Unanswered Tax Questions
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Form 1040X - Amended Tax Return
Filed taxes and already paid in but, additional paperwork came in. Does form have block where one states they already paid and how much?
Asked Monday, February 20, 2023 by Michael F.Sign in to Answer
Income requirements for claiming child tax credit
Is there an income requirement to claim the child tax credit.
Asked Monday, February 20, 2023 by Patrick S.Sign in to Answer
Do I have to file
Retired, on Social security. Parent died this year. Edward Jones sent papers showing a negative Ballance. Do I have to fie.
Asked Monday, February 20, 2023 by Gary F.Sign in to Answer
Reporting p2p income from hobby
I run a facebook page where i resell soccer jerseys i buy on ebay as a hobby and receive payments through paypal and venmo. How would this be reported on my taxes?
Asked Monday, February 20, 2023 by Christian S.Sign in to Answer
Filing status
My daughter and soon to be ex son in law are trying to figure out if they can both claim married filling separately or do they have to do married filing jointly?
Asked Sunday, February 19, 2023 by Jenn B.Sign in to Answer
Senior tax filing for 2022
Am 70 years old single getting $1350.00 social security and $600.00 retirement. Do I need to file taxes?
Asked Sunday, February 19, 2023 by Behnoosh V.Sign in to Answer
Are you including mimmesota frontline worker bonus as income on form 1040
Are you including mimmesota frontline worker bonus as income on form 1040.
Asked Sunday, February 19, 2023 by ScotT H.Sign in to Answer
Potential Capital Gains Impact
I am married and the title on our home is only in my partners name. By way of our marriage contract I am entitled to a % of the proceeds of the eventual sale of that home. If I purchase a home, on my own, and after that purchase, we sell the matrimonial home, would I be subjected to capital gains on my % of the proceeds on that sale.
Asked Sunday, February 19, 2023 by Megan D.Sign in to Answer
1099b ?
My father passed in 2019. He left me his annuity that produced a small ck every month. It was tax free money. Last summer I met with my advisor we moved $50,000 into a different type of fund that would produce more income. That money is needed to help pay car pymt , insurance,etc. He did tell me that it would produce a 1099 every year because it is producing income. Which I understood. Now I got a bunch of 1099s and one was a 1099b. I do my taxes myself online every year. When I put in the info for this 1099b my taxes it said I would owe something like $13000+. I am hoping I am doing something wrong. It seems I am paying taxes on the $50,000. I can't afford that. All I wanted to do is increase my income as 8 get closer to retirement. I dont know if I am entering something wrong,doing something wrong. All I did was reinvest it. I did not get any lump some cash payout. Help!
Asked Sunday, February 19, 2023 by Linda b.Sign in to Answer
Deduct Education Expense from Business Income
I have W2 but my wife has 1099-NEC, and she works in Accounting/Audit field. We filed jointly married. She is currently attending school for an MBA program. Can we deduct 100% of the tuition from her 1099-NEC business income under qualified education expense? IRS said it has to be in 1 of the 2 categories to be qualified: 1. Employer or law requires the education to keep the job/salary. 2. Maintain/Improve skills. The payer of her 1099-NEC did say she needs to work on an MBA degree in order to keep working, and we can probably get a statement from them. But are they considered her employer to be qualified in the 1st category? Proving for the 2nd category might be possible but it's not black and white as the 1st. So we prefer to use the 1st category if possible. Can we use the 1st category or is it even possible to deduct this tuition from her business income? Thanks
Asked Saturday, February 18, 2023 by Winston N.Sign in to Answer