Hello all,

My spouse and I separated summer of 2023. The divorce is not finalized so we are still legally married. We agreed to file separately for taxes. I had $0 income in 2023. Do I need to still file taxes?

hi, so i'm in the process of filing my taxes. first time doing them on my own (not a dependent last year but my grandpa filed them for me). anyway, filed them, and they were accepted. the kicker is my AGI *for the previous year* is wrong but the self select and identity protection pins were accepted.

any ideas? i also don't see an option to amend that specific portion on the site i used.

I filed my taxes and the return was accepted, but one of my 1099's was corrected by the issuer. All of the information I submitted was from the new corrected form, but I forgot to check the "corrected" box.

Is this something that I should file an amended return for? I feel like it should be pretty obvious what happened to anyone seeing the incorrect 1099, the corrected 1099, and then my taxes aligning with the corrected 1099 despite not calling it out as a corrected version.

Hello,
I am filing our taxes with FreeTaxUSA (married filing jointly with dependent college freshman, that's 19 years old - not required to file taxes as he only earned $1,007 with a summer job) and I am stuck on this question:

"How much of the $21,300.00 you received in Pell grants and scholarships do you want to allocate to room and board or other noneducational expenses?"

Here is the info I entered so far into each of the questions it asked me:

• I filed my 1098-T form with box 1 = $18,839.88 (tuition) and box 5 = $20,300.00 (scholarships)
• Did I pay for books or materials for school? YES
  • Cost of books and materials that you had to buy directly from the school: $85
  • Cost of books and materials that you didn't have to buy directly from the school: $326
• Your 1098-T reported $20,300 in scholarships or grants. Did you receive any other scholarships or grants not reported on a 1098-T? YES
• Enter the total amount of other Pell grants, scholarships, and fellowship grants you received for educational expenses paid: $1,000 (scholarship)
• Do you want to allocate part of your Pell grants or scholarships to room and board or other noneducational expenses such as travel, research, or certain equipment? YES

How much of the $21,300 you received in Pell grants and scholarships do you want to allocate to room and board or other noneducational expenses? ???? How do you figure this number? Or do I need to answer "No" above?

What am I to enter in this box? Am I supposed to just subtract $18,839.88 from the scholarship amount that was received ($21,300 )? This would equal $2,460.00, but I am confused because out of pocket we paid $760 for tuition in the spring (dual credit college courses) before they started college, but its included on the "tuition amount" box #1 of the 1098-T form we received.

Of the $21,300.00 scholarship money, $16,950 was strictly for tuition, the rest ($4,350) was allowed to be used towards dorm room, meal plans and any other school fees, etc. So we did not receive any money back from the University it was all applied to something the University billed.

We also ended up having to pay $1,439.00 on the balance due [which includes remaining dorm fees ($3,529) & meal plan ($1,329)], $200 new student registration fee, Health services fee $95 and the $85 ($84.88) digital book fee from the University which counting the above mentioned $760 totals $2,483.88 out of pocket paid to University in 2023. Plus $326 in books purchased online elsewhere.

Also, I am confused about whatever number we enter in the Box in question, it says "If you enter an amount here, be sure to include it as income on Student's tax return" - does this now mean we need to file a tax return for our student as well? Or that depends on the amount entered? I believe $1,250 is the max of unearned income allowed before they would need to file taxes, is this accurate? And would it even be worth it if we need pay taxes on whatever amount this is?

I am trying to get the refund owed to us, not anything extra or unusual, I am just not sure the best way to answer this question and be accurate.

Please help if you can, I am about frazzled with this and no tax offices are taking new clients before the deadline. Thank you in advance.

More info about us:

• I am married filing jointly (less than $160,000 annual income)
• College student is 19 and only worked a summer job, we are claiming as a dependent.
• All money received was scholarship money, no pell grants.

I made a mistake when investing in my retirements accounts. I submitted my taxes last week but I just realised that I deposited money in Roth IRA in the amount of $6500. I also opened a Traditional IRA but I misunderstood the deposit rules and I thought you could put $6500 per account every year but now I understand it to mean you can deposit up to $6500 across both accounts. I make roughly $105k a year in CA and so I don’t think I get a benefit from my retirement contributions but I still think holding the investments is incorrect. I used turbo tax to file. My company doesn’t have a retirement plan so I just do my own investing but misunderstood the rules regarding the types of accounts I can use if I want to save more than the $6500 limit.

My wife and I had a taxable income of $394,000 this year.
We live in California which has a high state income tax.
We then donated $20,000 to charity.
Making our taxable income $374,000.

Since we're in a high tax bracket, I assumed the $20,000 donation would bring our taxes down by ballpark: $20,000 x 30% = $6,000?

According to TurboTax, the donation only brought our taxes down by apx. $3,000.

I'm quite bad at taxes so I'm just curious what I'm doing wrong. Any insight you could provide would be greatly appreciated. Thank you!

I'm looking for recommended sites or software to file previous year taxes. I need to do 2017 to 2023 business taxes. I know not all software works for such late years but any recommended software would help. Thank you.

My daughter still lives with me but pays a lot of her own expenses. She doesn’t make much, and I only make under 40k a year. Does it matter whether I file her as a dependent or whether she files separately when it comes to the size of the refund?

So my company allows for remote work in NC, but I need to live in VA. The company itself is in MA. Is there a way to like rent office space or physically do my work in NC but live in VA that would meet their remote work requirements? Could I file a non resident tax in NC as well as a residential tax in VA? Any help is appreciated greatly.

22 November 2023 I closed an old HSA from a previous employer and I was mailed a disbursement check for $2.5K

8 December 2023 I deposited the $2.5K disbursement check into my personal checking account.

2 January 2024 I deposit the full $2.5K into my active HSA with my current employer. More specially, I deposit $1.2K as an HSA contribution for 2023 and I deposit $1.3K as an HSA contribution for 2024.

I receive a 5498-SA for my active HSA with my current employer. Box 3 Total HSA contributions made in 2024 for 2023: $1.2K Box 4 Rollover contributions: $0

I called my current HSA provider and asked if I could receive an updated 5498-SA that reflects that the two deposits that I made on 2 January 2024 totaling $2.5K are from a rollover of an old HSA that I closed. I am told that since the transaction took place in 2024 that the $2.5K will not be reflected in Box 4 Rollover contributions until my 5498-SA for 2024 is generated next year.

Does that sound correct? On one hand I understand that the two deposits totaling $2.5K took place in 2024. One the other hand I find it confusing that the $1.2K deposit that I made in 2024 for 2023 is already reflected on my 2023 5498-SA. So then for my 2023 5498-SA shouldn't I be able to get it updated so that both Box 3 and Box 4 reflect the $1.2K that I deposited in January 2024 for 2023?

Or was the representative correct and all $2.5K that I deposited in January of 2024 won't be reflected in Box 4 Rollover contributions until I receive my 5498-SA for 2024 next year?

My head is swimming. If you read all of this post or even part of it, then you have my gratitude. Thank you.

I’m not soliciting business, but seeking to give business to a tax advisor in New Jersey. My spouse and I are relocating to the Short Hills/Summit area from out of state and are looking for a competent tax advisor, mainly for relatively straightforward annual tax filings (we’re both W2, HNW, some rental properties and angel investments). There are a lot more tax considerations in NJ vs. the no-income-tax we’re moving from, so looking for someone to help guide us.

Very late doing my taxes this year, but just finished going through everything on Inuit Turbo Tax…

If I file the tax return, I am entitled to a $2 return. Filing with Intuit Turbo Tax costs $139+tax…

What are the consequences to simply not filing? I’m assuming there are some.

I've been screwed nonstop. Last year I went to an HR block person and they said I owed like 400 but i went home and did TurboTax myself and got money back. I'm so broke I can't afford anything but the freest stuff.

But I had unemployment this year, so a 1099 usually costs. Please help! it could be the difference of me being able to pay a bill or not this month

Beyond my expertise, but throwing it out to see if anyone might have an answer:

Decedent died in 2014. Estate was opened and assets distributed. Estate was then closed.

Was approached by an attorney who said additional assets were discovered, and the estate was reopened in December, 2023. As such, assuming you can re-open estate so many years later, does the year-end of the estate remain 12/31, or can the estate elect a fiscal year end which should (hopefully) push any new potential income into 2024?

Not knowing that I had hit the income limit for a Roth IRA, I contributed $6,500 to a Roth IRA in 2023. This contribution grew to $9,030 by March 2024. I recharacterized my $6,500 contribution to a traditional IRA at Vanguard. However, I made another mistake by not converting the assets to a Money Market fund; by April 2024, the $9,030 had dropped to $9,000. Now, in April 2024, I am ready to convert this traditional IRA to a Roth IRA.

I have the following questions:

1. Do I need to file Form 8606 when I file my 2023 taxes? I saw somewhere that this form is to show that the contributions were due to recharacterization.

2. When I file my 2024 taxes, will I need to fill out Form 8606 again to show the conversion?

3. Since I have a loss between the contribution and conversion steps (from $9,030 to $9,000), should I indicate this on my Form 8606 when I file for 2023? I have read about this from the White Coat Investor. I haven't converted the traditional IRA to a Roth IRA yet, so should I wait until tomorrow or Friday to do this conversion, in hopes that the situation might be slightly simpler?

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Thank you so much!!!!

743b vs 734b

Will someone explain the 743b and 734b adjustment concept to me, what it means and why we net this with line 1 ordinary income on the schedule k1?

I did some research but have trouble following some of these explanations. I know they’re 754 elections and that the purpose is to equalize the inside and outside basis, but if you can give an example for each to show their differences that’d be helpful

I’m an independent contractor (and signed a year contract for 48k a year) and since August 2023 I was paid around 24k last year when I checked my bank statements. However, my hiring manager gave me a payers copy of the 1099NEC form and they reported to only give me 18k in 2023. Am I getting scammed or did I miss something?

I've been using FreeTaxUSA for a few years now. Happy so far. First time filing as a W2+sole proprietor. I've been paying quarterly taxes on IRS.GOV for my side gig. Filed Schedule C on FreeTaxUSA but now owe almost $10k after adding side gig income. Not sure how to add my quarterly tax payments to bring the $10k down. Any hint would be appreciated.

In 2021 & 2022, I over-contributed to my Roth IRA (income too high, I am dumb and assumed the limit applied to taxable income, not MAGI as is clearly stated everywhere.)

I realized my mistake yesterday, April 9 2024. I have already filed my 2023 taxes.

Today, April 10 2024, I have:

1. Completed two separate "return of excess" transactions with my brokerage (Fidelity), one for each excess contribution
2. Made two separate payments using IRS direct pay for the 6% penalties I should have paid with my 2021 and 2022 returns

My main question at the moment is: Do I owe another 6% penalty for 2023, or have I successfully avoided that by making those corrective withdraws before the filing deadline? Put another way: Was the deadline for 2023 distributions December 31 2023, or is it April 16 2024?

Secondary questions are essentially: What exactly do I do now? I would like to be able to do is wrap this up by mailing the IRS a 5329 with part IV completed for each of 2021, 2022, and 2023. The 2023 one would report the corrective distributions in box 20, 0 total excess contributions in box 24, and 0 additional tax in box 25. I'm just not sure this is correct. Among other things, I won't receive a 1099-R reporting the withdrawals until 2025.

Maybe I amend my 2023 return, file both form 5329 part IV & form 8606 part III, and include the distribution on line 4 in my amended 1040? But then what will I do next year when I actually receive the 1099-R?

I sincerely appreciate any advice or insight. Perhaps I will talk to a tax professional in May.

For tax purposes is it better to take a lump sum or to get it in payments on let’s say a 50,000 payout or does it not matter

For a class action lawsuit

American planning to move abroad to a country with a tax agreement with the US, but not a totalization agreement. My understanding is that while I will not have to pay double taxation, I will still have to pay social security.

Im just getting out of college now, and I’m sort of still a newbie when it comes to taxes, so apologies if this question comes off as extremely noobish. But basically, given that social security usually comes directly out of my paycheck, how will that work when I am livinng abroad? Do i just have to pay the social security payments in one sum for the whole year when I file my taxes?

Hi reddit, I'm hoping you can offer me some advice.

In 2022 I, a Canadian, had a Summer internship in California. Tax was deducted from my pay as per usual. When tax season came around, in addition to my Canadian taxes, I filed for my US return using OLT dot com. It took a while to process, but eventually my returns were confirmed, and I got my Federal return check in the mail.

Now, to date, I have not gotten my California state return. I called the California state tax agency when around 8 months had gone by to let them know. This call cost me a pretty penny in long distance fees, and resulted in them sending me a form I would need to sign and send back to confirm I didn't get the first check before they could reissue it.

On this call I CONFIRMED my address. Also as I said, I had gotten my Federal return already, and they were filed together, so like, they DEFINITELY have my correct address.

Regardless, I have still not gotten a single piece of mail from the California state tax agency. Not my initial return, not the form they said they would send me when I called them, and of course not the reissued return. I don't want to call again (but I will if I have to) because it was literally insane paying out my ass in long distance fees just to wait on hold. I get that there are backups and delays that can happen, but good lord, this seems excessive.

So TLDR my questions are: is there a way for someone in Canada to contact the California tax agency without paying long distance fees? Or is there some other path I can take to find out what's up with my return?

I'll try and keep it short and sweet. I run a successful comedy show that's in a venue that I do not own. I sell tickets through their eventbrite, and the venue pays me via PayPal after they get paid through eventbrite. At the end of the year they will give me a 1099. I'm not making all that money, since I'm paying comedians. The show has grown and used to be free, so this is new to me. I would need to start giving tax forms to the comics I book? Appreciate any help.

2023 was the first year I had income, and I work as an independent contractor. So, I have to pay quarterly estimated taxes. The site just says there's an error whenever I try to pay my taxes though. EFTPS claims they'll send me a mail with a code to log in but they never do. Direct Pay requires a tax return from 2022 or before, and I didn't live in this country that long back. I just filed my 2023 taxes now because I believe I'm eligible to not have to pay quarterly estimated taxes last year since it was my first year with income but even now the site doesn't let me pay online. They don't respond to my email regarding the error either. Do I really have to send a mail with $4,000 in it? Here's the error I get:

https://preview.redd.it/jbv1zdxrbqtc1.png?width=2880&format=png&auto=webp&s=423ad46f8ee12f92fc9417ef4017227a60a1bbbe

Do I pay both federal tax rate on my high yield savings account and state tax rate? Or just one or the other? Or something else?

There is zero in all boxes except box 12? It’s money paid from leave and all the boxes are zero except 12A code J saying it’s not taxable. H&R Block will not let me e-file with the wages as zero. It says anything with wages at zero I have to mail it in, which is fine.

So I do my taxes through FreeTaxUSA, and my return was rejected because I selected that “I can NOT be claimed as a dependent”, but have somehow already been claimed as a dependent. I asked my parents and neither of them claimed me so idk what to do. Should I just say that I can be claimed and submit it?

Hopefully this is the correct sub. I’ll try to make this short. My girlfriend and I have a 3 year old daughter. My gf lives in Michigan and I live in California. My gf and our daughter live in my gf’s moms house while my gf goes to college. I send my gf $1000 a month through Zelle and Venmo as “child support”, and have been sending her this amount for the past year. We don’t have any sort of formal contract through a court or anything I just send her the money because it’s what you’re supposed to do. I also pay for our daughters pre-school, which is linked to my credit card (~$200/month). Do either of us have to report this exchange of money on our taxes? If more information or clarification is needed, feel free to ask. Thank you.

I briefly worked for a place in Michigan. When I filled out paperwork and wasn't sure where I'd be living I put down my Illinois address. My state income taxes withheld are entirely Illinois. In addition, I will have not earned ANY income ACTUALLY in Illinois the entire year. I understand that Michigan and Illinois have reciprocity agreements. Which state do I need to file for this income?'

EDIT: I ended up living in Michigan for the entirety of the time I worked there, which was like 3 months.

Just signed up for the IRS site and I don't see any payment activity Q1-Q3, but I've paid each those quarters. Q4 is pending (and has been since January).

Used credit card processors for all of those.

Is there some kind of issue with the site in not showing all the payments? Need to file 2023 taxes but not sure if I should submit that if my estimated payments are MIA.