Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsPerson in my household receives GA ebt
Asked onWednesday, October 11, 2023 by CarlyHi, I am trying to figure out what to put on my upcoming taxes. My father in law lives in my home, contributes absolutely nothing to the household, and he receives Georgia EBT benefits. My question is, do I have to report that when I file, considering my home is his legal address. Will that affect my return? And also, can I claim him as a dependent considering the fact that it is my home that he resides in, completely free.
QDRO Distribution-62yr SsDI recipient
Asked onWednesday, October 11, 2023 by KathyShould I put balance of Small QDRO 401k into IRA after using part to pay off debt mgmt program. Should I pay all taxes first or pay as I use?
Deferred federal tax paid
Asked onWednesday, October 11, 2023 by ChristopherDeferred tax, paid tax due, now filing, show as tax already paid or balance due?
Settlements
Asked onTuesday, October 10, 2023 by MichaelHello I will receive 3 or 4 settlements this year, somewhere in the neighborhood of 20 to 25k in total. I had to sue the credit reporting agencies for falsely reporting information on my reports which destroyed my credit causing me to be unable to refinance my home, get a decent rate for an auto loan before the inflation and just recently plus the added stress due to the financial burden these falsely reported items caused me i want to claim them as personal injury settlements and have them be tax free. I am on SSD and would not be filing a tax return and I don’t think I should have to pay taxes on these funds. How do I go about it?
Are distributions received via investments in a private equity fund through SDIRA taxable?
Asked onTuesday, October 10, 2023 by MobeenI work in private equity and am given an opportunity to coinvest in my fund. I talked to our tax team about potentially investing via my Roth IRA rather than simple cash wired from my checking account. They brought up that when I receive distributions, it may trigger a taxable event through UBTI or UDFI and I just want to understand in certainty whether that is true and under what circumstances it can be true? My goal is to invest with funds already in my Roth IRA and continue to receive tax free gains.
Deferred mortgage payment interest deduction
Asked onTuesday, October 10, 2023 by RufusMy private mortgage payment was deferred for 2 years. Can I deduct interest totally this year or was it to be allocated over the last two years only?
If my employer has me as a contract, how will my taxes form look like?
Asked onTuesday, October 10, 2023 by LauraI got hired for a company but I am seen as a contract instead of full time. This is my first job where this has happened so I am not sure how to file my taxes or what forms to look at. I live in Texas, so i know i will be paying some taxes but Is there a way to find the estimate? I’ve been here for six months as contract work and I’m trying to gain the courage to ask if I can stay as a full time employee. If for some reason I succeed, do I have to do two different tax forms?
Corporation on personal taxes
Asked onTuesday, October 10, 2023 by RandyDo I have to report the corporation on my personal taxes? Its a C Corp. I do not take any income from the company.
Tax Help, short term cap gains
Asked onTuesday, October 10, 2023 by DanielI am self employed, earn $50K/yr but had short term cap gains (stocks) in 2023 over $160K. Looking to reduce my tax burden. I can put cash into IRA, also thinking of buying over 6000 lb vehicle for work (179) just wondering if you’d agree and maybe other areas to reduce tax burden
Another ein
Asked onMonday, October 09, 2023 by JamesI just formed an llc and was denied a business banking account from navy fed because of a small hiccup. Once you are denied thats it. Was wondering if i am able to get a new ein so that way i can open the business account with them now that i fixed the problem