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I received a LT16 letter on August 27th for taxes from 2013
I received a LT16 letter on August 27th for taxes from 2013 and 2014. I've since learned I made a mistakes and ended up way over estimated how much I owe. I want to file amended returns for those year… read more
PDtax
PDtax
Owner
Master's Degree
4,338 satisfied customers
When filing back taxes for 2014, 2015, and 2016 and ALL have
When filing back taxes for 2014, 2015, and 2016 and ALL have refunds due, is there a special form (or other step) that needs to be completed to ensure the refunds are applied to the 2017 taxes due to … read more
Carter McBride
Carter McBride
LLM
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I need to file current and back taxes for someone who
I need to file current and back taxes for someone who experienced a catastrophic accident in 2011 and incurred some pretty high medical expenses (over 200k) since then. Specifically, I have three years of back taxes (2014, 2015, and 2016) to file and 2017 taxes. I did not worry much about 2014 & 2015 taxes being overdue because, given the high amount of medical expenses paid to health care facilities, I knew a refund was due for 2014 and 2015. However, 2016 is not as straight forward because those expense were for home health care. In addition, in 2017, a settlement was received, and my understanding is that the full amounts that were already deducted for medical expenses in 2012 and 2013 must now be included as income on this years taxes since there is no allocation for the settlement. Here's what is unclear to me: (1) when the back taxes for 2014 and 2015 are filed, can the medical expenses still be deducted for those years since the settlement wasn't received until 2017, as that would ensure a refund would be due for those years and penalties could be avoided? (2) Even if some of the home health expenses can't be deducted for 2016 and taxes are owed, if refunds are due from 2014 and 2015, would that reduce the amount considered overdue for 2016, thereby reducing the amount on which penalties are calculated? (3) Assuming 1 and 2 above are possible, must the entire amount deducted for medical expenses from 2012 - 2016 be included as income on 2017? Note: By "entire amount," I'm referring specifically to medical expenses related to the settlement, I'm assuming other medical expenses that aren't related to the accident do not need to be repaid. Please correct me if I am wrong. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Impact of tax changes on filing amended returns... Client
Impact of tax changes on filing amended returns... Client filed a 2016 tax return on time in 2017. If the tax laws change significantly, which laws apply when amended returns are filed... the tax laws… read more
Barbara
Barbara
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How do you calculate ATNOLD? Let's say you $100K NOL and
Let's say you $100K NOL and $90K ATNOL in 2017. In 2015, you had $30K AGI. You can use $30K of your NOL in 2015, but how much of your ATNOLD be consumed for 2015? Looking for general answer. … read more
taxmanrog
taxmanrog
Master's Degree
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We are being audited on our 2015 taxes... and I think I know
We are being audited on our 2015 taxes... and I think I know where there is a problem. During 2015, we transferred $100K from our employer-backed 401K to a Solo K. So... the 1099-R shows a disbursemen… read more
Mark Taylor
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Certified Public Accountant
Masters
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Ave a question about corporation and personal tax, Okay, my
Okay, my ex had a loan from the company 80k he never paid off. In 2014, he also deposited a check from the company for 10k then in 3015 hedeposited 80k in checks from the company. Then he deposted 15k from the owners personal account. Another 15k from the CEO personal account. He deposited a check made out from a shell company to the owner for 8k into his personal account. In 2016 he deposted 150k in his personal account from the owners personal account … read more
Brian Michels
Brian Michels
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2 questions. I am a partner in an LLC based in California-
Hi.2 questions.I am a partner in an LLC based in California- my self-employment earnings are $38,616 for 2016. 1. I understand that I have to pay a) income tax b) self-employment tax. How much is inco… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I'm a US lawful permanent since 3/2012 but haven't filed my
I'm a US lawful permanent since 3/2012 but haven't filed my foreign earned income with IRS for 2012, 2103, 2014 and 2015. … read more
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In 2016, I filed my 2013 state and federal returns. I
In 2016, I filed my 2013 state and federal returns. I overpaid both in 2013, and will receive a refund from each. I elected to apply the refund on my state tax return towards state "2014 estimated tax… read more
emc011075
emc011075
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Bachelor's Degree
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Barbara,Ok. a few days ago you said that I cannot efile
Barbara,Ok. a few days ago you said that I cannot efile any returns for years prior to 2015 in May 2016. Prior to April 15, 2016, what returns was I allowed to e-file. 2014? 2013? 2012?… read more
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I have 3 LLCs. On the FEIE, last year, it only reduced taxes
I have 3 LLCs. On the FEIE, last year, it only reduced taxes by $4k and this year by $9k. The tax preparer told me that the reason why was because the schedule C expenses were 90% of the gross income.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,930 satisfied customers
My annual income is 62k, I have 15k additional income from a
My annual income is 62k, I have 15k additional income from a debt settlement this tax year, 9K in capital gains, 7K in an early IRA withdrawal. I am single what will my estimated Federal Tax for 2015 … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,786 satisfied customers
We owed (and paid on March 11, 2015) an additional $1286 in
We owed (and paid on March 11, 2015) an additional $1286 in Fed taxes when we filed this year. We both retired in 2014 ( 1 in Nov & one in Dec) and one started getting ss at end of 2013; part of which… read more
Tax.appeal.168
Tax.appeal.168
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5,024 satisfied customers
I have a single member LLC that will make money for the first
I have a single member LLC that will make money for the first time this year. I file jointly and last year we received a refund of around 4k. If I redo my taxes from last year to incorporate this extr… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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My parent died w/o a will in Kentucky, he resided in Kentucky.
My parent died w/o a will in Kentucky, he resided in Kentucky. I am not the administrator, the administrator is in Kentucky. I live in Ohio. I received a vehicle from the estate in 2013 which I sold f… read more
Megan C
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I just got an offer to sell my business. The sale will close
I just got an offer to sell my business. The sale will close early 2014. Can I move to puerto rico for the remainder of the year, and take advantage of their lower capital gains tax and then fly back … read more
socrateaser
socrateaser
1,458 satisfied customers
Question If I gave my daughter a car worth 40K and the max
Question: If I gave my daughter a car worth 40K and the max allowed exclusion is 13K, how do I figure what gift tax I would owe on the difference .....27K? Felicia… read more
CPAforHire
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