I received stock options from my company, and when I retired, I cashed them in. The amount received is included in my W-2 under box 1 (wages, other compensation) and I also received a Form 1099-B for the gain. When filing my taxes, reporting this amount under Income gains inflates my total income, causing me to pay over $13,000 in taxes. Do I need to report this sale if it is already included in my wages?

June 14th, 2023

1. Office furniture was placed into service on September 1st, 2002. Using the DDB method, I calculated the depreciation to be $2623.5 ($15,000 x .1429). Is this correct? 2. When a Partnership distributes $15,000 to each partner, does this go onto the income statement, and if so, under what title? 3. Are charitable contributions limited to 10% of total income, with the balance carried forward? 4. What are some examples of other deductions that can be listed on line 20 of Form 1065? 5. Delivery equipment purchased in 2000 for $18,000 was sold for $20,000 cash on January 2, 2004. Using straight-line depreciation, the accumulated depreciation is $4500 x 4 = $18,000, so the adjusted basis is $0, and the gain on the sale is $20,000. Is this correct?

November 30th, 2024

I turned 65 in September 2014 and have been receiving payments from the Swiss Social Security directly to my bank account since then. I live and pay taxes in the USA and do not have a 1099 for this. How do I file this revenue in TurboTax?

September 7th, 2023

I am withdrawing $35,000 early from my 401k IRA account. I live in NYC, make $146,000 annually, and file my tax returns jointly. I am 45 years old. How much federal and state taxes should I withhold?

November 15th, 2024

If I give a house worth $25,000 to the church jointly with my wife, what would I get back from that on my tax return?

November 16th, 2023