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Hello Community, Occasionally in tax support, we see a trend in the types of questions we get. This year we are seeing more questions about the Underpayment Pentalty than normal. The IRS has said they are seeing an increase in taxpayers who are subject to the Underpayment Penalty. So, it isn't a surprise we are seeing more…
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…
I am a non-resident from Peru and the sole proprietor of an LLC established in September 2023 in the United States. The LLC has received a nominal payment of $100 from Colombia through Stripe. Given the current and projected financial activity, I am seeking professional advice on my US tax obligations, including the…
Me and my spouse lived for the entire year and earned income in 2 different states for 2023. I lived in TX and my spouse in MN. How do we file our taxes for the state of MN if we do federal as married filling joint? Since I lived in Texas my state tax is 0, but my wife paid MN state taxes. When we get to filing the MN tax…
Hi everyone, I'm currently a college student, and I only made $5000 in 2023 through a part-time job. However, I have contributed the full $6500 to my Roth IRA (because I have previous savings) for 2023. For that reason, I now have around $1500 of excess Roth IRA contributions that I need to take out before April 15 (I just…
I am an independent contractor and estimated my income for 2023 at $20000. I received an $860 per month credit to apply to my health insurance and used the full amount each month since July 2023. My income will be $0 for 2022 when I file my taxes. Will I have to payback the $860 credit for the 6 months I was covered?
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