Unanswered Tax Questions
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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
W4 info
When filling out a w4 wich option takes out more taxes from a paycheck? Married filing jointly or married filing singley?
Asked Wednesday, June 14, 2023 by Jeffrey B.Sign in to Answer
Cost Basis Step-up, 50% or can I apply to 100% of position
Father had a brokerage account solely in his name, a new account was created to include daughter (myself) JT WROS. The new account was set up the same month of my father's passing. I made no $ contribution to the account or exercised any trading. The account was only created so that the beneficiary would not be my elderly mother as my father was ailing. Can I justify that this was an inheritance and step-up 100% for cost basis?
Asked Wednesday, June 14, 2023 by Alisa M.Sign in to Answer
Wholesale
I would like to start a resale business, but am in need of advice. I know I need a Georgia Resale Tax Exempt Certificate, but what else and what should the business be listed under?
Asked Tuesday, June 13, 2023 by Anthony L.Sign in to Answer
Standard deduction for estimated tax worksheets
I retired in2022, for 2023 I am figuring estimated federal taxes using worksheet 2-4 in the 1040-ES instructions. Since my line 3 is smaller than the standard deduction in line 1, do I really lose out on the $13,850.00 single filer deduction and only qualify for the over 65 exemption and the earned income exemption (line 3? Ouch!
Asked Tuesday, June 13, 2023 by Lois B.Sign in to Answer
Proper Accounting for Product Sponsorship
We are an S-Corp Manufacturing company. We are starting to contract individuals as "sponsors" of our products. We have their W9 to provide them a 1099 at the end of the year for the total amount we sponsored them. I need to understand on the accounting side (QuickBooks Pro) how to account for the sales discount in this situation. I have currently set it up as a Marketing expense. In this way it shows the full value of the sale on our books even if we collected nothing but then that value as a marketing expense. I just need to know if that is correct or if we should account for it differently.
Asked Tuesday, June 13, 2023 by Keith S.Sign in to Answer
Do we file together or seperate
I was out of work for some time last year due to a surgery and I have a 14 yr old didn't make alot should I claim her or my sig. Other claim her
Asked Tuesday, June 13, 2023 by Danielle H.Sign in to Answer