Unanswered Tax Questions

Personal Taxes

401k

I'm under 59 1/2. I'm in IL. I'm cashing out my 401k after quitting my job. I have 50,011 in it. I was told 20% goes to federal taxes and 10% goes to state. The calculator on the trowe site isn't adding up right. How much should I be paying in taxes so I don't have to owe at tax time?

Education

Would it be beneficial to change filing status for student loan repayments?

I am not sure if this is the best place to ask this, but I am not sure where to go with this question. I currently owe 120k on my student loans. My husband makes about 100k more than I do. With our combined incomes, my monthly payment is 1200. With my income alone, it brings the payment down to about 500 a month. I am trying to find the best option in the long term, financially speaking. I am planning on getting them forgiven on the PSLF in 10 years. I am interested in trying to make our incomes separate, as it will greatly help with the bill. Would it be most beneficial to change our filing status from married filing jointly to filing separate? Or should we divorce on paper? Also, how will the filing status affect us buying a home? For reference, we live in WA and our combined income is 173,000 a year (99k for him and 74k for me). Thanks!

Self Directed IRA

Tax amount

Deductions and Write-Offs

Supercar write off

Hey! So my business model is E-commerce, and I also have a course on the side. I was wondering if I were to get a Mclaren and use it for marketing on my social medias, and as a Face for it. Would it be possible to write off the car or a percentage?

Deductions and Write-Offs

deduct NY tax with taxes paid to NJ

Hi, thanks for your help. 1. I live in New York city for 5 months and New Jersey for the rest of the year. 2. I work in New York City for the whole year. Can I pay taxes only to New Jersey State? Concerns: 1. On my W2, the region is stated "new york city" and my tax preparer state that since I work in New york city, I need to pay NYC tax. 2. I would like to pay NJ tax and get rent deduction (18%), but since I deduct my NJ tax (by paying taxes to NYS) I couldn't get it. So my questions are 1. Can I pay taxes only to New Jersey State? 2. Is there a form that I should fill up to do so?

Investment and Finance

Stock Options AMT and Capital Gains tax questions

I have a few questions regarding how AMT and capital gains tax is calculated. E.g. strike price of 1 dollar, exercise price 50 dollars for 10000 shares, would I pay AMT on the 49*10000 this year, then 49*10000 capital gains tax on the next year when I sell it? Also if I file early one year, say February, exercise my options, then sell my options the following March, and file afterwards, would I pay AMT? Capital Gains tax?

Deductions and Write-Offs

Business Credit Card with Rewards

If a business credit card receives rewards - ie. flier points, cash back, etc - is the interest still able to be written off come tax time? To be clear, all purchases would be for the business, and I'm aware the rewards can't be deducted. I'm simply wondering if receiving rewards from purchases makes you ineligible to write off credit card interest.

Personal Taxes

EV tax

Does the 7500 EV tax deduction apply to standard taxes as well?

Retirement

Interest on retirement

I need help calculating interest on my retirement

Personal Taxes

Can anything be done to reduce my 2022 tax bill?

I filed an extension for my 2022 taxes and my bill is quite high. I am wondering if there is anything I can do at this point in the year to reduce (e.g. cost segregation analysis)