What is a TAP Account in PA income tax listed in Other
What is a TAP Account in PA income tax listed in Other deductions?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: PA 1040 item 10 select TJA: Is there anything else important you think the Accountant should know?Customer: I'm trying to determine if where 529 educational program is found in a PA1040
Vocational, Technical or Trade School
I have a question on Schedule C NOL carry forward. and carry
I have a question on Schedule C NOL carry forward. and carry back.I have just finalized my 2015 U.S. Federal Tax Return. Here are my summarized entries (rounded for ease):Income except Schedule C Line 12 = $150,000Line 12 Schedule C Loss = -$225,000Line 22 Income = -$75,000Line 28 Individual 401K Contribution= -$15,000Line AGI = = -$90,000Line 40 Itemized deductions = -$35,000Line41 = -$125,000Line 42 Exemptions -$20,000Taxable Income Line 43 = 0What is my Net Schedule C Loss carry forward or carry back to 2014?
100% owner/officer/employee of C Corporation (highly compensated
100% owner/officer/employee of C Corporation (highly compensated employee) received $5000 fringe benefits under health reimbursement plan. Only other employee received zero.Question1) add the $5000 to taxable wages in box 1 of W2--not subject to social security or medicare?Question 2) any entry in box 12 or box 14?
JD, MBA, CFP, CRPS
I am going through a divorce and we will either sell the primary
I am going through a divorce and we will either sell the primary residence, or my husband may buy me out (not sure yet). My question has to do with the fact that we have a guest house on the property of the primary residence that we have rented out since it was built in 2003. We HAVE claimed it as a rental on our tax returns each year. I have allocated certain expenses based on the square footage of the two buildings (the main house is 3475 square feet and the guest house is 860, so 25%) and we have also claimed depreciation based on the build price, which was approximately $300,000 not including land. My question is this: Do I HAVE to do a 1031 exchange and invest 25% of my share of the proceeds in another rental property in order to be in compliance with tax law, or can I blow it off? I would prefer to use all of the funds to purchase a new property because property in the part of California where I live is very expensive. What are the ramifications for me tax wise if I blow off the 1031 exchange?
I retired from my job on 9/1/11 at age 59. Since this resulted
I retired from my job on 9/1/11 at age 59. Since this resulted in a significant increase in the cost of my health insurance, I changed to a high-deductible ($1,250) PPO plan through Blue Cross/Blue Shield of Florida and saved $900 on my annual premium for 2012. I put $900 in an authorized health savings account and have been using that money to pay my medical bills. I realize that I could lose the advantage of the $900 premium savings if my medical bills exceed $900 but do not reach the deductible of $1,250. My question is this: Will I have any tax advantages when I file my 2012 federal income tax return for using the money from my medical savings account? Will I be able to deduct anything if I exceed $900 in medical bills or do I need to meet a higher threshhold? I've tried to research the IRS website but don't understand exactly what I've found there.
My company provides an option to claim exempt as an employee
My company provides an option to claim exempt as an employee self service option to alter my W4. I have claimed this for a very short period of time only to get by annual bonus. They told me that if I did not change my status back from exempt that they would automatically change it for me. Is this legal?
I have an 18yr old graduating June 2012. Meets all requirements
I have an 18yr old graduating June 2012. Meets all requirements as a dependent. Earned $2600 in 2011 for which I filed 1040ez and all Federal taxes paid are being refunded. My question is what form do I fill out for PA State taxes and does she qualify for a full refund of those taxes as well based on her circumstances.
I am trying top file my dads taxes and he had an early distribution
I am trying top file my dad's taxes and he had an early distribution of his IRA due to his disability and medical needs and debt. On EFile, I log in for his 1099R form with his distribution but I cannot see where to document so that he is not penalized - is it counted as income against him? Does he have to pay taxes on it? Please advise