Latest threads in Taxes General Forumshow only best voted threads
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Last year filing 943 with no payroll
So, I'm working on closing out a small Sch. C business that had no employees or income in 2021. I know there is a provision on the 943 to mention that this is the businesses last year. Wondering if...
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2 years ago
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Inherited IRA RMD/QCD question
I have an IRA I inherited from my father. Because it is an inherited IRA, I have to take an RMD even though I am under 70. Is there any way to make that RMD into a QCD? I realize I can take the RMD...
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2 years ago
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Michigan K-1 with loss on estate sale - non-resident
As part of the final settlement of my mother's estate, I received an MI-1041 Sch K-1 showing a long-term capital LOSS on the last piece of property she owned. Since I have absolutely no Michigan based...
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2 years ago
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Tax Basis of like-kind gifts to a U.S. "foreign Trust" (2023 Update)
U.S. foreign trust = a trust governed by U.S. law but treated as a foreign trust for tax purposes. Normally, when a donor/settlor transfers securities to a donee/trust, it is valued at the average of...
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2 years ago
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Form 709 for Two Donees
If I give gifts that exceed the gift tax exclusion amount to two donees, do I file two Forms 709 or do I report both on the same form?
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2 years ago
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K-1 with Estate Beneficiary Loss on sale
In 2007 the our mother of 4 boys died. Estate to be 25% each. Brother A was executor of estate, I'm Brother B. Part of estate was an empty lot he kept in the estate until late 2020. In early 2021 I...
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2 years ago
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Ways To Accelerate Income Post-December 31? (2023 Update)
I am retired and age 64 and try to manage my taxable income to optimize my multi-year taxes. I have appreciated securities to sell and IRA's to convert to Roth, and with all the moving parts of...
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2 years ago
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Blog for VITA Volunteers To Post Queries About Taxslayer Training Software?
Is there one? I suspect the Taxslayer training software may not be set up to deal with the refundable (new for 2021) child and dependent care credit. I want to know if others are seeing this. Else I...
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2 years ago
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Did the IRS Get My 2020 1040?
I filed my 2020 1040 in June (I am overseas, so I was still within the time limit). I had a refund coming, but it has not appeared in my bank. I know that they know my bank details, for I did receive...
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2 years ago
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Deferring capital loss from 2021 to 2022?
OK, let's say in late December, 2021, you buy 1000 sh. of XYZ at 10 and sell it at 9, so you lose $1000. Furthermore, suppose you do this 5 times, so you have $5000 in losses for 2021 all accrued in...
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2 years ago
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Can RMD money be used to invest in a new IRA?
If a person is semi-retired but still working, and is obligated to take out the RMD, could some of the RMB be reinvested in a new IRA?
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2 years ago
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Form 940 Issues (2023 Update)
My consulting company is organized as a C Corp with one employee, me. As such I file Forms 940 and 941. Today I have two issues with my Forms 940. First, after 20 years of filing the both of the forms...
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2 years ago
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State Tax Refund handling in TurboTax
If income tax for 2020 was revised after several months of filing to correct an error and TurboTax was used to correct an error. would the transfer of the 2020 file to 2021 reflects the change without...
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2 years ago
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Like-Kind Exchange
Some foreign stocks trades on the OTC under 2 symbols. e.g. BYDDF and BYDDY are both for BYD Company Ltd. The differences between the two symbols are (1) one is an ADR and the other is for shares on...
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2 years ago
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RMD withdrawals
I understand that retirees have to make withdrawals from retirement plans. My question is the rule 4% withdrawal amount is still a good approximation? And if you have different accounts in different...
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2 years ago
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