Latest threads in Taxes General Forumshow only best voted threads
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Excess 401(k) Contribution
A worker with two jobs overcontributed his 401(k)s by $5,000. He did this intentionally because his employers matched his contributions. How is this treated? I imagine the $5,000 will be taxed as...
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2 years ago
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Taxpayer Did Not Receive First ($1200) Stimulus Payment
Other than a taxpayer submitting an IRS Form 3911, is there anything else a taxpayer can do to get his/her (as yet not received) $1200 stimulus payment? Background: A VITA client recently stated he...
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2 years ago
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ok to contribute to prev-year TIRA and immediately withdraw ?
In order to avoid a big hit on IRMAA (in 2023, based on 2021 AGI), wife and I plan to make TIRA contributions before filing our 2021 MFJ return, reducing our joint MAGI by $14,000 (as I understand, we...
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2 years ago
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Schedule C, Car Expenses
This was a recent, real life VITA site scenario. I am seeking suggestions on how to better handle this in the future. Facts: Filing status is Single Client is lawfully eligible for the EITC. Client's...
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2 years ago
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QCD
Haven't used Freetax USA before but friend is trying to enter a QCD. Does anyone know their procedure? tks all bw
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2 years ago
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How Does the IRS Enter Return Data? (2023 Update)
My daughter asked me a question about what the IRS does when they get her electronic return. She used TurboTax online this year, and her return was 'accepted' by the IRS. So what happens next? Just...
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2 years ago
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Unmarried Parents; Their Kids; Third Round of Stimulus Payments
Parent Liz and Parent Raymond share custody of three-year-old Child X. Per a court order, Parent Liz takes Child X as a dependent et cetera in 2020. Parent Liz receives $2800 total in March of 2021....
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2 years ago
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Is this reimbursement really taxable income?
Background: Last summer the Los Angeles Hyperion plant had an incident which resulted in a large sewage spill and odors affecting nearby homeowners. The plant offered affected homeowners a choice of...
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2 years ago
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Advantages California LLC Taxed as Corporation vs. Partnership
A sole proprietorship is taking on a new partner. Since both persons are still in an early startup phase, they need to decide on a startup business entity structure. Under consideration is a...
3
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2 years ago
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Debit Card Bonus not taxable?
Capital One Bank did a promotion last year where you would earn a $100 bonus if you opened a new checking account and used the accompanying debit card to make $300 in purchases within 90 days. The...
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2 years ago
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IRS Interest Rate on Refunds?
For those folks whose amended returns show thousands of dollars (or any dollars) owed them by the government, and who are approaching a year or more of delay, what is the interest rate the IRS is...
3
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2 years ago
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File Today, Pay Later?
Can I e-file my form 1040 today in February but not pay the balance due until April 10th-- without interest or penalty?
7
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2 years ago
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is a tax return necessary
Mother has a toddler. She sets up a custodial account for her son. She is the custodian. Account earns: $2043 cap. Gains; $263 divds; $171 ?other distributions.? The total is $2477. The account is...
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2 years ago
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How to report Form 1099-K for Non-Business Income
Next year I will be one of the many people getting a Form 1099-K for casual sales on eBay over $600. How do I report the 1099-K on my 2022 tax return and how do I deduct the original cost of the items...
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2 years ago
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Odd entry on 1099-B
Got a 1099-B showing a CD I cashed out with zero gain/loss as interest was paid monthly. What is odd is on the same line as the name of the bank that held the CD, is the phrase "Adjusted 3/23/2021 for...
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2 years ago
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