Unanswered Tax Questions

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Personal Taxes

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.
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Tax Filing Tips

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.
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Miscellaneous

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.
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Credits

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.
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Investment and Finance

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.
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Deductions and Write-Offs

1041 Excess deductions on Termination of a Trust

On a 1041 can you accumulate excess deduction (from year to year) and pass them out in the final year of the trust? Trust has been open for 5 years.

Asked Wednesday, November 01, 2023 by Michael T.
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Investment and Finance

Is it possible to do a partial 1031 Exchange when selling an investment property?

Just wondering if it is possible to do this and how it would work with Capital Gains on my tax return.

Asked Wednesday, November 01, 2023 by Anne G.
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Tax Filing Tips

1st year having taxable income and filing my taxes, need advice!

I need some advice on how I should go about filing my taxes because I’m in a different situation than most. It’s my first year living on my own and having taxable income and all of my income has been from random under the table side jobs, and random marketplace flips in my spare time. This being my first year having actual income I wasn’t aware that I was supposed to be recording/documenting my income and expenses from everything. I do have an idea/estimate of around how much I think I made based on my savings, bills, and estimated random spending. - ($26,000-$28,000) How should I go about filing my taxes? Which forms would I need? Should I be worried of getting in trouble for not keeping track this year or will the IRS be understanding of my situation as long as I do everything the right way next year? What would you do in my situation? Any other advice is appreciated! Thank you!

Asked Tuesday, October 31, 2023 by Brandon W.
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Miscellaneous

Receiving my with holdings

How can I get my money that was with held from my paychecks without filing?

Asked Tuesday, October 31, 2023 by William P.
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Personal Taxes

Child Credit

I live in USA my 6 year old son who was born in United States lives in Europe, Serbia, He has not been in United States last 15 months, I financial support him, Can I claim him as a dependent at tax time

Asked Tuesday, October 31, 2023 by Mark M.
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