If a widowed parent provides over half of the support for her daughter who is a 22-year-old, full-time student living in the home, but the parent is unable to claim Head of Household nor claim her as a dependent because the daughter's Unearned income is over the maximum allowed, would that also disqualify her from being a qualifying child for the earned income credit for the parent? The student is required to file her own tax form due to having over the maximum allowed of unearned income.
November 2nd, 2024
My 15-year-old daughter is working 10-15 hours a week. Should I have her claim zero or 1 deduction for taxes since I will be claiming her as a deduction?
September 13th, 2023
I work for a company with offices in Maryland and Arizona, but I telecommute 100% from my home in Washington state, where the company does not have an office. I worked the first half of the year as a contractor (1099-MISC) and the second half as a regular employee (W-2). Do I need to pay taxes to Arizona or Maryland? Washington does not have a state income tax.
October 20th, 2024
We recently received a small inheritance from a relative that died. When the estate was all settled, the lawyer sent us a check, a summary of how the amount was calculated, and a K-1 form. The only amount on the K-1 form is in 11A, Excess Deductions. From what I can see, this goes on my Schedule A on line 23. However, the amount will not exceed the % from my net income that sets the lower limit in that section. The K-1 is a 2010 form, with the dates 11/1/10 ending 6/30/11. I assume this goes on my 2011 return Schedule A and I don't have to adjust my 2010 return. Do I also need to put the inheritance in somewhere as income? There isn't any form here indicating they gave that amount to the IRS. Do I need to attach a copy of the K-1 (1041) to my 2011 return?
January 1st, 2024
I am researching the concept of an alternate tax system, specifically focusing on the Flat Income Tax or National Sales Tax, and comparing it to the current tax code. What are your opinions and ideas on the Flat Income Tax, and do you have any references or articles I could use for my research?
October 27th, 2024
My husband has received most of his inheritance and has decided to open a separate checking account. He has not received any of the farm rental income. Right now he is owed $25,000 or so. Do we have to claim this on our taxes yet even though he hasn't received it?
December 22nd, 2024
My sister donated her vehicle to a local charity and received information about the sale of the car, which was $3,200. She believes she can claim this deduction on her taxes. However, I believe she has to itemize on her taxes to claim this donation. Will she be able to claim this donation without itemizing?
February 12th, 2024
My employer was not issued a W-2 form on time, and I lost my W-2 form for 2010. What do I have to do? Can I file it in my 2011 return?
August 7th, 2023
What is the law for gains and losses in stock trading? Can I only claim $3000/year for losses but have to report all winnings? Do we offset the winnings and losses at the end of the year? For example, if my total gains in various stocks is $20,000, but I lost $15,000 on one stock in the same year, does this just get deducted and result in just $5,000 gain? Or does this mean I can only deduct $3000 for that year? Can you clarify on this law?
July 23rd, 2023
I have purchased new energy-efficient windows that qualify for tax credits. I am also filing an Amended Form 1040X with Form 5405 for a First Time Home Buyer Credit. How do I claim the tax credit for the new windows, and which form should I use? Additionally, do I need to include a copy of my house closing statement with the 1040X and 5405 forms?
November 18th, 2023