Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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My employer is taken taxes out of my paycheck for my spouse who is not an employee
My job requires a spouse or domestic partner to open up a well portal account if they are going to be on our insurance so that they can do the biometrics. With them opening up their own separate accounts, they have the same access on their accounts as we do on ours. On of the choices that they have as we do is to complete some self verified activities each quarter and if they meet the goal they can earn $100 amazon gift card up to three times a year just as the employees can. My job makes us pay taxes on our gift cards that we receive each quarter if we meet the goal. We have learned that if our spouses or domestic partner completes the activity on their account they also receive the gift cards, however because my employer has no way of taxing them because they are not employees of theirs, they tax the employees paycheck without our permission for that spouse or domestic partner. We just gained knowledge of these and I am wondering if that is legal?
Asked Friday, November 10, 2023 by Lakeisha S.Sign in to Answer
How to best pay federal tax on taxable mutual fund capital gain distribution
I have a taxable mutual fund that has been having large end of year capital gain distributions. How do I best pay federal tax on these so as to not incur a penalty? Only recently started social security and have no other place to increase tax withholding. Estimated tax is difficult since distributions can vary wildly.
Asked Friday, November 10, 2023 by James F.Sign in to Answer
If I am remote worker for a California business, when do I need to file a state tax return?
I recently became hired as a freelancer (1099) to do copywriting for a company based in California. I live in Louisiana and anticipate making less than $10k per year with this freelance position. Would I still be require to file a state tax return with California?
Asked Friday, November 10, 2023 by Demi G.Sign in to Answer
How long to reside in home to avoid capital gains
We have resided in our home for 18 months do we pay capital gains if we previously used it as a rental home for 17 years prior to that if we sell our home or will it be prorated and only pay ¼ capital gains instead of none with the 2 of 5 year residence rule
Asked Friday, November 10, 2023 by Maryjane H.Sign in to Answer
Early withdrawal penalty question, Roth IRA
I had to withdraw funds from my IRA to live on during this year. I am 41, getting divorced and suddenly stopped receiving support from my estranged partner this year. I will earn around 44,000 this year. I withdrew 20,000 early, at which time 10% was taken for taxes. How can I find out my tax burden for the early withdrawal?
Asked Friday, November 10, 2023 by Eva B.Sign in to Answer
Dual state properties Indiana and South Dakota
Have 2 properties up for sale. Would it be more tax friendly for us to postpone selling one til after January 1st?...Or will it matter?
Asked Thursday, November 09, 2023 by Gilbert K.Sign in to Answer
Is a property damage settlement of 10k taxable when I paid 24000 for the damage
City sewers backed up and basement flooded with sewage in home just purchased. City refused to help. I Paid 24k for a company to dig up driveway, city street , find the clog fix my lines ect. They offered a settlement 10k. Do I pay tax on this in ohio. My homeowners insurance wouldn't help either.
Asked Thursday, November 09, 2023 by Mel D.Sign in to Answer
Income reporting on tax returns
Good afternoon , Can you please advise if a permanent resident must file a tax return if he has about 5,000.00 retirement income from different countries? Also if the answer is yes , what the best way to prove the income
Asked Thursday, November 09, 2023 by Sonia Y.Sign in to Answer
Tax Deduction
I own a two-family home in NJ. My in-laws live in one of the units and do not pay rent (I live in the other unit). Can I add "loss" of property income to my taxes?
Asked Thursday, November 09, 2023 by Clemente D.Sign in to Answer
Estate sale
What estate tax return filing need to be complete as of a house sale, along with estimated timeline for the completion and whether they expect the estate will owe anything
Asked Wednesday, November 08, 2023 by Steven P.Sign in to Answer