Unanswered Tax Questions
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WHY NO FEDERAL TAX TAKEN OUT OF PAYCHECK
Married, filing jointly. I put 3 dependents on the 2023 W4 and NO taxes were taken out of my paycheck. My spouse's yearly, salaried pay is 6 figures (less than 140k, but more than 130k). My yearly is 5 figures, UNDER 50k (more than 40k), hourly job position. I filled out another 2023 W4 in the past few days and changed to 0 for dependents in hopes taxes will be taken out of my paycheck. WHY are NO federal taxes being taken out when I had 3 dependents, married filing jointly? Federal taxes were taken out when I had the old style W4 listed as married filing jointly with 1 dependent. The payroll dept at my job had us fill out the 2023 W4 this May because they switched payroll systems from Green Employee to ADP. Prior to 2023, the last time I completed a W4 was in 2018. With the most recent tax code & W4 changes, WHY are NO federal taxes being taken out when I had 3 dependents, married filing jointly?
Asked Wednesday, May 31, 2023 by M M.Sign in to Answer
Home Loan Down Payment Help
Can I take money out of my retirement accounts to help with a down payment without getting hit with any penalties?
Asked Wednesday, May 31, 2023 by Richard N.Sign in to Answer
QB Training
I know the software is deductible. How about classes? Or certification?
Asked Wednesday, May 31, 2023 by Ken C.Sign in to Answer
I took money off my credit card using my paypal. Its not income, but is counted as income on my 1099 from paypal. How to reconcile this?
This was the easiest way to get cash from the credit card without charging a fee (some vendors and contractors only take cash). How do i reconcile it? Its not income, its a loan from the credit card. Is there an expense category to offset this? Any help is appreciated.
Asked Wednesday, May 31, 2023 by lilly a.Sign in to Answer
TOD account tax treatment after death question
I'm asking for my friend and I'm just curious my my own knowledge. And the state is Ohio and no minors involved. And only child, no spouse. So my friend's mom passed in 2020. Shenanigans happened and probate wasn't opened until Mar 2022. In 2021, he found out about a TOD investment account and was told he was the sole beneficiary. He tried to get it liquidated and the bank screwed up giving the correct directions for the claim form, causing the account to not be liquidated until May 2022. Also, in Oct 2021 his moms house was foreclosed and there was an excess causing probate. The court named his uncle the fiduciary (part of attempt by uncle and grandma to lie to the court to get the full proceed as there was family drama and they tried to tell probate he was dead until he found out and appeared. Topic for another time). So the account was liquidated finally (about 50k) and he got a consolidated 1099 in this year (I believe it was DIV and B from what he told me) and the 1099 listed the name as the estate of "his moms name" and lists her SSN. Since probate started before the liquidaton, there was an estate FEIN set up. So my question is how does that work on the taxes? Does it becomes the estate's responsibility that the fiduciary has to make sure of or is it on the beneficiary? And don't worry he's going to a tax expert soon, at my urging since I'm no tax expert
Asked Wednesday, May 31, 2023 by Johnny W.Sign in to Answer
Entity Filing
What is the best entity to file in Florida with the best tax benefits for a husband and wife starting up a new business.
Asked Tuesday, May 30, 2023 by Rhona W.Sign in to Answer
Where To Submit Withholdings
Hello, I am out of my primary state for the summer for a paid internship. I'm wondering if i register in that state for w-4 and witholdings, or in the primary state I live and go to school in.
Asked Tuesday, May 30, 2023 by Jared W.Sign in to Answer
Amend Tax Return from MFS to MFJ
I married a non-US Citizen on Summer 2019 and my wife lived abroad between summer 2019 and October 2023. I files my income tax as MFS (Married Filing Separately) on 2020 (tax day was July 15, 2020 due to COVID) , 2021, 2022 because my wife did not have SSN and was not in USA. Now, my wife has moved into USA since October 2023 and is living with me and has SSN. I want to amend the Tax Returns that I did on 2020, 2021, 2022 from MFS to MFJ (Married Filing Jointly). My wife had no income all these years. How should I amend those 3 returns (using 1040-X probably) ?
Asked Tuesday, May 30, 2023 by Mahdiar H.Sign in to Answer
Form 8990 for K1 box 13 code K
We have a question about how to handle a K1 that we received from a real estate partnership. Specifically a code K in Box 13. Do we need to file a Form 8990 or risk losing the carryover of the excess business interest expense? Also, the partnership has property in multiple states so there are State K1s attached. Not sure if the partnership filed Composite returns for those states. Does the Form 8990 affect anything else in the tax return?
Asked Tuesday, May 30, 2023 by Denise B.Sign in to Answer
IRS Mistake
I'm trying to help some people who are 89 and 91. They submitted their taxes and received a legitimate letter from the IRS stating that they made a mistake and owe $3,600. The line in question is regarding dividends. Their bank statement shows $2,564. IRS says it should be $32,564, but IRS hasn't proven where that amount came from and they've never made that much. It seems odd that the number '3' is added at the beginning like someone made a typo. They have tried calling the number (800-829-0922) numerous times and every time they get transferred, they get cut off and have to start over. It's getting very frustrating. They don't know who can help them straighten this out. Is this their only option, and they have to keep calling until someone will listen and figure this out? Also, could the bank have been the one that reported the incorrect amount? Any advice you have would be much appreciated. Thank you.
Asked Monday, May 29, 2023 by Mary R.Sign in to Answer