Income Tax Questions

Income Tax Calculation Questions - Number Crunching 
If Harry made $16,000 last year at his job and he paid 11% in income tax, how much was his tax?

Sales Income Tax Questions - Obligation Insights 
I have not filed income taxes for 15 years because my only income is Social Security. I sold my moms house this year and the profit was $170,000. This …

Cash Income Tax Questions - Financial Control 
My parents, who are deceased had a life insurance policy on me. I cashed it in in 2011. Cash-in value was less than $1,100. Are the proceeds taxable …

Divorce Income Tax Questions - Financial Considerations 
I'm in the process of getting divorce. My separation date May 13, 2022. But we were living together until august 25, 2022. I had been the only provider …

Insurance Income Tax Questions - Future Safeguarding 
Can the IRS take the life insurance I leave my wife upon my death?

Capital Gains Income Tax Questions - Investments 
Can I buy a house and sell my old house after a few months. What will be the tax liabilities?

Age Income Tax Questions - Contextually 
I am 76 years old work full time and draw social security benefits. How do I make sure I deduct correctly or how do I file?

Student Income Tax Questions - Educational Finances 
How much income do I have to make in order to file income taxes as a student?

How To Tax Questions - Expert Advice 
My husband and I married in 2010 and we did a joint tax return. We received a $600 refund. Nothing has changed from 2010 except that I got a $10,000 raise …

Disability Income Tax Questions - Various Aid 
For some disabled veterans in 2022. The state already exempts some vets from paying property tax on their homes if they've been declared 100 disabled …

Domestic Partner Income Tax Questions - Counsel 
Can my boyfriend whom I live with claim me on his income taxes? I didn't work at all last year and was totally dependent on him financially. I …

Self Employed Income Tax Questions - Freelancers 
Hello - first of all thank you for reading this. I actaully have a few questions about what I need to do , what I need to bring for filing my 1st self …

Income Tax Responsibility Questions - Fulfilling Obligations 
I'm married but my husband doesn't work I also have SI and welfare but still work. I had filed jointly for my taxes. Will I be responsible for his …

How Much Income Tax Questions - Tax Liabilities 
If I have 2 dependents other than me and my wife how much money do I get?

Income Tax Refund Questions - Tips and Strategies 
I am head of household and have a 4 year old son and made just a little over $7,800 this year. What's the estimate for my income tax refund ?

College Income Tax Questions - Higher Education 
If i am 19 and I'm in college how much would it get back if my mom carries me?

Cost Basis Income Tax Questions - Original Price 
I sold a home in 2010. My husband has been running a small business out of the home since 2003, and we've been depreciating the portion of the home attributed …

Conservatorship Income Tax Questions - Legal Guardianship 
I'm the conservator of my father, not for his finances just for the person. I get $1,500 a month that was court awarded. Is that money taxable?

Declaring Income Taxes Questions - Navigating Earnings 
In the state of New Jersey, are you able to declare yourself as your own dependent in the tax forms?

Career Income Tax Questions - Professional Growth 
What are the personal tax and NI liabilities for ATI payments received from a former employer? These ATI payments are directly linked to royalties …

Adoption Income Tax Questions - Resource Process 
I am retired and I moved in with mom to take care of her. She is 91 yrs. old and can not be left alone. I am also raising a 9 yr. old step-grandaughter …

Employee Income Tax Questions - Hiring Management 
My first two checks after transferring were about $100 short because my employer took out that amount for AZ state tax. It should have been less than …

Income Tax Itemization Questions - Increasing Savings 
It is necessary to have $10,000.00 in itemized deductions for us to deduct medical / Rx drug expenses?

Income Tax Education Questions - Gain Knowledge 
I'm a full-time independent student who has a dependent. I only worked two weeks out of this year through a program called put Illinois to work. I …

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Roth IRA Income Tax Questions - Elegible Retirement 
My ex-husband is starting a Roth IRA for our daughter for 2100 dollars and is sending me her 1099 for taxes do I have to pay taxes on this money since …

Investment Income Tax Questions - Wealth Building 
I pay an advisory fee to manage a portfolio of investments, mainly stocks, and the fees are based on the value of the portfolio. Annually I get a summary …

Fraud Income Tax Questions - Reputation Protection 
Can money loss due to fraud be taken off your income tax?

Income Tax State Questions - Location Taxes 
I am a Canadian citizen living in Canada. I am originally from England. I have been making contributions to the British state pension plan. I will …

Widow Income Tax Questions - Finances After Loss 
My husband passed away in July 2011, he was 67, he was collecting full social security and unemployment. I do not work am I required to file taxes …

1040 Income Tax Questions - Personal Return 
Good Morning, Up until 7/31/11 I had been working as a full-time employee (W-2). From 8/1/11 to the present, I have been working as a computer consultant …

About Income Tax Questions - Comprehension 
How do I give my date of birth on a pan card form?

Asset Income Tax Questions - Unlocking Value 
Hi, I invest in shares and monitor the market via a website which costs me $60.00 per month. I buy/sell shares based on the advice from this program. …

Trust Income Tax Questions - Estate Plans 
Before my Mother passed away in 2010, we put everything of hers into a Trust. We did not know that the deed (house is paid for) should have been transferred …

Casualty And Theft Income Tax Questions - Your Rights 
Lost some equipment in a fire. Insurance paid the replacement cost of the item, which resulted in a gain, and the item lost still had depreciation value. …

First Time Income Tax Questions - Beginner Filings 
Hi, I am about to do my first tax return on e-tax, just got my friend told me that I can claim back my dividend from previous periods. How would I …

Claim Income Tax Questions - Asserting Entitlements 
Hi all. I'm not sure if your excellent site covers questions from United Kingdom residents - hope so. In December 2009 I purchased a buy to let property …

Contract Labor Income Tax Questions - Subcontractor Rules 
I am a contract employee and may make 28000 this year. I have two children. What are chances I may just break even instead of owing a bunch in taxes? …

Salary Income Tax Questions - Career Pay 
I am working in IT company and am getting tax deduction on my whole salary. I have purchased open land/plot on installments.do i need to declare the …

Workers Compensation Income Tax Questions - Workman's Comp 
I received a settlement in a worker's comp case and want to know if it is taxable Federally and in PA?

Capital Income Tax Questions - Building Blocks 
I think payroll have been filling in the payroll P11d form wrong. Because I made the choice to have a car that is above my grade, I have to make a capital …

Income Tax Preparer Questions - Ultimate Guide 
We just started a section 125 plan. I know federal, FICA, FUTA are exempt. But are state, local and SUI tax exempt as well?

Corporation Income Tax Questions - Forming Company 
I want to change my sub-s Corp from a Kansas Corp to a Florida corp. I own real estate in Kansas under this corp. What will my tax situation be regarding …

Penalty Income Tax Questions - Late Fees 
Penalty for delay in audit u/s 44AB is levied. It is pleaded before the CIT (A) that owing to the continuous illness of the accountant it was delayed, …

Estimated Income Tax Questions - Prepayments 
Do you have a chart to show how much taxes I would have to pay when I retire with my pension and social security?

Life Income Tax Questions - Journey of Lives 
Hi--I am separated (not legally) from my husband and live in a different state now. We sold our home last year and I rent now and have 2 children--one …

Superannuation Income Tax Questions - Secure Retirement 
I have a client that has put aside x$ for an employee's super fund if they stay employed up till a certain period. They collect if they stay to that …

Sweepstakes Income Tax Questions - Winner's Circle 
I recently won the Marlboro sweepstakes Prize 5000$ American Express gift of travel along with a check for 1,700$ Due to illness I have been unemployed …

Transfer Income Tax Questions - Inheritance and Gifts 
I'm in a situation where I have a pension income as well as a working full-time income. Taxes kill me. This year I paid $285 that I owed. This after …

Income Tax Reporting Questions - Keeping In Check 
Is it true, in cases of separation without a divorce in place, the court appointed, custodial parent has the authority to claim the children on taxes? …

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Donations Income Tax Questions - Contribution Limits 
My church owns a rental house. The tenant moved out after 17 years. I told the church I would provide the work on the inside to get it ready to rent …

Deceased Income Tax Questions - Estate Dealings 
My husband's grandma passed away on 05/20/10 and only had pension of $1,384.50 (1099R), $2,484.06 of cancelled debt (Form 1099C) and $5,787.00 in SS (SSA-1099). …

Auto Income Tax Questions - Travelling 
I received a $500 per month auto allowance. It showed up on my W2 without anything withheld making my taxable income higher. Can I deduct mileage …

1098 Income Tax Questions - Mortgage Interest 
In previous years my son's 1098 form was sent to me (parent) and I included it in my 1040 income tax filing. This year the university in which he …

Business Income Tax Questions - Success Tips 
We purchased a computer for use in our home-based business. The computer was purchased in Oct. last year, and we are making monthly payments on it. …

SSDI Income Tax Questions - Beneficiaries 
My wife is disabled and receives SSD checks every month. She can no longer work. Can I claim her as a dependent.

401k Income Tax Questions - Building Security 
I took a lump sum distribution from my 401K plan and paid federal taxes on it. here do I put it on my 1040 form and do I owe any further taxes? …

American Opportunity Credit Income Tax Questions - Education 
Can I claim my student loan interest that I paid all year under the American Opportunity tax credit form even if I graduated that year? I didn't get …

Separation Income Tax Questions - Financial Transitions 
Hi, I live in Florida and my husband has lived in Arizona for over a year. There are no signed papers, so we are still legally married. He pays …

Gambling Income Tax Questions - Winnings Implications 
I am claiming $1600 in winnings. Will claiming $1600 in losses reduce my taxes owed?

Money Income Tax Questions - Smart Planning 
I'm twenty years old and I want to know how much my dad gets for claiming me as a student on his taxes.

Gas Income Tax Questions - Expensing Fuel 
Can you deduct the amount you pay for gas guzzler tax on a new car?

Income Tax Filing Questions - File Without Stress 
Both my Wife and I are on Social Security, but I am also employed. Should we file as "Married filing jointly", or should I file singly with my Wife as …

Beneficiary Income Tax Questions - Estate Planning 
As beneficiary of a whole life insurance policy, what portion of the proceeds are taxable, the base policy amount (eg 10,000), the amount that appreciated …

Royalties Income Tax Questions - Creative Professionals 
Under contract for using a product a company requires a 25% royalty payment be issued for sales where the product is involved. Are the funds that …

Theft Income Tax Questions - Thievery Relief 
I was the victim of an inventor's scam and the company was found guilty and ordered to pay the SEC 26 million. $700 was paid back to me in the judgement …

Mortgage Income Tax Questions - Maximum Deductions 
I received a reverse morgage on my house in May 2010 Pay 7800 of it to federal government. Do I have to pay more tax on Federal Income taxes?

Income Tax Deferral Questions - Defer Taxes 
Should I withdraw from 457 deferred comp acct. which is in mutual funds. to pay off house mortgage. Household (wife and me) income is $103,000 pension …

Travel Income Tax Questions - Journey Savings 
Dear team, Recently I had travelled from Mumbai to Cochin and returned from Trivandrum to Mumbai by air visiting multiple places in Kerala. I have …

Can't Pay Tax Questions - Assistance 
I withdrew $30,000.00 from a retirement acct. to survive. At tax we found that we owed $8040.00 in taxes(federal). We did not file the taxes. We did …

Bankruptcy Income Tax Questions - Financial Recovery 
If you have filed personal bankruptcy several years ago, can your income tax refund be withheld.

Pension Income Tax Questions - After Working Plans 
I recently retired. I receive a small monthly pension. My total pension is a little more than $6000 a year. I have no other pension. I have a new job …

Property Income Tax Questions - Own and Invest 
My rental property was demolished midway in 2009 by the city of Birmingham, AL. I still own the land. What is the tax treatment? I was not paid …

Married Filing Separately Questions - Tax Filing Options 
I am retired and have very little income besides social security and pensions. The problem is that I owe over a $100,000.00 in back taxes I pay a monthly …

Should I File Questions - Filing Decisions 
In the year 2009 I didn't work as much I only made $2151 because I kept getting laid off and I want to know if I would qualify to file taxes and maybe …

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Taxable Income Tax Questions - Liability Obligations 
Hello, Please help: Is alimony taxable?

Write Off Income Tax Questions - Expensing Concerns 
I have a few questions regarding write offs. I have been working as an independent sales rep for about 4 months. It requires driving to a meeting with …

Charitable Contribution Income Tax Questions - Giving 
Can I claim part of my charitable donations made in 2011 on my 2012 taxes instead of claiming all of them in 2011? I recently donated quite a few …

State Income Tax Questions - Across The States 
My husband has a Calif Income Tax lien that is over 20 years old. Is this still valid? On a website I was reading it says it is only good for 10 …

Status Tax Questions - Different Filing Options 
What happens if you file married but have different last names?

Pay Income Tax Questions - Meet Your Obligations 
My company cut our pay by 3% can I deduct that as a loss on my income tax?

Home Income Tax Questions - Homeowners and Renters Not rated yet
I purchased a second home for personal use only. I got it at a certain price because it was not habitable. I spent 21000 on things like roof, mold …

Residency Income Tax Questions - Residential Obligations Not rated yet
My Nephew lived with me for about nine months due to problems at home. I claimed him on my income tax as dependent and for EIC. I filed as Head of …

W-2 Income Tax Questions - Employee Form Not rated yet
Hi, My employer has provided me only 1 W2 for 2 states (Illinois and Texas). I submitted my tax returns with only 1 W2 and as per that I have to pay state …

Income Tax Payment Questions - Smooth Processes Not rated yet
Received a check for $20,000.00 for a gas lease. Do I need to pay estimated tax on this? I am employed and have taxes withheld from my checks but …

Amendment Income Tax Questions - Making Changes Not rated yet
I claimed two children that I support as relatives instead of dependents. Can I do an amended return to make corrections?

Foreign Income Tax Questions - Taxation Abroad Not rated yet
My husband started working for a contracting company in Afghanistan in September 2011. I was under the impression that his income was nontaxable. …

Child Income Tax Questions - Nurturing The Future Not rated yet
I have a disabled daughter 30 years old she lives with me and collects $9600 SSI . Can I claim her on my federal taxes?

Life Change Income Tax Questions - Major Transitions Not rated yet
I have been filing married filing joint for over 40 years. Can I change to head of household and my wife to married filing separate?

Legal Income Tax Questions - Law Obligations Not rated yet
I paid all the fees associated with opening and closing an estate for my dad because he dies intestate. Can I claim those attorney's fees on my 2012 …

Income Tax Income Questions - Earnings Taxability Not rated yet
In a case where an individual is usually Australian Resident but for the Indian previous year March 2012 ending he is also Indian resident. The interest …

Income Tax Loss Questions - Comprehend Deficits Not rated yet
Approximately what will we get back from a disaster declared of 40,000 having lost our home?

Work Income Tax Questions - Earning Wisely Not rated yet
Can I (wife) who doesn't work do a traditional IRA with husband making $140,000?

Medical Income Tax Questions - Taxpayer Considerations Not rated yet
Hi, I've bought a flat whose possession is due in Jan 2012. Its distance from my office is around 35 kms, thereby making daily commutation difficult for …

Head of Household Income Tax Questions - Providers Not rated yet
My husband and I have been living apart for 7 months, we have 3 children and have agreed on everything without having to get a mentor involved. We have …

IRA Income Tax Questions - Retirement Savings Not rated yet
I have a disability and had to quit my job. I receive monies from UNUM Life Insurance third party plans (through my past employer)and receive a W-2 …

Spousal Income Tax Questions - Married Couples Not rated yet
My husband is caring for my aunt and is paid from her bank account. Can I have the checks made out to me so he doesn't spend it all at the bar? …

K-1 Income Tax Questions - Shareholder Form Not rated yet
Do I have to file a K-1 on which very little income was made?

Taxes Income Tax Questions - Financial Implications Not rated yet
In India I took business after death of my father in last quarter of year and paid advance tax in last month of year that is March. Will I be asked …

Partnership Income Tax Questions - Essential Advice Not rated yet
I had a business with a friend. A 50/50 partnership. The business ended up failing. My partner never paid taxes on the business and now the IRS is …

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Inheritance Income Tax Questions - Generation Legacy Not rated yet
If I am left an inheritance from my mother after she passed, do I have to file it on my income taxes? I am retired.

Year Specific Income Tax Questions - Taxes Annualy Not rated yet
If I divorced in 2007 and sold the house in the process, Do I need to report this sale of home on my return? The house was sold for 245k, after commission …

Stock Income Tax Questions - Investment Considerations Not rated yet
If I sell a stock at a profit this year, which I purchased in previous year, then use the profits to purchase another stock so no money ever comes out …

Interest Income Tax Questions - Valuable Additions Not rated yet
I am buying a house in Germany that will be my primary residence and I am wanting to know if I can claim the mortgage interest/expenses on my US taxes. …

Married Income Tax Questions - Smooth Filing Tips Not rated yet
My husband and I got married late October 2010. We continued to live in different states in separate households until January 2011. I filed head of …

IRS Income Tax Questions - Internal Revenue Services Not rated yet
I currently owe the IRS around 20,000 in back taxes from a previous job my husband had. He was let go of this position and we were unable to pay and …

Gift Income Tax Questions - Giving and Receiving Not rated yet
I have got three married daughters and no son. Me and my wife, aged nearly 70 years, are managing HUF of which I am the karta. Me and my wife are …

TDS Income Tax Questions - Tax Deducted At Source Not rated yet
Please tell me sir I am 62 yrs old and I don't have any source of income. My wife died this year and I have got Rs 24 lacs from her office (gratuity …

Parent Income Tax Questions - Support For Families Not rated yet
My wife and I separated in 2006-2007, and I was deemed the non-custodial parent, living in a separate house. I sold that house in 2009, reconciled …

1099 Income Tax Questions - Tax Reporting Not rated yet
When is it necessary for a sole proprietorship to file a 1099 ? You should file a 1099 as a sole proprietor any time you pay someone contract labor …

More Income Tax Questions - Unravelling Additions Not rated yet
How much transaction will take search income tax in state bank of india?

Debt Income Tax Questions - Loan Strategies Not rated yet
I entered into an agreement to purchase a lot in a coastal subdivision in South Carolina. Subsequently, I was informed by an attorney in Virginia where …

Income Tax Help Questions - Expert Guidance Not rated yet
If you have no tax what happens with your income tax?

Mother Income Tax Questions - Mother's Resource Not rated yet
As a U.S. citizen leaving in Israel, I gave birth in 2010 and received a 3-month paid maternity leave. The money came from the National Insurance Agency …

Mileage Income Tax Questions - Travel Savings Not rated yet
If your employer pays mileage by. Totaling then subtracting 30 can I turn in my unpaid mileage. Which would total 212 times 30 for a total of 6360. …

Miscellaneous Income Tax Questions - Uncommon Events Not rated yet
Our church gave a needy family 500.00 benevolence for 1 year. Are they to be taxed on this as income?

Quarterly Income Tax Questions - Simplify Planning Not rated yet
I sold a stock in the first quarter of this year and established a long term capital gain. I have to make a quarterly tax payment on the gain in the …

Moving Income Tax Questions - Relocation Expenses Not rated yet
I’m 70 years old. I have been very sick. I moved from florida last July to Indiana to be with family. How will this affect my taxes?

Income Tax Forms Questions - Prepare For Tax Season Not rated yet
1040 form where do I insert the amount for Medicare Part B and Part D?

Withdrawal Income Tax Questions - Taxing Distributions Not rated yet
We cashed out a retirement account early in 2010 and at the withdrawal time I had 20% of the amount removed to pay for Federal income tax. Now that …

Previous Years Income Tax Questions - Key Tips Not rated yet
How do I get my refund when I still owe part of it to a previous years tax?

Family Income Tax Questions - Household Impacts Not rated yet
I am married, can my husband and I file completely seperate tax returns, as if we are single?

Earned Income Tax Credit Questions - Tax Implications Not rated yet
We received an out of court settlement in a liability suit we filed. It was only $3250.00. Do we have to claim this as Earned Income and where do we …

Income Tax Liability Questions - Financial Responsibility Not rated yet
I am on permanent disability and I have invested in a Research and Developement corp for a project I designed. Do I qualify to receive my invested …

Unemployment Income Tax Questions - Job Seeking Not rated yet
Hello, My name is Diane and I live in Michigan. I had been working full time and I also had a face painting business that I would do on weekends. …

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LLC Income Tax Questions - Structure Benefits Not rated yet
I am part of a 2 member LLC. Both myself and my business partner worked this year at other jobs and each made less than 10k. My partner and I started …

Retirement Income Tax Questions - Retirees Time Not rated yet
Is there apenalty for not taking a withdrawl from a tax free account such as an IRA after reaching age 70.5?

What To Do Tax Questions - Addressing Issues Not rated yet
I have my W2 from my regular job, and I also started a business in which I had a major loss of expense. I was filing my tax, on my w2 I had 0 federal …

Exemption Income Tax Questions - Impacts Explained Not rated yet
Hi, Im a full time student working part time 15 hrs/wk. I was filling out my W-4 and didn't know whether or not I can be exempt from Federal Withholdings? …

Deduction Income Tax Questions - Leverage Costs Not rated yet
I am working in a software company, not as a salaried employee but as a consultant. I am receiving fees from the company and company is deducting TDS …

House Income Tax Questions - Homeowner Aid Not rated yet
Hello and thanks in advance for your help, Am I eligible for the D.C. First Time Home Buyer Credit if I have to repay the federal First Time Home Buyer …

Military Income Tax Questions - Service Members Not rated yet
My mother just passed away. My father made $49,930 in 2010. Should he apply for the three months of VA benefits he's entitled to ($4,680) or would …

Income Tax Return Questions - Claim What's Yours Not rated yet
On verifying the credit of Tax deducted at Source, I found that the tax deducted by one of my employer is not appearing in Form 26AS. I requested the …

Rent Income Tax Questions - Property Owner Tips Not rated yet
My rental property was completely destroyed by fire. My insurance company denied the claim, so when I filed my tax return, I reported a loss of $30,000 …

Social Security Income Tax Questions - Retiree Guide Not rated yet
In 2009 I had two jobs that resulted in excess social security being withheld. I understand how to get a refund for this excess. BUT in October I started …

Dependent Income Tax Questions - Requirements Not rated yet
Can my live in boyfriend who collects ssi (680 per month)be a dependent of mine. He has no other income. He collects ssi due to depression/bipolar …

Unanswered Income Tax Questions - Clearing The Fog Not rated yet
Do I have to file a 1099 if I earned under $3000 as an independent contractor?