Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
Money market withdrawals.
Annually money market maximum withdrawal amount without being penalized in North Carolina, is it 14000 or less ?
Asked Friday, October 27, 2023 by Thomas m.Sign in to Answer
claiming a disabled person on your taxes as the guardian
I am guardian over a disabled sibling who has just moved into an extended care facility. With her move I am now responsible for providing her personal needs, as clothing, toiletries etc. Can I claim her on my taxes? Her housing and medications are provided for her. Thank You
Asked Friday, October 27, 2023 by Kathy D.Sign in to Answer
What should i legally be classified as?
I work for a cleaning company and they told me i was a contractor? I only get paid with checks bi-weekly and do not receive paystubs. I also work on a schedule, same time everyday 5 days a week. They provide me with the supplies and I was trained on how to clean. I feel like I am an employee. Is it possible the company is wrong and should be withholding taxes like a normal w2?
Asked Friday, October 27, 2023 by Rachel K.Sign in to Answer
Received Notice of Insolvency from debtors estate today
I entered into a promissory note with a real estate developer 15 years ago with a basis of $150,000. The note stated a 10% interest per year. Approximately 7 years ago he passed away. At that time, the promissory note had acrued $64,320 in interest. Today I received the Representation of Insolvency from his estate, as approved by probate. My promissory note is receiving $0.00 in payment. (A total write off.) When entering this loss on my taxes on IRS Form 8949, can I deduct as a loss: $150,000 or $214,320? Is the unpaid interest deductible as a loss? Thank you!
Asked Thursday, October 26, 2023 by Dave E.Sign in to Answer
Claiming a child
I am a non-custodial parent and pay child support. The other parent does not work no has worked at all in the year of 2023. Can I claim my child on my taxes this year?
Asked Thursday, October 26, 2023 by Courtney D.Sign in to Answer
State Taxes (Living in one state but employed in another)
Good morning, I recently relocated to Colorado but work remotely for two schools in Texas. One school has asked me to reach out to a tax specialist to try to clarify some tax information. We keep receiving conflicting answers to this question: How will my taxes in Colorado work if my employment is in Texas? The schools are still taking taxes out of my paychecks. Thanks, Jill
Asked Thursday, October 26, 2023 by Jill D.Sign in to Answer
W-4 for second part time job
Married filing jointly. We make $108,000 per year. I got a part time second job that makes roughly $10,000 extra per year. What deductions should I have taken out on my W-4?
Asked Wednesday, October 25, 2023 by Leisa S.Sign in to Answer
Equity loan questions
I am looking into a equity loan for $75000. House worth $675000 and owe $170000. Starting valuation would be $478000. Any equity gained over that at end of 30 years would be shared at 25% to them plus original loan amount of $75000. Can I deduct any of this loan yearly on my tax return? Would I have to pay any tax on money I received from loan?
Asked Wednesday, October 25, 2023 by Paul B.Sign in to Answer
Unemployed and did not receive any economic impact payments
Have been unemployed for years and don't file taxes and did not receive any economic impact payments that were sent to just about everyone. How do I go about trying to get them? I feel like I deserve them also.
Asked Tuesday, October 24, 2023 by Vicki B.Sign in to Answer
Starting as an independent educator of neonatal cpr classes outside hospital setting.
How to file tax deduction as a new educator for neonatal instructor classes outside hospital setting.
Asked Tuesday, October 24, 2023 by Laura S.Sign in to Answer