Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsPartnership Self-Employment
Asked onTuesday, February 21, 2023 by DebPartnership 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?
State Taxes
Asked onTuesday, February 21, 2023 by NitachaHi, 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 ?
best way to structure investment
Asked onMonday, February 20, 2023 by victorNot 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?
Camper rental
Asked onMonday, February 20, 2023 by NancyHow do I enter camper rental income with no 1099
2023 Tax Question
Asked onMonday, February 20, 2023 by DorisI 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?
Question(s) about CTC
Asked onMonday, February 20, 2023 by VanessaThis 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.
Mortgage from a start-up business
Asked onMonday, February 20, 2023 by BrandonHi, 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?
Form 1040X - Amended Tax Return
Asked onMonday, February 20, 2023 by MichaelFiled taxes and already paid in but, additional paperwork came in. Does form have block where one states they already paid and how much?
Income requirements for claiming child tax credit
Asked onMonday, February 20, 2023 by PatrickIs there an income requirement to claim the child tax credit.
Do I have to file
Asked onMonday, February 20, 2023 by GaryRetired, on Social security. Parent died this year. Edward Jones sent papers showing a negative Ballance. Do I have to fie.