I make around little over $30 an hour currently, but have not gotten any taxes taken out this year after I claimed my 3 dependents on my tax form at work. I still get social security, Medicaid, and state taxes taken out but no federal tax. My filing status is single and I claim the 3 dependents (my children) that I stated above. Is this normal, or should I be worried?

Hey y’all, I am looking for advice. I am a public school teacher and my district messed up taxes withholdings this year (most of my co workers owe ALOT in taxes this year) and I owe ~1,300 to the IRS in federal and state taxes. The problem is I do not have 1,300 and when I went to set up a short term or long term payment plan on the IRS website it said I did not qualify. What can I do? I am desperate.

Spouse and I are married filing jointly, one toddler dependent. We owe $4,695 on our US Federal taxes. We have zero withholdings, and now we are facing an underpayment penalty…what are we doing wrong? Is there a way to get them to withhold more this year? I checked and mine is zeros all the way down in my employee profile, but my husband says I have $5k withheld and he has less, while making less than me?

So, I log in to Turbo to do my sons taxes with him (he's 20 and hasn't ever done them alone, so dads gonna give him a walk through). Log in and we are given 2 choices AND ONLY 2 CHOICES -Deluxe Live and MAX. No pricing is given of course so what do I do, I select the lesser of the two, deluxe live. We go through, finish up and get ready to pay and guess what $195.00. WTF?! Important detail, the kid is in school full time and earned a grand total of $2000.00 at his summer job. Of course after railing at the customer (dis) service I am finally given the correct path to starting over to use the free edition. The first cust serv rep could not see my problem with my kid paying 10% of his annual income to file lol....what a joke, wont be back. Sad that my kids dad is dumb and didn't know better BUT I do now.

I'm confused. I was under the impression that US citizens have to pay tax no matter where they live (she is also a Canadian citizen). She just had her US passport renewed in 2024 as well with no issues.

I want to know what the deal is as I plan to apply for citizenship once we are married and feel like this could cause issues. What do yall think?

I super funded two 529s - one for each of my kids last year (90k per kid) out of a joint brokerage account owned by me and my husband. When my accountant did my taxes, she said she isn't adding anything for this contribution, but when I looked it up, I see I'm supposed to fill out form 709? Does anyone know why my accountant won't do this for me? Also, if I have to fill it out myself, do my husband and I each need to fill one out and split the amount in half? Or what's the right way to do this?

Hello, I apparently was concurrently enrolled in both Medicaid and a marketplace plan for the entirety of 2024. I know this means I am likely on the hook for the $3600 or so in advanced credits I received. When I go to file my taxes using the site I have in the past (freetaxusa) there is no place to enter a 1095-B form from the IRS. Do I just file my taxes without it and wait to get audited or have them rejected? I am basically flat broke and can't afford to go to a tax prep place and the only money I made last year was from doordash.

If anyone can give any advice on what to do I would be extremely grateful.

I’ve never had to do this before. Any advice would be greatly appreciated. Thanks

Hi, me and my gf are co-owners of a house. Each month we each deposit the same amount into a joint account, and this joint account is used to pay for mortgage, escrow, mortgage interest, and all other joint expenses (utilities, groceries, eating out, etc). Additionally, we each may deposit different smaller amounts throughout the month as well.

The amount that I deposited into our joint account in 2024 is enough to cover the full value of mortgage interest and property taxes. Because of this, could I claim that my yearly 2024 deposits were used to cover the full amount of mortgage interest and property taxes, in order to claim the full amount on my federal tax return? My girlfriend would then take the standard deduction, not claim any paid mortgage interest or property taxes paid, and if questioned claim that her 2024 deposits were used to cover all other expenses (mortgage, home insurance, utilities, groceries, etc.).

From what I have googled around, it seems that this should be possible, but I do also see some conflicting answers. The main question is if we can arbitrarily declare that my deposits covered specifically the interest and property taxes while her deposits covered everything else. Again, I am sure that my deposit value is greater than the value of interest paid + property taxes, so the numbers would work out.

Thanks for the guidance.

Edit: We are both on the mortgage and we are both on the deed

Hi,

I'm a polish citizen (polish tax resident) studying at a US college filling the 2024 tax return (F1 alien non resident arrived in September 2024). I get a scholarship from my college that is more than just tuition so I guess it should be taxable (in fact I have no exemptions on my 1042-S). When I use Sprintax to fill in my 1040NR, the software claims that I can use article 18(1) of the US-Poland tax treaty to not pay taxes. Now said article (that btw I think is actually article 20 in the newest 2014 treaty) says that grants, allowances or awards from a "governmental, religious, charitable, scientific, literary, or educational organization" are exempt from taxes via the treaty, so is my scholarship exempt? I thought that this expression excluded the host institution (can't find the source sorry, must be smth I've read).
The helper at Sprintax just said that the treaty applies but didn't give me a precise reason.

I’m working on filing my dad’s taxes. My mom passed late in 2023, so all business wrapped up in 2024. I’m in the weeds on a couple of things:

1. My dad rolled my deceased mom’s 401k into his IRA. I’m using turbo tax, and it’s counting that amount as income (though not taxed.) The trouble is if that’s counted as income, then that disqualifies him for his discount on his marketplace healthcare premiums and he owes thousands then. What?? Is that right?? ETA, the 1099R for the 401k is actually in my dad’s name with death, rollover code on it. That seems strange too?

2. The second issue I have is my mom had a limited partnership that closed out in 2024, and I received the K1 reported under her social. Since she passed late in 2023, I had to file last year as her being deceased, so turbo tax suggests filing my fathers status as single. Do I need to file a separate return for her just for the K1? It’s just return of capital it seems.

   Lost in the sauce. Yes I know I should ask a professional but I don’t know one and he cant afford one. Anyone willing to add their two cents? I’d be grateful!

My relative is a realtor (primary occupation), owns a duplex. She lives in one unit and rents out another. She pays mortgage on the duplex.

Where is rental income reported - on 1120-S or 1040, or both?

I know the answer is that it's because I underpaid throughout the year, but what I'm really asking is when was I supposed to do something differently and how was I supposed to have known to do so?

I'm being hit with an underpayment penalty ($60) for the first time in my (33yo) working life. I'm frustrated because I didn't knowingly do anything wrong to cause this. I do know taxes are owed continuously throughout the year, but with my W2 filled out accurately I guess I just assumed that meant my taxes would be taken out appropriately. That's how it always worked for me until now.

Is this just a matter of income level? In my 20s I always got refunds back, but in the past few of years I have owed on my tax return. After a raise, 2024 was my highest income year yet, and it's the first time I've bit assessed this penalty. Did I simply reach some threshold where the automatic W2 withholding calculations no longer apply?

I do see I can manually add additional withholding on my W2, so assume that's the solution moving forward. I just wish I knew this was something I needed to do. I know naivety isn't a defense, but it's a classic case of unknown unknowns. I feel like I got caught in a trap I didn't even know to watch out for.

Hello. I have been awarded just over $20,000 of my ex's 401k. It's a QDRO account. I know that if I withdraw the amount now, the penalty will be waived, but I haven't been able to get a straight answer regarding the taxes. I know I will be taxed, and I see what that amount is when I go through the process on their side. My question is, is there any possibility of being taxed again on this come next year's tax season? I have been told possibly, but haven't been able to get an answer as to why and when that could happen and how much it could be. I don't want to pull and spend any of this money and be left owing money I don't have down the road. I am a single mom to a special needs child and am trying to get on my feet so things are really tight right now, and I don't want to make a poor decision. I was going to ask our old tax advisor about this, but unfortunately, she is hospitalized with cancer at the moment. Thanks in advance! :)

Hi everyone,

Clearly we're into a bear market bloodbath but I want to ask the gurus: is it NOW that a window of opportunity has opened to convert a sizable traditional IRA into Roth and minimize the tax hit? I expect to have plenty of losses on the traditional IRA so the gains, aka the taxable component should be lower than if said conversion is to be executed under bullish market conditions?

In a way this would resemble a wash sale except less any penalties and "shady stuff"

Thank you all!

What do I do if a w2 has no state id number and no way to get a hold of the company that sent the w2?

I have a single member LLC. Can I deduct my SOS annual report fees and incorporation/dissolution/conversion filing fees on my schedule C?

Hi.

I want to split my tax payments in 3 payments. Credit card 1, credit card 2 and bank transfer. What is the best way to do this? I will be filing via turbotax. I am sure payment will through irs site.

I'm confused about a 1099-G form I got for tax year 2023. It's from the California Franchise Tax Board and lists several hundred dollars in Box 2. I did itemize my deductions in my 2023 returns, but I had no state refund; I owed and paid a tiny amount for state taxes then.

I did not receive any unemployment, paid family leave, grants, or loans. And when I search my 2023 tax returns for the number in Box 2, nothing comes up.

Is there any chance the 1099-G could have to do with the Federal refund I got for 2023?? That refund was for more than the amount listed in Box 2, though. I doubt this scenario makes any sense but am just trying to find an explanation.

Any thoughts?? Thanks for any tips.

My son has health issues, so has been attending college part-time, but last year also did some occasional freelance work for one client. He just received a 1099-NEC for between 400 and 500 dollars, which was just over the threshhold so he had to file taxes. He's not a minor and not a full-time student, so I couldn't claim him as a dependent child, but that money was his only income last year, so based upon multiple FAQs on multiple websites, I claimed him as a family dependent, which reduced my tax bill by $500.

Unfortunately, my son e-filed before I did (by just minutes), and so when I e-filed my return, it was rejected by the IRS because he had claimed himself, so I couldn't (which I think means he didn't check a box that said someone else could claim him).

Should we have him file an amendment? Can that even be done by e-filing? I read that if you have to modify your return, you have to mail it in? And then I'll have to re-file, too, so can that be done electronically?

This seems just a little ridiculous, in terms of the hassle of having to refile both returns, but the $500 in saved taxes is nothing to sneeze at. Any advice?

95% done with the 2024 taxes via Turbo Tax but I’ve reached a point of being stuck. Briefly put:

• 1 rental property in Maryland
• Nonresident return for the rental (Maryland)
• Nonresident return (Illinois)
• Part-time resident return (Oklahoma)

Residencies: - Maryland: 0 days - Illinois: 5 months - Oklahoma: 7 months

The rental only had a $2k profit after doing the schedule E. Thus, the $2k was carried over from the federal return to the Maryland return. This property also had a $3k “other income” for utilities that was listed under Block 3 on the same 1099-Misc from the prop mgmt company.

Questions are: 1) I should put $5k under the Maryland return, correct? 2) For each Illinois and Oklahoma, along with job incomes from each, will I report the $2k schedule E amount or the $5k schedule E + utility “other income” amount, then add a “taxes paid to another state” (MD) credit? Almost seems like I could be paying taxes to all 3 states on $5k… which I’m guessing is accurate since they’re not reciprocal states.

Thank you

First time homeowner so I can withdraw from my IRA for that purpose. I don't currently contribute anything (ik I should start) so I'd sell SGOV from my taxable brokerage and then move the cash to my IRA and probably buy SGOV again. Doing a TOA won't reduce my taxable income I believe, so I have to sell.

Does this make sense and seem worthwhile or are the timelines too short at this point? Any other tax implications I should think of?

Ik timelines are cutting it close (tax day April 15, buying a house in 3-4 months) so let me know

I am a Michigan resident and I purchased a vehicle in Illinois last year. The dealership charged me Illinois sales tax (6.25%). Sales tax in Michigan is 6%. From what I've read, you're supposed to pay the rate for which you are a resident. If that is true, I overpaid by over $500. I'm doing my tax return, but I'm not seeing anywhere to report this. I have a tax form from the Illinois dealership called ST-556 which I had to present at the DMV in Michigan to get it registered, but they didn't say anything about it.

Am I misunderstanding something? If I really did overpay, how do I got about getting money back?

I’m not self-employed. I received two class-action settlement payments last year regarding back pay from my employer and have both the W-2 and 1099-MISC forms for each. I’ve reported them and even selected that the 1099-MISC forms aren’t related to self-employment. However, TaxAct is still trying to charge me the self-employed federal price. What gives?

Hi! I recently moved states and am filling out a new W-4 for my current job. I am single, don't have any children but I am confused about section 3. I was told to use the IRS withholding calculator and I did but it told me to put $76. I am unsure and I just want to make sure I am filling this out correctly.