User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsSelling 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 onFriday, June 16, 2023 by CharlesCPAs - 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 onFriday, June 16, 2023 by TomCPAs - 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 onThursday, June 15, 2023 by CourtneyCPAs - 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 onThursday, June 15, 2023 by ChristopherCPAs - 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 onThursday, June 15, 2023 by KyleCPAs - 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 onWednesday, June 14, 2023 by SarahCPAs - 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 onWednesday, June 14, 2023 by ThomasCPAs - 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 onWednesday, June 14, 2023 by MuthuCPAs - 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 onWednesday, June 14, 2023 by SusanCPAs - 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 onWednesday, June 14, 2023 by JeffreyCPAs - Sign in to Answer