Unanswered Tax Questions
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maximum w/out taxes
What is the maximum amount of social security disability payments that can be received without incurring federal income tax liability?
Asked Saturday, November 04, 2023 by William H.Sign in to Answer
Stipend
Good afternoon. I was wondering if you could tell me how much to set aside for taxes as I get payed a stipend instead of income.
Asked Friday, November 03, 2023 by Keri S.Sign in to Answer
Please help!
I work a couple of side jobs and I just realized that two of my employers didn’t withhold any federal taxes in 2022 so now I owe money to the IRS. Both employers provided me with a W-2 and both withheld taxes for social security, Medicare, and disability. Were they allowed to do this without my consent? And if not, what can I do now? Both employers have a history of being dishonest and underpaying employees. Thank you for your time!
Asked Friday, November 03, 2023 by Amber P.Sign in to Answer
CT Primary trustee for FL resident
My father who resides in Florida has become incapacitated and I am now primary trustee for his revocable trust. In filling out change of trustee documents for various financial institutions I am providing my address in Connecticut. On one particular form it states: “Note: This address will also be used to update the trust’s permanent address". My question is, will this address change make his trust taxable in Connecticut? I am simply paying his bills and taxes. Thanks! ps. If I were to sell equities in his trust account, would the gains be considered "income generated in Connecticut"?
Asked Friday, November 03, 2023 by Sean R.Sign in to Answer
question re bookeeping/tax setup
I have a new PLLC in NY for my psychotherapy practice. It took the state year and a half to process the paperwork. Meanwhile, I have been doing counseling on a contract basis (1099) for other organizations to pay the bills. At this point, that is the bulk of my income. Now that the PLLC has finally gone through, I don't know how to set up the bookkeeping. The contract work is already taxed, but I am using that income to pay the business bills, such as rent and phone. There seem to be several ways to set up bookkeeping with a one-person PLLC, but I am now very confused as to which way would be best. Can anyone help?
Asked Thursday, November 02, 2023 by Allison B.Sign in to Answer
Reporting accrued i bond interest on decedent's final 1040
We want to report accrued I bond interest on deceased Mother's final return. Treasury direct won't issue 1099 but we know the accrued interest at time of death. Software asks for player's i.d. and address
Asked Thursday, November 02, 2023 by John E.Sign in to Answer
Filing for taxes that have not been filed yet for 2022 ( going through divorce)
Greetings, My husband has a business and has not filed taxes 2022. We are seperated since July 2023 and in the middle of a divorce . I do not want to be penalized and want to know what to do? Warm regards, MY
Asked Thursday, November 02, 2023 by Miriam J.Sign in to Answer
Filing 1041
If the only dollar values for the estate is savings does that constitute income on the 1041 and if so what line does it go on.
Asked Thursday, November 02, 2023 by Elsie D.Sign in to Answer
Child Tax Credit
I am unemployed and I am inquiring to see if I am able to file and claim 4 minor dependents who live with me full-time. Their father has claimed them in previous years. Thank you
Asked Wednesday, November 01, 2023 by Tanisha S.Sign in to Answer
Should I pull my money out of losing financial investments?
My financial adviser has lost approximately $9,000 of my portfolio over the last 2 years and I would really like to pull the money out and start trying to build it back. I was wondering if there were any tax benefits to pulling my money out ASAP and realizing those losses versus letting him try to make some of it back over the next few months. Thank you!
Asked Wednesday, November 01, 2023 by Trevor T.Sign in to Answer