Are rebates from utility providers income if sent as a cash transaction separate from the utility provided? I have received this rebate from Southern California Edison in 2024 for having obtained a used electric vehicle. SCE calls this a rebate, but this was mailed to me as a check and not directly credited against an…
I took a traditional 401k account and converted that into a Charles Schwab Rollover IRA, then transferred those funds into a Roth Contributory IRA. So now I have a 1099-R for this transfer. When trying to enter this information into my return the following questions are presented in yes/no fashion: "Is this a Roth…
I recently got a new, higher-paying job that I expect to have next year. (hired in August). I will most likely be in a new tax bracket this year and probably an even higher one next year. What are some of the things I can do to minimize my taxes paid overall? I am not concerned about taxes in a particular year; I would…
my wife is a teacher at the public level and every paycheck, no income tax was taken out by the state or federal government. This caused us to owe thousands last year and I am curious if I am doing something wrong or what?
On the QuickThoughts app, I accumulated money through surveys that were under $400, which I received in Virtual Amazon Gift Cards that can only be redeemed on Amazon. Overall, I can't reserve any cash from the money earned from QuickThoughts because it was obtained in Virtual Amazon Gift Cards, which limits my ability to…
How can I sell personal used items on eBay at a loss or for less than what I paid for without being liable for self-employment tax or income tax in Memphis, TN, USA, considering it as hobby income?
If I offer proofreading on Fiverr and I haven't earned anything yet but they require me to file a W-9 to start offering proofreading services on Fiverr's platform, will that income be considered a hobby or business income?
I filed my taxes last month and both my state and federal returns were accepted by the IRS. Today I stumbled upon a 1099-R form that I forgot to file. Here's where it gets complicated… I only filed an Alabama state return because the only jobs I worked in 2023 were in that state. However, I drained my retirement account 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.
I've received SSDI for a number of years now. I have a small rental home, and monthly rental income from it. I live with my parents, who are seniors, and the income is shared with them. But I file taxes separately from my parents, who are married. Is my SSDI taxable? I see it's taxable if total income is over a certain…
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