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I always do taxes son and daughter-in-law. She has a trust

I always do taxes for my son and daughter-in-law. She has a trust fund at Comerica and the statement they sent this year does not have labeled boxes as in the past. I do not know what has to be entered on her taxes. I am assuming that they filed the trust 1041.

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Dr. Fiona Chen

President

Ph.D.

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My dad gave me a bunch of "junk" before he passed a few

My dad gave me a bunch of "junk" before he passed a few years ago and told me I could sell it if I could get anything for it. Do I have to declare those sales as income ?

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Robin D.

Vocational, Technical or Trade School

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20,604 satisfied customers
I have a husband and wife partnership, we file a form 1065.

I have a husband and wife partnership, we file a form 1065. both the partners do not receive a w2 or a 1099. nor dothey receive any "guaranteed income"! we do however divide the partnership profit (50%) to each partner. are theprofits taxable as far as "self employment". is there a better way to do this? should I just pay each partner a "guaranteedincome" and 50% of the partnership profits. and are both distribution "self employment" taxable?? bh

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,742 satisfied customers
I would like to know how to calculate Part V (Distributions

I would like to know how to calculate Part V (Distributions From and Dispositions of Stock of a Section 1291 Fund) of Form 8621 for my situation. I'm a US permanent resident. My 2013 Tax status was non-resident, and 2014 tax status is resident. This question is for Tax year 2014. I bought foreign stocks through a trading account while I was in India. In the year 2014 I sold all those stocks. Let's take a specific stock ABC. I bought several lots of this stock over a period of time, all prior to 2013 but sold them all on the same day in 2014.

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Dr. Fiona Chen

President

Ph.D.

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66 satisfied customers
I have a checking account in Italy where my taxed pension is

I have a checking account in Italy where my taxed pension is deposited monthly. I have dual citizenship and reside in the United States. I have never reported that income when filing income tax because I was told that I did not need to pay taxes on it due to double taxation.On the internet I just learned that I needed to file a FBAR. Then with more reading I learned that I needed to have been declaring that income in the US and paying taxes on it and it should not have been taxed in Italy at all.Is my understanding correct? What should I do now?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,742 satisfied customers
Situation: resident. A non-US citizen wants to give me a

Situation: I am US-resident. A non-US citizen wants to give me a cash gift. In order for me to get the cash gift, the non-US-Citizen must first make a transfer to her account located in the US (this is required by the donor's financial institution overseas). then:1. Do I pay taxes on the cash gift, if the amount is greater than US$ 100,000? Do I pay if the amount is lower than 100,000?2. How would the cash gift affect my tax filing for the next year and future years? (if it is less than US$ 100,000 or greater than US$100,000)3. Once the cash gift is my account, and I want to withdraw partially or totally the money (to invest or spend it) do I pay taxes? If yes, how much would be the taxes and does it depend on the size of the amount withdrawn?4. Is there another way, to get the money (cash gift or transfer from the US account) to minimize the amount of taxes? such as society or trust? (for amounts lower and greater than US $100,000)5. Do US banks have to report to the IRS and other countries the size of the transfers? (meaning that I would get a tax report from my bankto file with the IRS or other financial institutions)6. I will apply to become a US-citizen in the future. Do you know the implications of this cash gift for my application as a US-citizen? (This is more of an immigration question, but maybe you had dealt with customers with similar situations)Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,770 satisfied customers
I just received a correction on my 2014 taxes. It says I

I just received a correction on my 2014 taxes. It says I missed a collected amount from my sole proprietorship of $69,156. And I owe 27k thats with 4k of interest and fees. I checked my online shop and realized that the 1099-k Etsy give you does not contain paypal payments I then pulled my 1099-k from paypal. Long story short the IRS was right.Now my question is should I just pay it or can I amend my 2014 taxes and hope for a lower correction? Does the IRS assume the highest self employment tax in these situations?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,742 satisfied customers
I have a house in the country, sitting on 3 acres, but

I have a house in the country, sitting on 3 acres, but surrounded by 160 acres my husband inherited 3 years ago. We also inherited the house. We would like to sell the house as well as 40 acres adjacent to the house. The acreage around the house is leased to a farmer for crops. If we sell the house with 40 acres, will we be responsible for capital gains taxes on the extra acreage? I heard that since the acreage isn't homesteaded, then we would have to pay cap gains. But then I also heard the opposite...that we wouldn't have to pay cap gains on it cuz we are selling it with the house...Please help! I know already that we won't have to pay gains tax on the house itself because the gains will be less than $500k. I appreciate any help you can give me.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,770 satisfied customers
G. It is me again. We spoke about my situation in April or

Hello Stephen G. It is me again. We spoke about my situation in April or so and I have not taken the 401(k) deduction because I am still pondering the tax ramifications. So, I want to run the scenario by you and see if I have an understanding or not.If you remember my husband had a health issue and stopped working this year. He did receive some disability, accrued sick and vacation pay but his total income for 2016 will be substantially lower than years past.I have our taxable income figured close to this: My income $57,000, his $33,000 for a total of $90,000 estimated.I want to take $125,000 out of my 401(k) to get rid of our debt. That would take us to income for the year of $215,000.If I understand correctly, it would go something like this: $215,000 minus $25,000 (the 20% penalty from 401(k) deduction) taking it down to $190,000 minus an additional $6,000 of regular yearly deductions, so taxable income for 2016 being $184,000.That will put us up into the 28% tax bracket so I would multiply $184,000 x 28% and the tax I would have to pay with my 2016 return would be $5,152.00.Hopefully I have given you all of the information for your answer. But am I correct and is this what I can reasonably expect to have to pay with the scenario I have presented?Thank you.

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Mark Taylor

Certified Public Accountant

Masters

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346 satisfied customers
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