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Recent Individual Income Tax questions

Do I need to file a state return if I earned $1,408 GEORGIA

Do I need to file a state return if I earned $1,408 GEORGIA ADJUSTED GROSS INCOME (AGI). Is there an income threshold under which you do not need to file a return for that state?

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Robin D.

Vocational, Technical or Trade School

22,430 satisfied customers
This question relates to "-to-market" election under IRS

This question relates to "mark-to-market" election under IRS code section 475. To make the election for the 2016 tax year, you must attach an election statement to your 2015 return filed by 4/18/16 (or to an extension request Form 4868 filed by 4/18/16). Is it possible to file 1040X amendments for 2015, 2014, and 2013 to make the election for the applicable year?

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taxmanrog

Master's Degree

1,022 satisfied customers
Ive in Missouri=last year my son claimed me on his tax

ive in Missouri=last year my son claimed me on his tax return. He supplies my home -phone-tv- water an electric. I am 80 years old. I won $12,000 last year in a Louisiana casino and the took outJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: yes --they took out $720 in Louisiana taxes, can I get this back without having any effect on my sons taxes?

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Robin D.

Vocational, Technical or Trade School

22,430 satisfied customers
My father became semi-disabled a few years ago and had a

Hello. My father became semi-disabled a few years ago and had a wonderful home health care aide. We hired her privately at the beginning of 2015 after she left the agency she was working for. We did all the proper withholding on her pay. I filed a Schedule H, paid estimated taxes quarterly, filed electronically via Turbo Tax, and produced her W-2's electronically. Everything worked perfectly and was, of course, done with his full approval and perusal. I was prepared to do the same thing this year. I am very sorry to say that my father died on December 27th. To further complicate matters, for the last few weeks of his life, he was physically unable to sign checks. Specifically he was unable to sign the aide's checks due on December 16th, 23rd, and 30th. My brother and I had been attempting to get POA, but were unable to do so before he died. Since the aide was performing her duties, she needed to get paid, so my brother wrote those last 3 checks for her out of his personal account with the intention on getting paid back either via the POA (which did not happen) or later after the estate is settled. My questions involve the tax situation. Can I proceed as if dad had written the checks out of his account and just do the schedule H and W-2's as if he had written those last 3 checks? If not, does my brother need to do a schedule H and W-2's for those last 3 checks? We were, of course, hoping to avoid that if possible. Lastly, there will be a refund involved, as I over-withheld a bit. What happens with that? Does that have to wait until there is a court-appointed personal rep or executor? Thank you very much. Joe.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
YOU HAVE A CORPORATION THAT FILES AN 1120 S BUT IS NOT AN

YOU HAVE A CORPORATION THAT FILES AN 1120 S BUT IS NOT AN NEW YORK S CORP. THE CORPORATION AND SHAREHOLDER BOTH FILE NY CITY RETURNS.THE INCOME REPORTED BY THE SHAREHOLDER IS A SUBTRACTION MODIFICATION ON THE NEW YORK INDIVIDUAL INCOME TAX RETURN.ARE THE NONTAXABLE DISTRIBUTIONS FROM CURRENT YEARS S CORPORATION EARNINGS AN ADDITION MODIFICATIONBESIDES INCOME AND PAYROLL TAX RETURNS ARE THERE ANY ADDITIONAL CORPORATE FILINGS.

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PDtax

Owner

Master's Degree

7,370 satisfied customers
My employer gave me the following Stock Option agreement and

HI,My employer gave me the following Stock Option agreement and I am trying to figure our what amount will be included as part as my taxable amount, what is the option price, what it the exercise price and the stock price?Could you please clarify ?4.3 Options - the Executive shall be entitled to receive up to 113,268 options of the Parent allowing for the purchase of up to [113,268 Ordinary Shares] of the Parent at a price per share of $0.63 (the “Options”) as follows: 47,195 of the Options shall be fully exercisable and vested at the later to occur of the execution of this Agreement; or the lapse of 30 days from the submission of an option plan duly adopted by the Parent to relevant Authorities (“Option Plan”). The remaining 66,073 Options shall vest and become exercisable subject to the Executive remaining continuously employed by the Employer throughout occurrence of respective milestone, upon achievement of the following minimum annual Sales milestone during any of the initial 12, 24 and 36 months from the Start Date, as follows

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
What are the IRS requirements for charitable donees to send

What are the IRS requirements for charitable donees to send acknowledgement letters to donors? Is there some de minimis amount received below which the donee organization does not need to send acknowledgement letters? What is the deadline for sending the acknowledgement letters to the donors?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,780 satisfied customers
I was divorced in march. I just remarried. My spouse is a

I was divorced in march. I just remarried. My spouse is a non resident alien with a daughter who is 9 and is a us citizen.I have to fill out my work tax forms- it says if you are married to a non resident alien to claim single.I claim 2/3 of my kids for my taxes.I am a home owner. How do I claim head of house hold if possible---But file married filing separately? I read that if I do this he has to report world wide earnings (none but bank interest) and I don't think he has much earned income this year here. He is working on getting green card reissued. He also has a ssn.Help! I want to make sure it's fine correctly the first time.Also- is he eligible to get benefits through my job? Hr says as long as he has ssn then yes.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,780 satisfied customers
What is the estate tax allocation for a JTWROS account where

What is the estate tax allocation for a JTWROS account where the surviving party put in > 0 but < 50% of capital?We have a number of accounts JTWROS for me,dad,mom (my SSN is priary) which had some $ contribution from me but not 50%.For state tax in PA I understand the state tax would be due on 1/3rd if one passes (since there are 3 tenants, or 1/2 if 2 tenants).For Federal tax, I have read that if 100% of capital was contributed by one party, the entire amount of the account enters the estate for federal estate tax.But 3 interrelated questions about what if it was < 100% for one party (either capital, gain, or both) -What if it was fractional, 20% of original capital was from me, 80% from my mother, and all gain (2/3 of the account) was paid on my taxes over the years?What if it was 100% from my mother but all of the gain (2/3 of the account) was paid on my taxes over the years?And last, what if it was 100% from my mother, but about 1/3 of the gain on the account occurred after I was placed as the primary tenant and taxes were paid by me?

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Dr. Fiona Chen

President

Ph.D.

816 satisfied customers
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