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Recent Refund questions

I am completely confused and depending on how I mess around

I am completely confused and depending on how I mess around with the numbers it creates a huge swing from refund to owing.Bought a condo in 2006...paid $133,500. By 2011, I had to rent it out because the market had dropped. I rented it out at a break even/loss each year til 2016. I sold it in 2016 for $113,500 (also had to put $10K in to it to sell and paid $4K in closing costs).In previous years I think I used 60K as the cost basis for the place because that is what I could have sold it for give or take.Now, if I continue that it shows a huge profit and I am f**ked on taxes....when the reality is that I lost $$ on the place to the tune of $35K or more.

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
I am wondering if something is pending from the IRS. My

I am wondering if something is pending from the IRS. My transcripts show file processed on feb 13, 2017( was jan 17 but had to wait feb 15). Then they pre dated code 570 with a date of 3-6-17 reason of additional account action pending. It has been this way for a few days. My mail gets stolen often as my paycheck just did and i cant get ahold of the IRS. So i was wondering if i should be ready for questioning( which is fine)JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that i can think of. The IRS has not amended anything on the transcript at all.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,412 satisfied customers
I have a 1099 R and I am under 59 1/2. I got the money out

I have a 1099 R and I am under 59 1/2. I got the money out of my 401K early. In box 4 (federal income tax withheld) there is an amount. There is also an amount withheld in box 12 for state tax. Does this mean that I am entitled to a refund of any sort? And where would I enter this information on my tax return?

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
Robin You helped me ou yeaterday with my ammend question. I

Hello robinYou helped me ou yeaterday with my ammend question. I wanted to know if you can help me with the sheet and how i can add my husband?

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
I have a question regarding federal income taxes. Illinois,

I have a question regarding federal income taxes.JA: What state are you in? It matters because laws vary by location.Customer: IllinoisJA: Has anything been filed or reported?Customer: Yes.JA: Anything else you want the lawyer to know before I connect you?Customer: A friend of mine filed a return claiming she had two (2) children when the children belonged to someone else who did not work last year. My friend was trying to help the other person out. My friend received a letter from the IRS asking for proof that the two (2) children are hers and indicating that if the IRS does not receive the proof within thirty (30) days, my friends tax refund will be affected. My friend is wondering if she should submit an amended return now minus the two (2) children?

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
I received my 1098-T statement from my school. Is it

I received my 1098-T statement from my school. Is it possible to receive a return if I did not have an income last year?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am currently a graduate student.JA: Is there anything else the Accountant should be aware of?Customer: I am filing as Single, and I was a full-ime student last year

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Lev

Retired

Bachelor's Degree Equivalent

24,326 satisfied customers
My daughter filed her taxes for the first time since

My daughter filed her taxes for the first time since graduating from college and I had already filed my return claiming her like I always had. Her return was rejected since I already claimed her. Now I have to amend my return and need to know if filing an amended return will delay her return from being accepted until they process the amended return or will they accept her return as soon as I file the amendment.

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Lev

Retired

Bachelor's Degree Equivalent

24,326 satisfied customers
I think that my question is pretty simple. So far in 2017,

Hello - I think that my question is pretty simple. So far in 2017, my gross earnings are about $49,000 and about $39,000 came from severance, retention bonus, 2016 bonus, 2017 bonus, vacation and PTO pay out - my job was eliminated on January 27th. I've paid about $15,000 in Federal Taxes and $3,000 in State Taxes and about $600 went into my 401(k). I just started a new job with an annual salary of $58,000. I've always rented and have processed my own taxes since they're not complicated. The $39,000 in severance, retention bonus, 2016 & 2017 bonus, vacation and PTO payout were taxed at 40%. If I were to continue to claim '1' on my W4 for the remainder of 2017, can you tell me what I could expect as far as a tax refund in 2018?

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Lev

Retired

Bachelor's Degree Equivalent

24,326 satisfied customers
I got divorced this last year and my ex husband and I

I got divorced this last year and my ex husband and I jointly own a rental property because we could not sell it. When I file my taxes, should I file for half of the income and half of the expenses of the house? What happens if he doesn't file for his half?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Last year we filed jointly. This year we are not. Do I only need to claim half of our state return from last year?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,856 satisfied customers
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