Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
Does the interest from a Momey Market Fund (MMF) pass through ?
Treasury MMF's distributions are non-qualified dividends on 1099. Treasury interest is exempt from State income tax. I think distributions from Treasury MMF are also exempt from State Taxes. But can...
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501(c)3 with no physical office
I'm on the board of a small 501(c)3 organization, a public charity not a private foundation. We have no employees, and directors are all volunteers. Like a lot of small charities, we operate on a...
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Question about RMDs Required Min Distribution
If I make some withdrawals from my IRA and my age is over 59 1/2 but under 72, will those withdrawals go toward satisfying the IRS RMD when I do turn 72. In other words lets say I am 70 and need the...
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S-corp and HSA
OP has an S-corporation. He gets health insurance through the marketplace. Every year he reports his gross income to determine the level of subsidy he receives. Now he wants to withdraw money from the...
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non-compulsory foreign taxes
I had a random question about the foreign tax credit. I'm a brit living in the US, so I have the option (not obligation) to make UK National Insurance contributions. The reason you would do this is so...
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Box E vs Box F for long term capital losses. Amend or not?
I was checking my tax return and notice something on my Schwab tax form, there was a capital loss of $2000 but my cpa checked box E under long term. When I go over the tax form provided by schwab it...
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gift checks to 529 account
Another non-tax question, but this group knows all. A gift check was sent to a young person. Parents want to deposit into the child's 529 account. Is this an easy thing to do, or a complex thing to...
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Annual meeting notifications
Not really a tax question but I'll bet you know the answer. For years the stock broker relayed a message by email about the annual meeting for each stock I own. They were all purely informative, bare...
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Fun with 2021 state taxes
There were a number of issues with respect to a relative's 2021 state tax return. Base income is calculated on federal AGI, with additions and subtractions. Generally, retirement income isn't taxed...
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Death of Citizen Spouse
Married couple, wife was US citizen or resident, husband is not citizen or resident. Wife died in 2022. From what I can tell, husband can still file a joint return for 2022. Do I have that right?...
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Home interest deduction
If the conforming mortgage loan limit is increased to $1,089,300, is the interest on this loan 100% tax deductible for a primary residence?
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Head of Household
I think I'd gotten something wrong but want to check with you to see if now I've got it right. I had thought that when custodial parents use Form 8832, they can change which parent gets to claim a...
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Roth conversion
Hello, I had a curious thought. I still carry a good amount of capital losses from 2008-09. If I convert a 401K into a Roth IRA can the carried capital loss above the $3000 annual amount be used to...
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Sale of Rental Property
We are in the post season and my brain is only partially functioning. I am confusing myself on the reporting the sale of a client’s rental property. Client owned the property since 2011, but only...
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K-1 with only expenses
I received an inquiry about an LLC taxed as a partnership, whose only members are non-citizens/nonresidents. The LLC has had expenses but no revenue. Does the LLC need to send out K-1s to the members?...
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