Which year do I put down for my NYS inflation refund check? The 1099-G says tax year 2025 in box 1, but obviously that's not an option for my 2025 tax return. The payment was based on my 2023 tax filing status and income, would I say it's a refund from 2023 then?
I’m handling tax prep for a deceased parent’s trust/estate for the first time and feeling a bit lost. Not sure which forms are required or whether I should use software or a tax professional. Any tips, experiences, or service recommendations would really help.
Hi, everyone. My question is whether an erroneous store refund is taxable income. In two unrelated instances, I returned merchandise that I had purchased, and I received a refund for more than I had paid. The first time, I bought something on sale and when I returned it, the store mistakenly refunded me the full price. The…
We want to take advantage of the additional $6,000 deduction (per 65+ person, married filing jointly) in 2025, and maximize the withdrawal within the 12% tax bracket. To calculate how much I can withdraw within the 12% bracket it seems to me that I will add: $94,300 (the maximum adjusted income within the 12% bracket)…
Do you need to report gambling winnings if you didn't win over $300 per gambling session and you lost the same amount during each gambling session. example: bought in for $50, gambled for an hour, won $50 for a break even session? Never won over $300 at a time and never got a W-g form.Â
Hey Folks, Main Question: How to you use FreeTaxUSA for NJ State Tax Filing? Specifically when dealing with LLC income and expenses Context: I'm using FreeTaxUSA to file Federal and State (NJ) taxes I've used many times before The difference this time is that I'm also doing my Single Member LLC taxes Federal taxes have…
I am a Maryland resident and I married my husband in June last year. I was never a resident in Minnesota even though we got married there. I was working full-time in Maryland during the whole 2024. Is my MD income then taxable in Minnesota since we are husband and wife? Note that my husband later moved to Maryland in…
How do I attach other forms when filing my annual return? For example, I have to attach form 8938 but the system only asked me if I did it, not to actually attach it.
For reference, the total allocated amount was $2,700. The instructions are “The parties agree that 50% of individual settlement amounts are for alleged unpaid wages, and subject to payroll taxes to be reported on an IRS W-2 and 50% shall be allocated as penalties and interest and will be reported on IRS Form 1099.…
I bought a piece of raw land for 60,000 dollars in May 2024. I paid 5000$ in closing cost and have paid over 300 dollars in interest on the property a month for a year. I am selling this month for 81,500$. Is there any tax exemption on capital gains tax I can do with interest and closing cost I’ve paid?
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