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Yeah, people who deduct sales tax are usually not keeping receipts of all their purchases throughout the year. The IRS provides a formula you can use to estimate your sales tax based on your household income and local tax rates. If this comes out to more than your state and local income tax (maybe because you live in a state without income tax), then you deduct the estimated sales tax.
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Jun 9, 2023 17:10
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Also note that when you get an EIN, even if you get it via the online application, it takes a couple weeks for them to enter it into their computer systems and start accepting e-filed returns with that EIN. So if you're looking to file a return urgently, you may still have to file on paper.
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Oct 13, 2023 14:10
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I once had an agent refuse to talk to me even with a 2848 because the list of authorized matters on the form said "income" but not "income tax."
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Oct 26, 2023 11:55
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In that case, it wasn't an example of them being strict. It was an agent not knowing what she was talking about or just making up a reason not to talk to me. The instructions written right on the form say that you should write "income" if you want to be authorized to talk about income tax.
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Oct 26, 2023 15:10
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Look, whichever software produces a lower tax bill is obviously the better one. That's why I'm going to make a fortune when I start selling Crazy Ted's Ludicrous Refund Tax App.
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Nov 26, 2023 17:23
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silvergoose posted:Is the info at https://thefinancebuff.com/espp-sales-adjust-cost-basis-freetaxusa.html sufficient to go on with? That's a good explanation for how to do the math if you sell the shares in a disqualifying disposition. But if you held the stock long enough for the sale to be a qualifying disposition, then the rules are different, and the calculations they give in that article would not be correct. If you sold the stock within a year of acquiring it, then you don't have to worry about qualifying dispositions.
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Nov 27, 2023 02:27
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KillHour posted:Does that mean that the stuff on the W2 and 1099 doesn't matter? Don't you need to pay for the discount still even if you didn't sell? Nothing tax-related happens until the year when you sell the ESPP shares. Your employer won't report the discount on your W-2 until you sell. The brokerage won't report anything on your 1099-B until you sell.
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Nov 27, 2023 08:24
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If you sell after you leave the company, the company might still send you a W-2, if they can. If they aren't willing or able to send you a W-2, then you have to calculate the amount they would have shown on your W-2 yourself, and put it on your tax return. For 2022, that number would be reported on line 8k of Schedule 1. Then you still also have to do the adjustment when you report the stock sale.
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Nov 27, 2023 18:47
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Yeah, you can avoid the penalty by saying the money was used to pay medical bills, but you need to have a lot of medical bills. Your medical expenses can't be used for this purpose until they exceed 7.5% of your adjusted gross income. Other situations where you might avoid the penalty would be if your wife is at least 55 or permanently disabled or terminally ill, or if you had a child in 2023.
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Jan 21, 2024 02:01
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No, it's not likely the rounding is the cause of the problem. Check everything else for consistency: did you put in the right EIN for the employer? Did you correctly attribute each W-2 to yourself or your wife?
Telegnostic fucked around with this message at 03:23 on Jan 21, 2024 |
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Jan 21, 2024 03:21
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It depends on a bunch of factors. If you're in Idaho, Louisiana, Wisconsin, or Texas, then you must split the interest income 50/50 based on community property laws. If you're in Washington, Nevada, California, Arizona, or New Mexico, and the account was funded with money earned during the marriage, then you must split the interest income 50/50 based on community property laws. If neither of the previous situations applies, then it's a little less cut and dry. You're generally instructed to split the interest income with a nominee distribution based on each spouse's percentage of ownership of the account, but this may not be clear when the spouses share finances. In practice, I suspect that if you reported the whole amount on the return of the person who received the 1099, you'd be fine.
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Jan 24, 2024 17:36
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Yes, you should get a form 1099-INT from the bank where you cashed the bond. Only the interest on the bonds is taxable, not the whole amount.
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Feb 1, 2024 04:38
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That 1099-R that you posted says that you moved $1,505 out of a traditional IRA. Given distribution code 2, it's almost certain that you converted that money into a Roth IRA. If you look at your brokerage account, I think you'll find that you have two IRA accounts, a traditional and a Roth. This conversion will be taxable, unless you previously made nondeductible contributions to your traditional IRA. The brokerage doesn't know whether your previous contributions were deductible, which is why they checked "taxable amount not determined." That is for you to figure out from your tax records. Telegnostic fucked around with this message at 20:51 on Feb 2, 2024 |
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Feb 2, 2024 20:27
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In order for the cell phone to be a nontaxable benefit, there must be "substantial business reasons" for them to provide it to you.https://www.irs.gov/publications/p15b posted:Examples of substantial business reasons include the employer's:
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Feb 5, 2024 17:20
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The W-2 correction wouldn't be to change the amount of withholding. It would be to change the amount of wages earned in each state.
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Feb 21, 2024 15:19
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There shouldn't be any US tax on the transfer, but if you're a US citizen or resident and your mother is not, then you do have to file form 3520 with the IRS to report the gift from your mother, or else potentially face a $10,000 penalty.
Telegnostic fucked around with this message at 14:12 on Feb 25, 2024 |
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Feb 25, 2024 14:10
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The answer is most likely no, you won't need to file any taxes for the estate. As the representative of her estate, you would be responsible for filing her final individual tax return. But you said she didn't have any taxable income, so you aren't required to file an individual income tax return. Estates that are large enough have to file estate tax returns. The threshold is around $13 million for the federal estate tax, but may be lower for some state estate taxes. However, if your grandmother was receiving SSI, it's almost impossible for her estate to be big enough to be subject to any estate tax, in which case you won't have to file any estate tax returns. Estates that receive income may have to file income tax returns, generally if the amount if income is over $600 in a year. But again, if your grandmother had no sources of income or much in the way of assets, then it may well be that her estate isn't receiving any significant income. If so, then you won't have to file any estate income tax returns.
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Mar 6, 2024 08:39
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pig slut lisa posted:In 2023, I started a consulting business as a single member LLC electing to be taxed as an S Corp. This is my first time filing a tax return for any entity besides my own household. Recently, I realized one of my clients made out their 1099 form to my personal SSN rather than my LLC's EIN. I have been unable to get them to amend their 1099 to include the LLC's EIN. What's the easiest course of action here: claim income and business expense deductions from this client on my personal tax return, or do something (?) on my end to associate this income with my LLC? I'd prefer to do the latter, FWIW. File your own 1099 redirecting the money from yourself to the business. List your SSN as the payer and the business's EIN as the recipient. On your individual tax return, report the money as miscellaneous income, then show an equivalent negative amount as "income received as nominee" so that it nets to zero. On your business tax return, report the income as if it had been received by the business.
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Apr 10, 2024 14:59
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