Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsChange withholdings to recoup solar credits
Asked onFriday, June 16, 2023 by TomMy 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?
W4- Married filing jointly
Asked onThursday, June 15, 2023 by CourtneyHi, 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 😊
Solar tax incentive
Asked onThursday, June 15, 2023 by ChristopherI’m trying to understand how installing solar and taking advantage of the 30% tax incentive will affect my return.
Payments received
Asked onThursday, June 15, 2023 by KyleI'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?
Inherited 401K (Spouse)
Asked onWednesday, June 14, 2023 by SarahI 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?
Short Term Capital Gain Taxes
Asked onWednesday, June 14, 2023 by ThomasMy 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?
FICA and federal tax credit
Asked onWednesday, June 14, 2023 by MuthuI 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?
Estimated taxes
Asked onWednesday, June 14, 2023 by SusanLived in wva but now living in Pennsylvania assisted living. Where do I pay estimated state tax… wva or pa
W4 info
Asked onWednesday, June 14, 2023 by JeffreyWhen filling out a w4 wich option takes out more taxes from a paycheck? Married filing jointly or married filing singley?
Cost Basis Step-up, 50% or can I apply to 100% of position
Asked onWednesday, June 14, 2023 by AlisaFather 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?