asked
My son turned 18 in October 2020, lives at home, is still in high school, works, and makes around $8k per year. He depends on us for more than 50% of his support. I want to know if there is a way he could get the second and/or future stimulus payments. We got the first one for him because of his age in 2018. He was claimed as a dependent in 2019. If we claim him as a dependent in 2020, I understand neither of us gets the payment. If we don't claim him as a dependent in 2020, I believe he would receive the payment as a tax credit if he files as independent. Since he meets the criteria for us being able to claim him as a dependent, do we HAVE to claim him as a dependent? Is claiming him as a dependent a CHOICE if he meets the tests, or is it REQUIRED if he meets the tests? If this is a choice, is there any problem with designating him a dependent in 2021 if he was designated independent in 2020?
August 26th, 2024
I need a copy of my 2019 1040 and W2 forms. How can I obtain these documents?
September 26th, 2023
My dad improperly put me as a dependent on his 2019 taxes. He filed an amended return for 2019, but I haven't filed taxes in decades due to low income. I am on SSI and SS, and I didn't receive the $1200 stimulus from April 2020. How do I file to get the stimulus payment, and do I need to include my dad's amended tax form information?
November 12th, 2023
Do I pay capital gains tax on a second home even if I do not reside there all year round? Also, on an investment property, can I use the capital gain amount toward renovation on a new property that will be my primary residence and will that allow me to not pay capital gains tax? How can I defer capital gains tax if possible on selling a property in Florida?
March 6th, 2023
Which of the following are factors that will determine the deductibility of health insurance premiums for businesses? Select one: a. An individual can only claim the health insurance premiums write-off for months when neither them nor their spouse was eligible to participate in an employer-subsidized health plan. b. The deduction must exceed the earned income collected from the taxpayer's business. c. Eligibility to take the deduction is determined on an annual basis. d. Only A and B above are correct factors.
March 2nd, 2023
I have owned my home for 18 years and plan to sell it in 2 years, expecting a profit of about $125,000. Do I have to pay taxes on this profit, especially since I plan to downsize to a home of lesser value?
April 27th, 2024