Unanswered Tax Questions
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Are annual, unpaid interest payments compounded with principal if promissory note language excludes compounding clause?
Interest rates and payments are specified in a promissory note secured by a deed of trust. However, no interest or principal payments have been made and the property is about to be sold. The promissory note lacks a clause that specifies that unpaid interest shall accumulate to principal and compound year-by-year, so need to know if unpaid interest due should be compounded annually or not.
Asked Friday, June 16, 2023 by Alan L.Sign in to Answer
Selling mutual funds
What tax implications would there be if I sold some mutual funds to get some cash to pay off debt? Is there any way to mitigate the effect on next year's tax return?
Asked Friday, June 16, 2023 by Charles M.Sign in to Answer
Change withholdings to recoup solar credits
My normal withholdings are $6,500.00, the solar credit will be $12,000.00. Can I increase my withholdings from my IMRF retirement by $1,000.00 per month, for 6 months? Will I get all of my solar credit back when filing 2023 tax return?
Asked Friday, June 16, 2023 by Tom S.Sign in to Answer
W4- Married filing jointly
Hi, I was recently married and I switched my filing status from single to MFJ. I was under the impression that when you switch from single to MFJ the amounts that are taken in taxes from my paychecks would go down. But they are the same as my single filing status. Why? Did I fill out the w4 incorrectly? Can someone please help me understand this Thank you 😊
Asked Thursday, June 15, 2023 by Courtney F.Sign in to Answer
Solar tax incentive
I’m trying to understand how installing solar and taking advantage of the 30% tax incentive will affect my return.
Asked Thursday, June 15, 2023 by Christopher C.Sign in to Answer
Payments received
I'm a local contractor just starting out. Haven't received my contractors license yet. I see other small companies taking on larger jobs than myself. They too do not have licenses. How are they able to receive higher paying jobs and not having to remain under the $500 job requirement. How or what allows me to take in more money without having a license at the moment?
Asked Thursday, June 15, 2023 by Kyle J.Sign in to Answer
Inherited 401K (Spouse)
I am under the age of 59 1/2 and inherited a 401k from my deceased husband, who passed away at age 55 in 2023. Can I withdraw funds within the next two or three years, as needed from the account, without required minimum distributions (RMD) or 10% tax penalty imposition?
Asked Wednesday, June 14, 2023 by Sarah M.Sign in to Answer
Short Term Capital Gain Taxes
My father Quitclaimed his house/land to himself and me last year, he has since passed away and I have just sold the house/land. I understand I will owe a short term capital gain from the sell of the house/land in my 2023 taxes next year. Since the quitclaim said that the property was to him and me am I just obligated to pay only 1/2 of the capital gain taxes or all of it?
Asked Wednesday, June 14, 2023 by Thomas S.Sign in to Answer
FICA and federal tax credit
I do not have FICA tax taken from my payroll and I have $7500 on federal tax credit. Can I use federal tax credit to pay my FICA tax at the end of the year?
Asked Wednesday, June 14, 2023 by Muthu V.Sign in to Answer
Estimated taxes
Lived in wva but now living in Pennsylvania assisted living. Where do I pay estimated state tax… wva or pa
Asked Wednesday, June 14, 2023 by Susan B.Sign in to Answer