Last year, I received employer disability payments totaling $27,657 (pre-tax). However, after completing my tax return, I am showing that I owe nearly $3,000 in federal taxes. How do I enter my disability payments on my tax return?

March 5th, 2024

My 95-year-old mother has not had to file taxes because of low income. She paid 10% of $44,000 from an annuity payment she received in 2011. Can she file to get the $4,400 payment back, and if so, how?

October 29th, 2024

Our organization, established in the 1980s as a 501(c)(3) and classified by the IRS as a 509(a)(1) public charity, has had no activity from 2005 through 2011 but is reorganizing in 2012 with plans for fundraising. We have been filing 990-EZ forms since 2007 to maintain our tax-exempt status, though we are behind on filings. We plan to catch up on all filings to avoid losing our tax-exempt status. On Form 990-EZ, Schedule A, Page 3, Part III, Section D, Lines 19a, 19b & 20, which box should we check (19a, 19b, or 20) to keep our 509(a)(1) status as a public charity, given that we have had no revenues for the year?

January 19th, 2024

Is a personal residence that was placed in a revocable trust, which becomes irrevocable upon the death of the grantor, allowed the $250,000 (single person) exemption due to the sale of the personal residence on Form 1041?

December 26th, 2023

I have a rental property which is part of my main home, and my girlfriend and I are splitting the expenses and income on our separate tax returns. I'm hearing conflicting advice about whether we should use Form 4562 for depreciation or Form 1065 for partnership returns. Which form is correct for our situation, and does renting a room in our shared home create a partnership that requires the use of Form 1065?

July 6th, 2024