Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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HSA Transfers
I own two HSA accounts, one my current employer set up for me and a second I opened myself for a previous employer. I generally invest the distributions that are made into the accounts rather than withdraw them for medical use. The HSA my current employer set up has more fees and less options than the one I opened myself for the previous employer. My question is, can I transfer the distributions made to my new account directly to the one I set up previously without incurring a penalty or creating a taxable event? Thank you.
Asked Thursday, August 03, 2023 by Eric A.Sign in to Answer
Money gave to us
My brother owed a house for 10 years, he sold and gave us some of the money 18500. Our own tax income is 14500, both over 65
Asked Thursday, August 03, 2023 by Charlea H.Sign in to Answer
Loss Carryforward
How do I apply a large loss in 2017 to offset a profit in 2020?
Asked Wednesday, August 02, 2023 by Jim M.Sign in to Answer
Taxes on fixed annuities
What would the percentage of taxes have to be paid on a Fixed Annuity be on the investment, and would someone on social security have to file taxes?
Asked Wednesday, August 02, 2023 by Carl S.Sign in to Answer
NUA and Partial Distribution
I recently turned 59 1/2 and would like to rollover a portion of my 401k to an IRA for more investment options. about 20% of my 401k is company stock. vanguard has told me if i do a partial distribution it will come out in direct proportion to my current allocation. can i take this partial distribution and still use NUA option with my next triggering event, my retirement in 3 years? I realize i will not be able to do NUA on this partial distribution and i'm ok with that.
Asked Wednesday, August 02, 2023 by Matt H.Sign in to Answer
Help with tax information for art sold at suction
Hello, I am a teacher by trade, but on the side this year I have been consigning and selling several art pieces that I have purchased with Sotheby’s auction house, as investments. I have had to fill out a W-9 for the sales, but I wanted to reach out to see what to expect with these capital gains taxes. Also, I wanted to see if the purchase cost of the investment and other related costs of shipping, travel, etc are deductible from these investment pieces. Thank you for your help!
Asked Wednesday, August 02, 2023 by Christopher C.Sign in to Answer
Inherited investment
If a taxpayer inherited investment account from his father who owes money to irs, will taxpayer be liable for his father's tax debt?
Asked Wednesday, August 02, 2023 by marianna i.Sign in to Answer
Child tax credit
When I did my taxes this year I was told that I would not be able to claim my 17 year old child for 2022 she will be 18 in 2023. Is this true?
Asked Wednesday, August 02, 2023 by Lenise A.Sign in to Answer
Fiancé claims Kids, I have Health FSA
2 kids on fiancé’s health insurance. I’ve been a stay at home mom for 5 years and recently got a job. I have a health FSA through work. Can I spend the FSA on our kids even if he claims them as his dependents (they have his health insurance)?
Asked Tuesday, August 01, 2023 by Adrianne P.Sign in to Answer
How much is my tax
My income is $23,676. Per year. Is that poverty level?
Asked Tuesday, August 01, 2023 by Dale B.Sign in to Answer