Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
My FEDERAL TAX deduction is way too low
I am employed through the temp service Staff Quick Jobs and I have received 3 paychecks that have FEDERAL deductions that do not equal the typical 12%. For instance my gross is $680.00 and only 16.64 was taken out and it should be around $72.00-75.00
Asked Tuesday, August 22, 2023 by Sharon W.Sign in to Answer
Divorce settlement tax responsibility
Received a sum for buyout from marital home and another sum from his IRA to cash to me
Asked Tuesday, August 22, 2023 by Danielle N.Sign in to Answer
Step up in basis
My father and his live-in girlfriend executed a warranty deed/life estate for their jointly owned house. I and the daughter of the girlfriend were the remaindermen. My father died, the girlfriend is still living. The house was sold, the proceeds were split three ways using the appropriate percentages. My question is: since my father was deceased when the house was sold can I use a step up in basis when I report the capital gains on Federal tax forms? Thanks.
Asked Tuesday, August 22, 2023 by Douglas F.Sign in to Answer
Bonus Investment Question
I want to know if I put my bonus into a high yield savings account with Fidelity what would the tax percentage be that the government would take out of my bonus?
Asked Tuesday, August 22, 2023 by Kelly F.Sign in to Answer
What am I responsible for?
What if someone put 92,000 in my bank account and then took it all out? Am I responsible for any of that?
Asked Tuesday, August 22, 2023 by Glenda B.Sign in to Answer
Estimated tax requirements to avoid penalties and interest
I have a question about tax penalties and interest Suppose my total tax due was 30,000 last year, and all of that was due to employment. Suppose this year I expect to have about the same 30,000 taxes due from employment, and an additional 50,000 taxes due to long term capital gains for positions sold this year. If I give pay 33,000 in taxes during this year, through a combination of payroll directions and estimated tax payments, then I will owe 47,000 when I file next year (approximately, of course) True or False — since I paid 33,000 in taxes this year (110% of last years 30,000 total taxes due) then the 47,000 I owe and I pay when I file next year will NOT incur a penalty nor interest?
Asked Tuesday, August 22, 2023 by Jules Y.Sign in to Answer
Sending money abroad and receiving it
I am looking for tax information if I send some money to my parents in India as a temporary loan and they repay the money back to me in some time. I am trying to understand what are the implications Thanks ,
Asked Monday, August 21, 2023 by Hardik V.Sign in to Answer
2017 ammendment
I have a question on a ammendment situation. When I filed 2017 one of my dependants should have been removed. Later that year I moved and missed a notification from the irs. They then gave me a tax debt for all of my dependants. The debt for all 3 dependants was took from my 2020 tax refund which was around $9000. I should not have been charged for 2 of the dependants and I am entitled to a refund for the 2 dependants. What do I filed exactly and can I still get a refund for the 2 dependants back?
Asked Monday, August 21, 2023 by Dana W.Sign in to Answer
post retirement taxes
i am preparing to retire. my wife is already retired. her pension will not begin for about 18 months but she will be drawing 1000/mth annuity from a thrift savings plan. i have always filed married filing jointly. should i continue to do so or would it be better to file separately now to save on taxes. I am in north carolina.
Asked Monday, August 21, 2023 by alan h.Sign in to Answer
State taxes
My preparer fled state state taxes and we do t have state taxes
Asked Monday, August 21, 2023 by Carol C.Sign in to Answer