Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax Questions2017 ammendment
Asked onMonday, August 21, 2023 by DanaI 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?
post retirement taxes
Asked onMonday, August 21, 2023 by alani 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.
State taxes
Asked onMonday, August 21, 2023 by CarolMy preparer fled state state taxes and we do t have state taxes
Curious about which forms I should fill out
Asked onSaturday, August 19, 2023 by KarriemHello, I hope you’re doing well today. I did some self employment work in 2022 but didn’t get my 1099-NEC & 1099-K forms until the beginning of this year. Should I still fill out the 1040-ES payment vouchers for each quarter? Or is there another form I should be filling out since I’ve missed the due dates?
Tax implications of sale of inherited property
Asked onSaturday, August 19, 2023 by MichaelMy two siblings and I recently inherited my father's house after he passed. Prior to his death, he had put the house in our names. Now the house is about to be sold and the proceeds split equally. I have the option of receiving my entire share ($100k) n one payment this fall, or three separate portions, 1/3 this fall, 1/3 next spring, 1/3 in the future. What are the tax implications of each? Texas resident, still working, ~$300k joint annual income.
incurred in year one but sent a payment in year 2
Asked onSaturday, August 19, 2023 by patSince healthcare insurance providers often take so long to finalize a claim and notify the policy holder about what actual amount is due, many timed the payment occurs in the following year. Which year should this expense be reflected, year 1 or year 2?
2023 EV Tax Credit
Asked onFriday, August 18, 2023 by BirjuLet's assume that for all of 2023, based solely on my income, I should be paying a total of $10,000 in federal tax. However, only a total of $8,000 in federal tax has been deducted from my paychecks during all of 2023. I also bought and took delivery of a car that qualifies for the $7,500 nonrefundable tax credit in 2023. Would I get $5,500 ($7,500 tax credit minus the $2,000 I still owe) back when I file my taxes in 2024 since the total amount I would have owed was $10,000? Or would I get nothing back since the $2,000 I still owe is less than the $7,500 tax credit amount?
Selling 1 house, buying another
Asked onFriday, August 18, 2023 by RichardI am selling my home. My only home and buying another the same day in an adjoining town. I've lived there nearly 3 years. I have owned other properties and currently have 1/2 interest in a home which is not mine. My ex lives there. This was a condition of settlement of our divorce. I travel for work, a lot. When not at home I rent it out on Airbnb. Rentals are less than half the year. It went up in value by about double in the 3+ years of ownership. In part because I remodeled it and because it is a popular area. I am buying a home which will use all of the proceeds and a bit more. It is only 12 minutes from each other but the one I'm selling has a partial water view. The one I am buying is 1/2 a mile from water and a bit larger. I expect to rent the new one out when traveling for work as I did the last one. Long run (a few years) I want to retire to the new one and stop working all over the place. I thought I could keep all the proceeds and avoid capital gains taxes using the funds for the new house. I have sold other properties but I did not avoid capital gains on them. Some are saying I don't have to pay capital gains because it is my residence (and only residence) while others are saying that because I rented it out some that it is investment property and I would need to use a 1031 exchange. But can I even do that? Still others are saying that I can't do a 1031 exchange for what is my primary residence and that i can't avoid the taxes on the sale of my ho
401k contributions
Asked onFriday, August 18, 2023 by CarlAmount allowed to put in 401k per year and options if maxed out
How much will I pay in
Asked onFriday, August 18, 2023 by CadenI am a contract pumper in the oil field and use a 1099. I drive 78,000 miles a year and make 120k a year. If I deduct mileage I would like to know a ballpark number of what I would have to pay in for taxes, thanks