Latest Taxes General Forum

Subject Author Posted Replies
Who gets the tax refund.
In a recent case on Judge Judy, the following facts are claimed: Defendant, Alice, runs an accounting businesse and prepares the tax return for the plaintiff, Betty. Betty claims that Alice quoted ...
9 months ago 2
Question on Net Investment Income tax
Form 8960 Net Investment Income tax Does it make any difference if my income is federal income tax free income (Tax free Bonds, Money market funds etc) for Net Investment Income tax purposes? ...
9 months ago 1
Out of State Income
I'm stumped on this. An employee in State 2 works for a company based in State 1. The company issues employee a W-2 showing all the income is based in State 1, and refuses to correct it. Emplo...
10 months ago 2
Need on-line calculator re 401k w/d vs IRS installment payments
Is there an online calculator somewhere on the Internet that compares the "costs" of taking an early, ex-employee, w/d from a 401k versus paying the IRS's installment payment plan for a 5 figure t...
10 months ago 1
Question about treatment of currency loss on a foreign CD
I opened a CD in India which has a maturity period of 5 years. The interest compounds quarterly. I will not get any actual distribution from the CD till the 5 years are up. I have been paying tax on t...
10 months ago 1
Schedule E vs. Form 8825
I received a question from a person wanting to know if there is a difference in audit potential between filing a Schedule E to his Form 1040 (apparently a joint return) and filing as a partnership...
10 months ago 5
Where can I claim Foreign Taxes Paid expense on my Schedule C?
Where can I claim this ?expense credit?, if applicable? I am a Schedule C business (self-employed) in the entertainment industry (711100 IRS business code category). I get only 1099-MISC and no W...
10 months ago 1
Pass Thru 20% question
I am not clear on the new 20% pass thru taxes What if we (husband and I) have some commercial property which I believe qualifies for QBI and we have a personal service biz which does not qualify f...
10 months ago 1
Disclosure of Return
A couple just had their divorce status finalized. But they are fighting over some tax issues. H makes far less money than W. Needless to say W wants to file a joint tax return for 2018, but r...
10 months ago 2
Filing 1099 late
Daughter-in-law is a photographer who has always been a one man show. This year she employed someone to assist with photo shots. She just realized the total she paid to one individual was $700. What...
10 months ago 6
Double Transaction Fees
I am currently a foreign resident. When I buy or sell a US security I do it through my bank, who use an American brokerage to do the transaction. On my 1099 forms the buy and sell prices include the t...
10 months ago 3
Foreign taxes: Form 1116 or Schedule A?
I own and ETF that paid foreign taxes. Does an individual take a deduction on schedule A or a direct tax credit on form 1116? Is it my choice? --
10 months ago 4
State of Virginia Taxes
My nephew lives in Arlington, Va and works in DC. On his W-2 form he has no dollars being allocated to the State of Virginia and 2542.79 allocated to DC. When I do his taxes in Turbotax he owes the ...
10 months ago 2
Taxpayer ID number for an estate.
I was the executor of my mother's estate 30 years ago. I don't recall obtaining a tax-id for her estate. How long has the IRS been assigning tax-IDs to estates? Separately: My brother, Jim, was t...
10 months ago
A question about Iras
I have a Roth IRA. I know I can put money in for 2018 until 4/15/19, but can I also take money out until then also? --
10 months ago 2