Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsEV Tax Credit As Self Employed
Asked onFriday, August 25, 2023 by CarterI’m self employed and have been looking into purchasing a new 2023 tesla model 3. I qualify for the $7,500 federal tax return, and want to double check that the “self employment tax” that I pay is categorized as federal, so I can take full advantage of this credit rebate. Thanks.
Changing filing satus
Asked onFriday, August 25, 2023 by LarryHello, I have been claiming Head of Household for the past three years but will file as single this year. Will this trigger an audit from the IRS?
Rental income
Asked onThursday, August 24, 2023 by SamI need help with taxes related to rental property. My wife and her 4 siblings have a quick claim deed for a house. The house has been rented to my son for the last few years and at below market value. I run all the rental income thru my taxes. Is that ok? Next, I have forgotten in the past to put how many days the property is used for personal use. Because of son living there. But I have put down that it was rented below market value. When I change the return to show that personal use was at 365 days last year it does not change any amount due. Can you help answer these questions?
Capital Gain Eligibility
Asked onThursday, August 24, 2023 by StephenWe are selling our home because we need to move closer to our recently divorced daughter. She and her two sons will be moving in with us after the divorce is final. We had the home built and moved in December 2021 so we will be in it less than 2 years. We will have probably have about $200,000 in capital gains from the sale. Will we be eligible for any of the capital gain exemption due to the circumstances?
Roth 401k rollover to Roth IRA
Asked onThursday, August 24, 2023 by SeanHello, I am looking for some tax advice on how I can handle my Roth 401k that I rolled over into my Roth IRA. I opened my Roth IRA in 2016 and I rolled my Roth 401k over into it last year. I contributed $19,000+ to my Roth 401k in 2019, 2020, 2021, and 2022, so I could take up to $76,000 out of my Roth IRA if I needed to right? What are the exact codes that should be on the 1099 form that Merrill Lynch issues to me for the withdrawal? Do we only need to say $0 in box 2a? And then use codes B and 2 in box 7 to ensure I pay no taxes, no penalties, and avoid an IRS audit? I reviewed these two resources to try to determine how Merril Lynch should prepare my 1099 for me. (https://www.dwc401k.com/form-1099-r-distribution-codes) (https://twonline-20.taxwise.com/Help/WebHelp/Content/IRS%20Codes/English/Miscellaneous_Codes/1099R_Codes_for_Box_7.htm) Thanks, Sean
Maximizing my work paychecks/new W-4
Asked onThursday, August 24, 2023 by JohnI am currently going thorugh a divorce, and ive been instructed to redo my w-4. I get to claim all of my kids (dependants, i have 4 of them under the age of 17). I am needing to redo my w-4 so i can maximize my paycheck from work. Essentially i need to rework my w-4 so that i can get the max i can on my paychecks now, and come out to as close as i can for a $0 tax return every year (or close to it).
Free membership
Asked onThursday, August 24, 2023 by JeffDo I need to claim or should I receive a tax form from a boat club that provides a free membership and boat slip in excess of $600.00 to its officers. The club is in Connecticut
Figuring the QBI deduction on annualized income
Asked onWednesday, August 23, 2023 by Johnwhen using the annualized income installment method, on form 2210, schedule ai, line 9 you can enter you QBI deduction for each period. Since it is added to your standard or annualized itemized deductions then subtracted from you annualized AGI on line 3, logic tells me that the QBI deduction must be calculated using annualized income. Am I thinking correctly with this? Thanks in advance for any help
Just wondering about if I need to tax
Asked onWednesday, August 23, 2023 by BrianHey I have a question about receiving cash gifts in the mail. I have a huge follower base and I’m asking my fans to help support me getting a new car by receiving cash gifts in the mail and each one is willing to give me $2 and my goal is $9,600 so is that taxable if I’m a teenager making $200 a week from cash gifts or like would I need to file for taxes
Business loan from myself to my business?
Asked onWednesday, August 23, 2023 by BenI understand that I can loan my business(sole proprietorship) from my personal savings using a promissory note to myself? Is this accurate? Can I make it for zero % interest? What needs to be included in the process. Can I then move money back to personal savings if needed? Do I structure them as payments etc?