Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsColorado EV Tax Credit
Asked onTuesday, September 19, 2023 by RyanI'm attempting to finance a new EV vehicle and want to determine if I qualify for the full Federal and State tax credits. I was a full-time student from 8/22 to 8/23, so I am confused about how the credit would be applied in my situation. I would appreciate clarification on when and how the credit would be applied to my tax bill. Thank you, Ryan
about 720 form
Asked onTuesday, September 19, 2023 by palwashahello do I need to form 720 form for my business ?
How does VA Chapter 35 Benefits affect my calculations for qualified education expenses when withdrawing from 529 plan?
Asked onTuesday, September 19, 2023 by MonicaVA chapter 35 benefits are deposited directly into my son's checking account. I'm trying to determine if my son with get taxed 10% on the earnings portion of his 529 if I withdrawal money to cover room & board. If I understand correctly the 10% penalty is waived in this instance. His tuition & fees are paid by directly to his college by another veterans program with the state of Virginia. I know I can not withdrawal the amount for tuition & fees from his 529.
How to handle an anonymous donation
Asked onTuesday, September 19, 2023 by lauraHow 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.
Does an unplanned 4th quarter 2023 extra income require additional Colorado Estimated tax payment?
Asked onMonday, September 18, 2023 by RonaldWe 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.
Property Settlement After Divorce
Asked onMonday, September 18, 2023 by WalterHello, 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?
5 year rule for 403b to Roth IRA rollover
Asked onMonday, September 18, 2023 by JIf 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?
401k rollover and employment
Asked onMonday, September 18, 2023 by SLeft 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.
Exchanging stocks for cash with kids
Asked onMonday, September 18, 2023 by WillI 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?
wrongful death settlement
Asked onMonday, September 18, 2023 by NANCYI 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