Does my tax obligation change when I am 80 years of age? I am 80, married, and presently living with my daughter. During 2014, we were living with our son in Utah, and I worked part-time earning $7,861.36 along with about $25,000 in social security income. I also have two pensions totaling $3,192 and military disability of $1,560.
November 19th, 2023
I work in NY but live in NJ. My employer provided a W-2 showing NY wages in box 16. When doing my NJ tax return, do I have to add back any items to figure NJ taxable income? I understand that I should start with Gross Pay, back out 401K contributions, but not medical premiums to arrive at NJ wages.
February 11th, 2024
I owe more on my house than it is worth. Can I get a tax deduction for that?
August 23rd, 2024
Where do I list the net sale of land and what form do I use to determine the net gain/loss from that sale, including original cost, taxes, depreciation, improvements, and broker costs?
June 11th, 2024
A taxpayer sells nonqualified stock options in 2012. On his 2012 W-2, the proceeds are reported in blocks 5 & 11 but are not included in block 1. I thought proceeds from nonqualified stock options were subject to ordinary income tax. Therefore, why aren't they included in wages per block 1?
December 26th, 2023
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