Unanswered Tax Questions
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How to handle an anonymous donation
How should a tax exempt organization handle anonymous donations? Background: I belong to a tax exempt organization through church (but separate) called Ladies Aid. We fundraise throughout the year then donate to local organizations such as summer backpack programs, Montgomery Co. K-9, etc. We elect officers, record meeting minutes, and read the treasurer’s report. The problem: At a recent meeting, the president blew up because the treasurer recorded a donation as “anonymous”. The president said she felt offended and that the officers should know the donor’s name. The treasurer stated that this is how she has recorded such donations for the past 16 years. I don’t think emotions or past practice should dictate how we record such donations. Questions: Is there accepted practice as to how a tax exempt organization should record anonymous donations? Should the officers be told the name, verbally? Should the name be recorded in the meeting minutes or the treasurer’s report? Does the amount matter? This involves a $50 donation.
Asked Tuesday, September 19, 2023 by laura b.Sign in to Answer
Does an unplanned 4th quarter 2023 extra income require additional Colorado Estimated tax payment?
We have to cash an I-Bond on Oct. 2, 2023, resulting in a large increase in our taxable income. Our new Colorado taxable income will result in about $1,100 to $1,200 MORE than we have already paid out in 2023 through estimated Colorado tax payments for CY2023. We paid 100% of the previous year's tax liability in a timely manner and always file jointly. COLORADO DEPARTMENT OF REVENUE states: "The estimated tax penalty will not be assessed if the Colorado tax liability is less than $5,000." IS THIS TRUE? OR, do we need to file an ADDITIONAL Estimated tax payment before the end of CY2023; if so when is the deadline? Our total Colorado 2023 tax liability will be LESS than $5,000. Please verify. Thank you.
Asked Monday, September 18, 2023 by Ronald O.Sign in to Answer
Property Settlement After Divorce
Hello, My house was foreclosed several years ago while I was still married. Since then, there has been a class action suit and which was settled with the county. They issued a check for the settlement in the name of my ex wife and I, with my SS# on the check, it was reported to the IRS. How will The taxes work, will I have to pay all Of them or will she lay her portion?
Asked Monday, September 18, 2023 by Walter M.Sign in to Answer
5 year rule for 403b to Roth IRA rollover
If I rollover $ from a 403b to a Roth IRA each of a few years, do they each have a separate 5 year waiting period for withdraws or can all be withdrawn 5 years after the initial rollover?
Asked Monday, September 18, 2023 by J M.Sign in to Answer
401k rollover and employment
Left a company 6 months ago for early retirement and moved my 401k to another account which I will withdraw from yearly. The company I left now wants me to come back part time. I was told that this could possibly flag the IRS and I could get penalized for moving my money, them thinking I did it so I could get my hands on my 401k. Can I go back to the company parttime or am I better off not doing so.
Asked Monday, September 18, 2023 by S C.Sign in to Answer
Exchanging stocks for cash with kids
I would like my kids to transfer stock to me that has unrealized capital gains. I will transfer the market value of the shares to them in cash. This makes me responsible for capital gains taxes if I sell the shares. Can I do this without tax liability?
Asked Monday, September 18, 2023 by Will H.Sign in to Answer
wrongful death settlement
I have a wrongful death settlement that will be distributed in two parts. To the estate and to the heirs. I am in the state of florida and would like to know if the estate settlement is subject to taxes
Asked Monday, September 18, 2023 by NANCY W.Sign in to Answer
do I pay taxes twice on the same income?
I wager crypto currency on sports. first I buy bitcoin. I deposit into my sports website account. with the bitcoin I place wagers. when I win I have the bitcoin sent to my bitcoin wallet. from there I sell it. now do I pay taxes on the crypto gained plus pay the taxes on the sold crypto? do I pay twice for the same money?
Asked Saturday, September 16, 2023 by ray m.Sign in to Answer
Roth questions
I have 2 questions, both are about Roth IRA. 1) Can I max out my 401k and still max out an a separate Roth IRA in the same tax year? and 2) Inside a Roth, if I receive and premium trading options, is that premium taxable? or are all events in a roth non-taxable?
Asked Saturday, September 16, 2023 by Andrew B.Sign in to Answer
None
So I’m a single parent my daughter is 24. Could I claim her as a dependent because she lives with me and I pay for her health benefits. Could I claim her as a dependent without impeding her ability to claim herself on her job and claim herself when she files her taxes? Thsnks
Asked Saturday, September 16, 2023 by May J.Sign in to Answer