Latest threads in Taxes General Forum | best threads

Subject Author Posted Replies
 
IRA contibution deadlines extended ?
Are the contribution deadlines for IRAs and HSAs extended? Some of them are due by April 15, some by the time you file if you have an extension. I suppose I could file an extenstion estimating zero...
4 months ago 1
 
No income - should they file?
A taxpayer was unemployed all of 2019, and in prior years did not earn enough to be required to file. I've read that some taxpayers file every year even though they have no income, just to stay on the...
4 months ago 1
 
RMD in 2020
Hi folks...So I've been reading that RMDs will be optional in 2020. Does anyone know if this rule is binary or not? For example if my 2020 RMD is calculated to be $10,000, could I just take $5,000 or...
4 months ago 14
 
Tax Filing Deadline Question
Tax Filing Deadline Question ******************************* Since the IRS tax filing deadline has been extended to July 15, 2020 for 2019 individual tax returns, does this mean 1.the filing date for...
4 months ago 1
 
Form W-2
I am getting ready to mail my 2019 tax return to the IRS. I noticed that on p. 1 of Form 1040 there is no longer an instruction to attach a copy of the W-2. Is it no longer necessary to send a copy of...
4 months ago 3
 
Annual Gift transfer
Gift tax exclusion We had for the first time used the annual gift transfer to our son. We gave him a check and he has deposited it over 2 months ago. Now he is thinking of investing in stocks and...
4 months ago 1
 
International Tax Deadlines (Coronavirus)
KPMG updates regularly. I am assuming that they may change the "/2020/03/" to /2020/04/ come April.
4 months ago
 
What if the Jan rent check arrives in Jan but the 1099 takes it into account?
I have some small office property rentals that are organized under different LLCs. I use the cash method of accounting. I received the rental check for Jan 2020 in Jan 2020. However the company issued...
4 months ago 7
 
Installment payments
I had a client call me and ask if her installment payment (for prior year taxes owed) would be postponed to July 15th. I can't find anything authoritative yet. Any thoughts?
4 months ago 1
 
Property tax deduction recapture
I sold my house this month, and I qualify for 100% home sale tax exclusion. At closing, I got pro-rated credit for portions of the school tax I due and paid last September, and the county/town tax due...
4 months ago 4
 
short against the box ..turning LT gains to ST gains ooops
long spy, shorted against the box, spy collapses from Corona ... Now: spy long( long term) is at a LT loss, short against the box is ST gain, if i unwind , does it revert to original LT gain? or did I...
4 months ago
 
China virus extended tax deadline and stature of limitations
If taxpayer files by April 15 rather than the extended deadline, when does the statute of limitations start to run? The statute of limitations uses the due date. Under normal circumstances, if you...
4 months ago 1
 
COVID-19 Relief Checks
How will the delivery of the COVID-19 relief checks work? I've seen a number of articles suggesting that the government will direct deposit the checks into taxpayer accounts directly, but how can they...
4 months ago 3
 
Federal income tax computation on Qualified dividend income
I use Turbotax to do my return; and I am somewhat confused about their calculation. I'll use some illustrative numbers. Taxable income (federal) = $60K QDI = $40K Accordingly, Income @ ordinary rates...
4 months ago 5
 
mailed payment too soon
I owed money this year on my return, $2000, and couldn't file electronically. So I did my return the old-fashioned way and mailed the return and a check earlier this week to make sure they got it in...
4 months ago 2