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# taxes
  • f
    Has anyone successfully transfered an IRA to a new brokerage and then recharacterized a contribution made at the previous brokerage?
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  • b
    message has been deleted
  • p
    I contributed to my Roth IRA not aware that my MAGI would exceed the threshold. While setting up my taxes I see I will be hit with a 6% fee. What can I do to prevent this fee on last year's contributions? Is there a way I can also walk away with the money in a Roth IRA and not a traditional IRA?
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  • f
    I want to shelter a sale of land (part of my property) from: A) Raising my reported income. B) Tax. How??
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    +2
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  • c
    Is there a minimum amount of tzedakah that you need to give a year for a Donor Advised fund to make sense? Or will it always help you save money on taxes no matter how much tzedakah you give?
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    k
    +7
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  • w
    I have a 1099-B due to a stock grant from my employer. I paid taxes by selling when I received the grant. The 1099-B has 0 for the federal tax withheld. I generally otherwise don't really understand it. Anyone wants to help me out?
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    +2
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  • b
    I got an account opening bank bonus of $500 from PNC Bank, and the representative told me over the phone that they aren’t sending me a 1099 because I didn’t earn Interest. Do I not have to report this bonus if I don’t have any documentation for it?
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    +6
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  • c
    Is there a certain metric to justify filing married separate vs jointly? The wife and I filed jointly last year but my MIL mentioned that separate filing got them a much higher return than if they had filed jointly. Some quick facts that might help: • Wife brought in ~27k (all one W2) • I brought in ~22k (W2, then gig 1099, then W2 plus 1099B) • We have ka”h 1 son Also curious what everyone is using to file, I am using FreeTaxUSA. Thanks all
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  • e
    Not as relevant these days Could help But there’s many strings attached
  • c
    My wife works at a preschool, and she takes our son with her. She has an arrangement with the school that he stays with her some of the day but for most of it he is in “daycare”. It comes out of her paycheck for those hours instead of her paying separately (which would have simplified things). Would we be eligible for the child care credit?
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  • a
    I see people mentioning freetaxusa, I live in NJ and work in NY, would it still be simple enough to use ftu? And I assume I'll be paying for both state fillings
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  • w
    A relative just told me that they intentionally overpaid their state taxes at the end of last year in order to claim it as a deduction for their federal taxes, and then they get the overpayment back as a refund. Is that legal?
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  • s
    Is there anything that FreeTaxUSA lacks compared to TurboTax Deluxe? Can prior year’s data from TT be transferred to FTU? Is it user friendly?
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    p
    +2
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  • f
    I sold some treasury bonds that I bought at a discount. I'm entering the information in FreeTaxUSA and it doesn't look like they add my Accrued Market Discount to my income. Am I missing something?
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  • b
    My brother just told me he was at a tag and title place in MD and when he was paying the taxes the person there said on cars from 2017 and older you can put down $0 for the payment and avoid paying taxes on it. Seems super sus, does anyone know of anything like this or was that employee just completely off?
  • w
    Yes I know that the amount of money I got from a stock grant after taxes was exactly as much as Hashem wants me to get. But it's still quite painful to see how much of it went to taxes.
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  • t
    Worked from home for my main job and side work (side work through personal LLC), can i deduct power/internet/gas? edit: i use my office for this
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    +4
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  • w
    FreeTaxUSA is giving me this warning before I finalize submitting my taxes. I do have childcare expenses in box 10 of a W-2. Am I supposed to also enter that amount in childcare expenses?
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  • c
    In this or maybe the frum devs slack, someone posted that on 401(k) withdrawing principle there is no early withdrawal penalty, and I don't think that is accurate for any IRA?
    m
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    +2
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  • c
    Is there a time of thumb when you can just use a free online service for tax preparation vs actually hiring someone to do your taxes?
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    +2
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  • v
    My employer switched to a new payroll processor, and now both companies have sent me a W-2. The old processor issued a W-2 covering about 10 months of income, while the new one reported income for the entire year. Per their agreement, the old processor wasn’t supposed to send a W-2, but they did anyway. The old payroll processor is also almost impossible to reach. Any advice on how to handle this?
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    +4
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  • a
    Say someone close is gifting me more than 10k for all of certain relatives wedding expenses with whatever remaining going to as a gift to the couple and he wants to wire this gift. What is a reasonable way to pay as little tax on this as possible?
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    +3
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  • f
    how exactly is a 1099 taxed? My accountant tells me say if I make 100k from w2 and 10k from 1099 then say my tax bracket is 15% so I will pay taxes essentially twice? One 15% for the 1099 = $2250 and then more for the total reported income of 110k on the tax return - again another $2250 - is this correct?
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    +3
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  • s
    if i contribute to 529 and get a matching contribution from Maryland, instead of tax deduction, can I still get a federal tax deduction?
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  • f
    If I had USDC in a blockfi account before blockfi went bankrupt, then got a payout (less than the sum originally held in the account) that was transferred as usdc into my Coinbase wallet and I subsequently sold those assets/withdrew the funds to my bank, would I need to report that payout as income or is there some kind of cost basis I could apply? No documentation is available from blockfi since the bankruptcy…
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  • m
    My favorite tax influencer has launched a completely free tax law community! https://www.skool.com/actualtaxlaw/about?ref=70b9c06b2f284af0b91556f2f0d45731 Slack Conversation
  • f
    I got two 1099-B forms in the mail from a company called OceanVoyage And Co. I never heard of that company before, def never invested in it. Do I need to be nervous it’s fraud? Is there a way to look into it
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  • a
    On my 2023 return I had a carryover loss from previous years that was not offset at all, so it is also carry forward, how do I record that in freetaxusa? I don't have 1099 income to use it for but hope to have this year so I want to continue to carry it
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  • a
    Anyone have experience with freetaxusa paid services? Or can anyone recommend a tax expert who would do an hour consult to help me make sure i did things correctly before I submit? Thanks
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  • a
    I do freelance video editing, and I'm currently a little shocked at how much I'm paying in self-employment taxes (I think close to 50%, does that make sense?!?!) I'm relatively new to this and I'm wondering if there are ways to reduce taxes. I already keep track of and deduct all my business expenses that I can think of (like computer + peripherals + software). I guess it's normal and I'm not used to actually seeing my income disappear to the IRS because it's usually withheld from my paycheck 🙂 But if anyone has any insight, feel free to share.
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