into an IRA now, can I list that on the 2022 tax return?
Asked Monday, February 20, 2023 by Doris M.Sign in to Answer
Question(s) about CTC
This is actually for my daughter. Does she need to file taxes even though she didn't work for a w2 during 2022 and has a child? She attempted to do her taxes since she has a kid & it said she doesn't qualify for the child tax credit. I thought everyone who has kids qualify. I did see an article online that says a single parent can still get the CTC even they didn't work for a w2. Is that true? I'm confused on this. She did private house cleaning work for an individual earning about $1,500. The lady didn't do a 1099 for my daughter, does she need to do one for herself? I hope these questions make sense & you can help me to understand this.
Asked Monday, February 20, 2023 by Vanessa B.Sign in to Answer
Mortgage from a start-up business
Hi, We would like to know if there is a way we can qualify for a mortgage if say I start up a business in my wife's name (make it her business) and then she "hires" me as an employee in the business and pays me a salary. Would we be able to qualify for a mortgage?
Asked Monday, February 20, 2023 by Brandon G.Sign in to Answer