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Recent tax questions

Have to do a 1040X as forgot some 1099 Miscellaneous Income.

Have to do a 1040X as forgot some 1099 Miscellaneous Income. Can I get an estimate on my additional tax liability?

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Megan C

Master's Degree

 
29,942 satisfied customers
I want to know what the best steps would be to request that:

I want to know what the best steps would be to request that: 1. late fees/penalties be decreased when taxes are overdue in the case of hardship and 2. how to get on a realistic payment schedule.

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Robin D.

Vocational, Technical or Trade School

 
20,294 satisfied customers
I am 66 and am considering if I should start taking SSI but

Hello, I am 66 and am considering if I should start taking SSI but continue to work to the end of the year. The combined income might put me in a higher Tax Bracket. I could use the Social Security monthly payments to pay the extra tax and bank the rest. How do I calculate the best time to retire and start taking SSI? Thanks, Regards

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PDtax

Owner

Master's Degree

 
6,680 satisfied customers
I am trying to decide the best way to claim my home state

I am trying to decide the best way to claim my home state for tax filings. I recently took a job in NYC - I still have my house in MA and go back and forth on weekends. Can I claim as a full time MA resident? Should I claim as a part-time resident in each state? What is the best from a tax advantage perspective?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
I am a retired paralegal. My former boss still lives in New

I am a retired paralegal. My former boss still lives in New Mexico, while I am now living in South Carolina. She would like me to do so freelance work for her -- answering phones, taking messages, etc. Do I have to collect SC gross receipts tax on my work? Barbara Holley

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,542 satisfied customers
I am the executor uncles estate and s house was secured with

I am the executor for my uncles estate and his house was secured with a no recourse reverse mortgage. we abandoned the house and received a 1099-A with the balance outstanding being 53,000 and the FMV being 160,000. Can I show this as a capital loss of 107,000 on his estate income tax return (1041) and the beneficiaries K-1s?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
A client of mine owns an LLC. The owner of the LLC is a

A client of mine owns an LLC. The owner of the LLC is a trust. So should we make the tax return a part of the client's individual tax return or should it be filed as a form 1065 as it is owned by a Trust and then pass the K-1 on to the trust?Also since it is a single member owned trust and the trustee is the owner of the trust, can we just take the K-1 and file it in the Trustee/Owner's personal tax return?Thank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
1. According to Publication 501, "Gross income includes

1. According to Publication 501, "Gross income includes gains, but not losses, reported on Form 8949 or Schedule D." Does that refer only to any net loss reported on line 21 of Schedule D, or can't one even subtract capital losses from capital gains to calculate gross income?2. The "Capital Loss Carryover Worksheet" in the 2015 Instructions for Schedule D refers to "your capital loss carryovers from 2014 to 2015." However, if no tax returns were required to be filed since the 2011 tax year, can the capital loss carryover from 2011 be used to calculate the capital gain or loss for line 13 of the 2015 Form 1040?Thank you very much.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,542 satisfied customers
I'm about to start a new job and this is my first job. I'm

Hello. I'm about to start a new job and this is my first job. I'm wondering how many allowances can I claim on New York city, New York State and federal? I don't know how to calculate my income as I have not started a formal job yet. Also, I'm single.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I think this is the basic information I can provide.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

 
20,294 satisfied customers
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