Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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1042-S form federal tax withheld tax return
Hello I have got few 1042-S forms from casino due to jackpot winnings and federal tax was withheld with them. Can I get tax refund from irs on 1042-s. I am working on h1b visa in usa
Asked Monday, November 20, 2023 by Sai M.Sign in to Answer
IRS wants back full refund on 2022 taxes
I filed my 2022 taxes with TurboTax I was not aware that they have removed the i9 form for unemployment wages. The IRS accepted and approved my refund. 4-5 months later they sent me a letter saying that I had to pay back my entire refund. They never notified me of a mistake in my tax return only sent me a letter when I needed to pay them the entire refund. Im wondering if I can take this to court to have it fixed? I’m located in New York
Asked Monday, November 20, 2023 by Ronald S.Sign in to Answer
Filling status
I am married but separated with a child. Been separated for over a year. What status can I file? I will be claiming the child on my taxes. I live in NC.
Asked Monday, November 20, 2023 by Jason B.Sign in to Answer
CPA & Accounting Charges
If I open an 1 member LLC and what are the monthly, Quaterly, annual Charges to be paid apart from Tax to government? Expected annual turnover will be 10-20K USD per year
Asked Monday, November 20, 2023 by VIKASH R.Sign in to Answer
Need Help with income made on eBay + inheritence
I inherited a large video game collection from a non-blood related person earlier this year. There were no documents, I was just given the items by her surviving wife. I also have been unemployed for about half of this year. I have since taken that time to sell the items on eBay. I am unsure how best to go about taxes on this since my situation is a bit unique. Am I considered self-employed because I have spent the last 3 months listing and selling all of these items on eBay? I plan to return to work after the first of the year. So far, I have made about 26,000$ (before all fees on eBay are deducted as well as shipping fees) How do I determine what I need to save for taxes? Is it all capital gains since I was given most of the items I have sold, or do I need to evaluate how much each item was worth at the time I got it in February vs. how much I sold it for in say, September? Can I deduct all of the packing materials I have had to pay for, as well as shipping that I covered? What about shipping the buyer paid for but is included in my final value on eBay? Can I deduct the computer & printer I use for doing all of this? Can I deduct a wage for my time doing this? Any info you can provide me with on what all I should have by the time I go to file my taxes would be much appreciated!!
Asked Sunday, November 19, 2023 by Katie M.Sign in to Answer
Donation Information
Could I claim my unwinding lottery tickets as donations on my North Carolina Taxes??
Asked Sunday, November 19, 2023 by Adrienne P.Sign in to Answer
Mark to market tax election
I have more than 1.2 million of accumulated losses over past 7 years from trading stock market, I am awake that I can only deduct 3000 from my ordinary income. My question, if I elect to be taxed as mark to market can I deduct the entire loss or more than 3000 from my ordinary income in one year. I trade everyday but I have W2 from somewhere else too
Asked Sunday, November 19, 2023 by Rami R.Sign in to Answer
Inherited ira
Is there anyway to claim a tax free inherited ira .in ohio. The ira is for 96,000.
Asked Saturday, November 18, 2023 by James E.Sign in to Answer
Lump sum pension
I am 55 years old. I have the opportunity to take a lumps some pay out of an old pension. If I use it for a down payment on a condominium how will that be calculated for taxes and penalties?
Asked Saturday, November 18, 2023 by Debbie T.Sign in to Answer
Taxation on RMD from a Traditional IRA when I have no earned income.
Three part question- I was notified by AIG Insurance co. in June of 2023 that I had pension money owed to me since 2015 (when I turned 65) and they couldnt locate me all that time. I requested the amount ($28800.)as a lump sum payout and transferred directly to my Traditional IRA. It was deposited in August 2023. Do I have to include this balance in the calculation of my 2022 RMD. Second- I took an RMD from accounts that I had as of 12/30/22. I received $2100.00. I did not have tax withheld. My husband and I file jointly and do not have any earned income, only social security benefits. Do I need to file a return and pay the 10% federal tax. Third- Now that interest rates are going up on savings accounts, if I receive $10.00 or more in interest in tax year 2023, will I have to file a federal return just for the interest earned and my RMD for 2023? Thank you.
Asked Friday, November 17, 2023 by Kathryn S.Sign in to Answer