Latest threads in Taxes General Forumshow only best voted threads
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1099 Reporting by Recipient
I report all my income so I have generally ignored 1099s. But someone recently mentioned that I might have to send received 1099s to the IRS. Am I misunderstanding? What's the status of 1099s and the...
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1 year ago
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Tax consequences of vacant real estate
I've been told that if you have unrented real estate, you're entitled in the USA to deduct from gross income not just the property taxes, the cost of minimal heating, and maintanance of the vacant...
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1 year ago
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Surprise 1099-NEC
Taxpayer received an unexpected 1099-NEC for $1250 for filling out surveys and responding to questions on the User Interviews website. Taxpayer considers this to be a hobby or pastime and does not...
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1 year ago
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Past Due Taxes/New Spouse
Guy who owes past unpaid taxes, has a new spouse. He doesn't mind paying the tax or having the IRS take his tax refund (if any). But he doesn't want them to take the refund due his new spouse, who he...
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1 year ago
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End of the year payroll forms
I needed some paper forms to deal with annual payroll reporting. I got a postcard from the IRS forms warehouse that they were out of all the forms I needed. The only time this ever happened before was...
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1 year ago
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Form 3520 (Annual Return To Report Transactions With Foreign Trusts)
for whether the trust appoints a U.S. agent who can provide the IRS with all relevant trust information . If NO, then all the trust documents, trust financials, etc. are required to be attached to the...
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1 year ago
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Estate Tax Return
Based on the Instructions for Form 706, if the estate + taxable gifts is under the exemption limit at time of death, there is no need to file the Estate Tax Return. If the Gross estate + Taxable gifts...
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1 year ago
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Maximum Solo 401k Deferral
For 2022, I have both a small self-employed business and a job for an employer. I want to maximize my retirement deferrals. My gross income from the employer was about $4600 of which $1500 went into...
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1 year ago
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State tax "rebate" -- Federal taxable income?
"Also in 2022, some states with budget surpluses have been issuing tax rebates to residents. While there has been some confusion about whether such payments count as taxable income on 2022 federal...
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1 year ago
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Early Withdrawal Penalty
In a divorce a 401(k) is divided or given to the "other" spouse. How does the early withdrawal penalty work in that case? Thanks.
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1 year ago
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1099
Hi Everyone - What exactly is the difference between a 1099-NEC and 1099-Misc? I read the instructions, but it seems to me that they're treated the same. Sorry, I don't get it. Thanks for any...
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1 year ago
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Weirdness on the tax return transcript
I helped a relative file a tax return for 2020. After IRS wrote her about changes (because we deliberately claimed a larger Refund Recovery Credit than she was entitled to as we couldn't find the...
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1 year ago
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Confused on how to file RE: Crypto
I have a crypto wallet. I have about 21 trades, all short term and all BTC (bitcoin). Is there a way to just say VARIOUS, enter total COST/SALES/GAIN OR LOSS. These are small amounts, maybe $100 total...
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1 year ago
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2022 and 2023 Federal tax numbers
A year ago, a friend pointed me to the "2021 Annual Limits Relating to Financial Planning". It's a two-page chart with tax rate schedules, mileage rates, Social Security thresholds, IRA limits, even...
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1 year ago
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Extraordinary Dividends in a Trust
Has anyone had occasion to deal with an "extraordinary dividend" received by a Trust? Specifically, I'm looking at IRC 643(a)(4). A "promoter" is asserting the position that "extraordinary dividends...
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1 year ago
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