Unanswered Tax Questions
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I have two full-time jobs and I'm trying to figure out how much will I have to pay back at the end of the year
Trying to figure out how much I would have to pay back at the end of the year with two full-time jobs
Asked Monday, June 05, 2023 by Elvin G.Sign in to Answer
Delinquent property taxes
I'm disabled, low income, & I owe back property taxes in my home. Is there any help available or do you have any suggestions? Much appreciated.
Asked Sunday, June 04, 2023 by Nancy M.Sign in to Answer
AGI's from the previous years
We were trying to file this year, but couldn't find our AGI from the previous year. We then realized that our return didn't go through last year because we didn't have the correct AGI for the year previous to last year. Please help! Where do I start?
Asked Sunday, June 04, 2023 by Amanda M.Sign in to Answer
3520 FORM
I am trying to file the form 3520. I receive a gift from foreign parents 2 months ago (April 2023) 1. My question is when is the deadline for me to file 3520?? I think it is due on April of next year 2024 (Tax date) but file it separately from the 1040 to the Utah locations. 2. The 3520 form currently online is for the calendar year 2022. Can I use the same 2022 form to file for 2023 tax? or I have to wait until the 2023 is issued? Thx Keith
Asked Sunday, June 04, 2023 by KEITH L.Sign in to Answer
Inherited IRA during COVID
Hi! So recently I realized that I massively overpaid on my taxes for 2021 and will be submitting an amended return. Before I do that however, I have kind of a complicated question to ask. I inherited an IRA from a deceased relative back in 2015, and just left it alone until 2020 when I got a notice that I was required to pull all the money out and do something with it in my own name. Apparently there's a rule about that and a 5 year limit. 2020 also happened to be pandemic year, and that money saved my butt. However, when it came time to do taxes, I wasn't sure how to file for that and was in a dark place at the time, so I didn't reach out for the appropriate help. I just followed the prompts on TurboTax and filed it under "Qualified Disaster Distributions From Traditional, SEP, SIMPLE, and Roth IRAs for the Coronavirus and Disaster(s) Listed in Item C" where the amount is taxed in thirds over 3 years. Was that the right move? Did I even need to pay taxes on it at all given that the IRS requires you to empty an inherited IRA after 5 years regardless? Would really appreciate clarification on this, thanks!
Asked Saturday, June 03, 2023 by Robert W.Sign in to Answer
If I refinance & get cash back, can I itemize & deduct the interest?
In 2015 I refinanced my homestead & got cash back. I used 20% of the cash to make capital improvements to a rent house & 80% to repair the rent house. In 2022 I bought a second home for recreational purposes with a new loan. On my tax return can I itemize & deduct any of the interest from these 2 home loans?
Asked Saturday, June 03, 2023 by Den P.Sign in to Answer
QBI Deduction Calculation
When calculating QBI Deduction for form 2210, Schedule AI, part 1, line 9, I know it is 20% of the smaller of your business income minus half self employment tax, or your taxable income excluding capital gains and qualified dividends. I am assuming it is figured on income for each period that has already been annualized because it is after line 3 where income for each period is annualized. Am I assuming correctly?
Asked Saturday, June 03, 2023 by John B.Sign in to Answer
Inheritance tax
My husband and I live in Vermont and inherited a house with a mortgage when probate finalized last fall. When the mortgage is paid we will get $350,000 from the sale. The house was bought for $280,000 in 2016. Do we have a specific timeframe to reinvest and use the profits from the sale to avoid the inheritance tax, or do we come below the threshold to owe any?
Asked Friday, June 02, 2023 by Danielle P.Sign in to Answer
Quarterly tax payment
I started as a door dasher in February of this year, I would l Iike to pay my taxes quarterly but when I look into it, everything suggests having my 1099 to file. This is the first year in over a decade that I have had taxable income so I think I am exempt from having to pay quarterly (according to the exemptions paragraph on the 2023 1099 form I found online) I would like to anyway. It would be more managable for me. Can you help me?
Asked Friday, June 02, 2023 by Parmly J.Sign in to Answer
Personal & Business Miles tracking in same trip using an app
I perform music for senior living facilities during the week. Sometimes I perform close to where my daughter is at college (further away than my gig), and so I go visit her after my gig and then drive home. Obviously I don't deduct miles going to her place and only compute how much I drove to the gig, and then double that for the way back. If I get an app like MileIQ, is there an easy way to figure this out in the app, or is there another way to do it? Simply curious, that's all. Trying to make things easier on me for the rest of 2023!! Thanks, Jay
Asked Friday, June 02, 2023 by Jay I.Sign in to Answer