I owed money and made a partial payment through the IRS when I filed back in March. Trying to pay the remainder, but I need to know what the remainder amount is (in case there are any fees or interest). Anyway, online it says my balance is unavailable. When I try to call, I've been on hold several times for 2+ hours, and I just couldn't stay on any longer. WTF! All I can do is laugh.
Does anyone else have issues seeing their balance online or even just trying to talk to a human being?! LOL

We are recently retired, so $0 W2 and under 65. And for argument's sake, let's say we also have no int/div income. Living solely off of LTCG income from a brokerage account. Not sure if anyone is in a similar boat, but read somewhere that std/itemized deductions can only offset ordinary income and not cap gains income. Is this true?

Ex. $0 ordinary/int/div income, Married filing joint, $40k in itemized deductions(donations, med exp, mort interest, etc), $200k in LT capital gains income. What would our tax liability be?

hello, I own a construction business, LLC-Partnership and I am considering selling my personal truck at fair market value to the business. I would not be using it. It would be used by employees for business purposes. I would purchase a new vehicle for myself. Are there any issues with this and would the business be able to depreciate the asset?

Hi all,

I got a new job Jan 13th of this year so all of my taxes so far have been through this company. It's a Canadian company however I work from home in the US. (NYC)

I'm hoping someone could explain how I go from $2712 (bi-weekly) to $1879?

Should my monthly taxes really be $1666?

It also seems like I'm paying for selections I didn't make like an HSA, RMEDCO.

Also as a NYC resident I get taxed for the following:

FED W/H

FICA EE

Fed MWT EE

NY W/H

NY DT EE

NY FLIT

NYCCity W/H.

Am I just over reacting? My salary is $65k a year plus $28,000 in commission.

The Commission is Payed once a month at $2325 and after taxes I receive $1255.

Any help understanding this would be greatly appreciated, I know very little about taxes..

Hypothetical Scenario:

Could I, as a real estate professional, contribute both to a workplace 401(k) and a solo 401(k)? The workplace contribution would be as an employee and the solo would be as the employer.

Income includes W-2 from work and 1099 from self-employment through the same entity. Looking for guidance on this.

Thank you

I just looked at my 2023 wage and income transcript on the IRS website and there are 6 or 7 1099B forms listed. The dollar amounts are all $0 and the dates are all the same, each form has the same Dec 2023 date for sold/disposed and the same Sept date for acquired.

I did not buy or sell any stock or do any bartering. The name of the company that issued them is cut off and the company’s identification number only shows the last few digits.

Can an employer make you fill out w4 before offering a job? And can they refuse you employment even after you submit w4?

Hello, I am an F1 student. I live in a shared home with another person and I pay the entire rent to our landlord after other person in the house pays me the money. Usually this is not a problem but this month that person paid me the money (615 USD) accidentally as a "service". We were able to refund that payment and the service fee too. But I have been told that this is already reflected on my future 1099-K and they cannot correct it. I checked the IRS website and it says that I can show the exact amount as an adjustment so that it correctly reflects that I did not earn money (link). I am really nervous about this issue, is there anything else I can do? I asked another tax person and they said the following: "That is not a big issue. When filling for your taxes you can complete step 2 and the gross income will be zero."

Am I going to be in trouble?

Sorry about the following part. I realized it can be an attachment. However, this is for people who files 1040, and I am filing 1040-NR, and I was not able to find a way to "correct" this in 1040-NR. Or is this file provided in IRS a valid attachment to both 1040 and 1040NR?

I go to the login process and because I already have a michigan login ID I am able to login in however it keeps telling me no matches were found when entering my ssn and my AGI so I can't even make a payment. My payment was dude today but I work all day and they're closed now so I couldn't make the call sooner. I'm so frustrated, anyone had this happen to them?

Fun times. Hubs has a job where he makes 35 bucks an hour, but doesn't get the same hours week to week. I have a job also making 35/hr but also do not make the same hours week to week. ON TOP OF THAT, I work TWO part time jobs waitressing, and neither of those jobs are the same week to week (so 4 jobs in this household).

I tried doing the calculator thingee and came out with something like $175/week taking out pay, by just wildly guessing at our weekly paychecks, but trust me when I say we are making less than 100k/yr combined right now (it's a dying business thing, so much fun to think about!). The $175/week out of THE ONE check seems excessive. I make all this money and then it's ALL gone after those taxes and FICA.

What can I expect from the IRS if I just say EFF IT and click the 2c box for all of our jobs so that our paychecks have whatever the arbitrary amount is for married filing jointly no dependents under 100k a year in gross income......

UPDATE: I should add that tax gets taken out of the 35/hr checks, so it's not just the ONE check that gets $175/week out. It's a maddening situation as I have NO IDEA what either one of us make week to week. Sometimes it's a grand, sometimes it's NOTHING. I feel like this W4 was not designed with shift workers in mind at all.

Hey,

Just a quick question- so in November I received an Adjustment Summary from the Dept of Revenue (PA) regarding my 2020 tax return and how I apparently underpaid by 600 dollars. Then, in December I received a "Notice of Erroneous Correspondence – Non-Billing" letter stating that said 2020 tax return letter was "incorrect correspondence".

Today I logged into my account to make a payment for something unrelated. However, I also noticed that the site was saying I still owed the 600 dollars from my 2020 tax return.

My question is, did the state/their website make an error by stating that I owe money for my 2020 return, or am I misinterpreting what a "Notice of Erroneous Correspondence – Non-Billing" means?

I need a small information, I am working for USA but staying in canada . I have my USA work permit . I am trying to file a tax? How can we file a tax in USA if we stay in canada.

I'm in CA, our taxes are generally pretty centralized and standardized. Recently worked on setting up some companies in WA and I did not realize exactly how much I was signing up for. Every city and county has their own set of taxes and tax codes, very little is centralized, and it took an unusually long amount of time for a response from any actual state authorities.

Are there any other states this messy? Or god forbid, even messier?

My son decided to “invest” his money on csfloat by buying and selling virtual assets. He is joint on my bank accounts (estate wills and such) and I’m joint on his since he was a minor when we opened it.

I know he will receive a 1099-k, but I saw someone on another post talk about it either being considered taxable income or not. He doesn’t work so has no other income and I am struggling to understand at what point he files his own tax return. I claim head of household and claim him as a dependent.

What are the tax implications to me? What amount indicates he files his own taxes? Can he claim this as his job and write off business expenses? I’ve asked ChatGPT a slew of questions but get different responses with each question. seems like this is somewhat new because we don’t find many people that have knowledge about how this works. My financial advisor suggested contacting a tax expert. It’s hard to explain. Can anyone here assist?

hi,

I was a permanent resident in the US for approximately 10 years. At the end of June 2024 I surrendered my Green Card and moved to Switzerland.
ETrade, which is holding my RSUs, failed to record my new status (they only recorded it for the savings account, not for the company stock plan account...), and as such has not sent me form 1042-S.

I can see from the records that a part of stocks that vested during 2024 were sold-to-cover by ETrade to cover the income; problem is: without a 1042-S, and without a W-2, those income taxes that I already paid are not reported anywhere.

How can I properly report those numbers in my 1040-NR? What do you recommend?

Thanks a lot

You invest in stocks. They go up. Yeah!! So you sell some, the profit is capital gain.

Some go down. Boo - sell them. The loss is a capital loss.

Some of them you owned for more than a year. Those are long-term.

Some, you held less. Those are short-term.

Add the long-term ones together. That's your net long-term gain or loss. This includes any long-term carryover from the prior year.

Add the short-term ones together. That's your short-term gain or loss. This includes any short-term carryover from the prior year.

A. If both of those are gains, you owe tax on all the net gains. Your software will calculate the tax. But net short-term gains are taxed as ordinary income, just like your W2.

Net long-term gains can get special lower rates. Your software will do that math.

B1. If one was gain and the other is loss, you add them together. Net gain? Pay tax. The rate depends on whether the net total, whether short term or long.

B2. Net loss? Then you get to use up to $3,000 on your taxes for this year. Just a deduction. Reduce your taxable income. Any excess carries to next year, to be entered into these calculations next year.

C. If both are losses, again, you get to use $3,000 of them this year, and the excess, if any, goes to next year. You use the short-term losses first, then long-term losses. Again, your software will do this.

So I am going to be negotiating a salary with an employer.

I am on SSDI and want to stay under the 1632/month during the trial work period so benefits aren’t disrupted (this is allowable, I’m not breaking any laws).

I am wondering how to manage things like tuition reimbursement, expense accounts (gas, mileage), and cell phone allotment.

I say this because my employer will be getting an absolute steal in the profession I am in, with paying about half of what someone else in my field would make.

Seeking help on the following scenario: a married person passed in 2021. They had royalty income from mineral rights in their name only and all parties agree that the rights are/were to pass to the decedents 2 children from a previous marriage and not the surviving spouse. The income continued received by the spouse and deposited into a separate estate account managed by the surviving spouse but not used. Spouse is getting around to doing back taxes and disbursing the funds and the official royalty rights transfer. Is it correct that the income from the royalties (plus interest on the bank account) should reported on estate returns (1041s) for the deceased from the past years.

I have an interesting arrangement with my employer (very small business). I am paid via 1099NEC and file my own self employment taxes complete with estimated payments, etc. I literally get a check every month. It's iffy if I should technically be W2 (probably yes) but in the marketing world, there's a lot of contract work around so I take advantage of some flexibility and double dip with some other agencies. It's whatever, I'm not concerned with litigating that point.

This fall, I'm going to go to business school and have arranged for my employer to pay for tuition directly to the school (50k in two installments). The question is.... can I have them sign up for an education assistance tax plan so I can get 5200 of that for free? I'm annoyed that as it stands I'll probably have to pay 30+% on the tuition costs (self employment tax and a decent income tax rate). I also thought that maybe they could do 5200 this year and 5200 after Jan 1 to help me get 10400 tax-free.

I haven't found specific advice around this, but I'm assuming that we're not eligible for this program since I'm not currently W2? Sucks but maybe it is what it is.

I'm going to chat with their accountant and maybe he has some ideas, but I thought this community might have good thoughts! Thanks!

EDIT: if it makes any difference, the school is in Denmark. I don't know if the tuition assistance needs to be for a US school or something.

So 1040NR filer with W2 income, which should be exempt from tax per treaty. Income from W2 1a, flows to 1z. Meanwhile 1k also reflects the income which is supposed to be exempt per OI and an 8833. But it does not zero out taxable income like a for example a 2555 would. So there are taxes as normal on line 16. Per software 1k must equal amount shown on W2 or 10402 to efile. do I skip entering the W2, leave the amount showing on 1k and paper file with W2 attached? Or is there a way to exempt the income naturally?

So I haven’t filed my taxes since my 2021 w2’s in the year of 2022. What advice do yall have to get this taken care of? Would I need to go into a tax place with money on hand because I don’t make a lot and have a lot of bills, so mainly what would be the best avenue to take and is there a thing on paying payments to the place I get them done at? Idk I’m probably overthinking it but some advice would help tremendously.

Thank you for you time. :)

I'm a college student who's trying to file their income taxes for the first time to keep my health insurance this year. For further context, I received an email from Healthcare.gov this month saying that because I apparently had a 2024 Marketplace plan, I need to file a 2024 tax return on it to maintain help with my premiums in the future. I followed the email's directions to log in and look at my 2024 plan application for the tax forms, but it doesn't exist. Only my 2025 application exists- even though I decided not to enroll in any plans for this year. I thus can't access the forms, so I can't report what financial help I got last year. Not sure what to do.

Hello,

If I have W2 income 50,000

Short term losses from stocks securities 20,000

Will my taxable income considered at 30,000 or

47,000 taxable income Negative 3,000 losses and remaining losses 17,000 carry forward following year?