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The most recent discussions

How Do You Get Copies of 1099 Government Received?


April 26, 2017, 10:25 pm

Taxpayer is a California resident and received a 1099 from a 401K custodian for the 2015 tax year. The issuer of that 1099 is a large bank and they cannot find the 1099. How can any taxpayer get... Read more »

How to deduct expenses?


April 26, 2017, 3:14 pm

I have been lending small amounts of money (hard money loans) to borrowers for real estate. I get interest payments. At the end of the year I get a 1099 INT which shows Interest received. The intere... Read more »

Standare mileage rates


April 22, 2017, 1:51 am

Why are there different mileage rates for business ($0.535/mile), medical ($0.17/mile), and charity work ($0.14 per mile)? Gas/wear/insurance, etc. are the same whether I'm on a business trip of doi... Read more »

Due Date Form 8840


April 21, 2017, 7:05 am

If a foreign citizen needs to file form 8840 to claim a closer connection to a foreign country, it is apparently due by April 15 2017 for the 2016 tax year? If the form is filed after this date, ... Read more »

Is room and board taxable?


April 20, 2017, 4:25 am

My son just got a job that included room and board. Is that taxable? Would it be on his W2 or something else? thanks -- Read more »

My contributions to my kids Roth IRA


April 18, 2017, 3:27 am

For the last few years, I have been contributing to each of my adult children's IRAs because they haven't had the money. I usually just transfer it from my checking account to their IRA accounts ... Read more »

How "reasonable" does the estimate have to be on Form 4868?


April 17, 2017, 7:52 pm

Taxpayer had subsidized health insurance last year based on low projected income (i.e. advance payment of the premium tax credit); however, the taxpayer's new business brought in income exceeding a... Read more »

Form 1099-DIV


April 17, 2017, 3:16 am

Please note that I am not an income tax professional... I had contacted the creator of an Excel spreadsheet that can be used in filing U.S. income taxes. You can see his site at: The reason I h... Read more »

Latest time you can File Electronically


April 14, 2017, 5:01 pm

Taxes are due on April 18th this year, which is a Tuesday. In this case, I will owe money to the IRS and will want them to deduct the funds from my checking account on the 18th. If I file elect... Read more »

Tax Reporting Of Class Action Payments


April 14, 2017, 5:00 pm

I have several Managed Funds in my investment portfolio. These are sort of like mutual funds except every stock or other investment in them is recorded as owned by me. About five times a year I g... Read more »

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The best rated discussions

I want to report my former boos for tax evasion/fraud as I did all of his b... rating: 5

file IRS Form 3949 A to report my former bossfor tax evasion/fraud. I did all of his bookkeeping, billing, banking, etc. He had me make large bank deposits with Comcheks from thousands of dollars he... Read more »

Appeal tax penalty and interest? rating: 5

I recently received notification from the IRS that we owe tax on unreported interest from inherited, redeemed HH bonds. We never received a 1099 INT and we were not aware of the taxable interest. W... Read more »

Ohio Source Income rating: 5

We had a TCE client yesterday who is a MD resident and the sole beneficiary of a testamentary trust managed in Ohio. The income is all from interest and annuities and is all paid out to the benefici... Read more »

401K Contribution on Total Compensation Including Schedule K-1 Income rating: 5

Several 401K plans I have seen allow owners of a business that generates a Schedule K-1 to contribute to 401K based on total compensation which they define as W-2 earnings plus Schedule K-1 earnings.... Read more »

Re: 1099-B Restricted Stock Options sale...Do I need to file a Schedule D?... rating: 5

dorlockt@hotmail.com writes: No, that doesn't really change anything. In fact, it makes it even more straightforward. Did you file a Section 83(b) election on these shares to treat them as 100% ... Read more »

Endorsing Refund Check rating: 5

Is there any problem with my son endorsing his IRS refund check, and then my depositing it to my account? -- Read more »

Qualified Charitable Distribution from IRA rating: 5

Has anyone seen any details on how the mechanics of the QCD will work? The only thing I've seen is that the gross amount goes on 15a, the taxable (if any) on 15b, and QCD on the dotted line. Nothing ... Read more »

Homebuyer credit subtracted from cost basis? rating: 5

This may have been discussed previously, but I couldn't find the answer here or at the IRS web site. Should taxpayers who receive the first-time or long-time homebuyers refundable credit (not the 2... Read more »

Can I write off home office furniture from a previous year ? rating: 5

I purchased about 5k of Home Office Furniture that I use in the Office that I work out of, but the purchase was made in 2007. How do I write it off ? Below is a list of the items: BookCases - I have ... Read more »

Estimated Tax Issue (Hypothetical) rating: 5

Taxpayer has $100,000 short-term capital loss carryforward, and $100,000 long-term capital loss carryforward. In the first quarter, he gets $200,000 in short-term capital gains. How much estimated ... Read more »

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