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This tag is to be used for any question pertaining to an individual's income taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country.

2 votes
0 answers
140 views

Does passing an IRS audit with flying colors affect in any way the probability of an audit i...

I am asking this out of curiosity; we will not change our good behavior on tax reporting based on this answer! Several years ago, we had a thorough audit on our federal income tax return (US). The …
ab2's user avatar
  • 1,900
4 votes
2 answers
241 views

Are there any financial advantages to getting married that might outweigh or mitigate a heft...

If my partner and I get married, we know that out Federal income tax will go up by several thousand dollars a year (the marriage tax). We have done the calculations. Are there any financial advant …
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  • 1,900
1 vote
0 answers
28 views

Are changes in the tax code for individuals usually retroactive to the beginning of the year... [duplicate]

With the new administration, there is a potential for changes in the tax code. The one that interests me the most is the possibility that the rate for long-term capital gains (now 20%, maximum) will …
ab2's user avatar
  • 1,900
1 vote
0 answers
58 views

US Federal IT: If the deductions proposed to be eliminated are eliminated, will the AMT be a...

The House and Senate tax reform bills between them propose to eliminate deductibility of state and local taxes and cap mortgage deductions for mortgages greater than 500K, plus eliminate the Medical D …
ab2's user avatar
  • 1,900
1 vote
1 answer
170 views

Was the brouhaha on pre-paying real estate tax in 2017 for 2018 taxes ever resolved, and if ...

The new tax bill (Federal, United States) allows only a $10,000 deduction for 2018 for state income tax plus real estate tax. There was considerable backing and forthing on this as the tax bill neare …
ab2's user avatar
  • 1,900
1 vote
2 answers
346 views

Is this a way around the Wash Sale Rule?

This question is prompted by my answer to the question about wash sales. I'm not going to repeat everything in the question or my answer. The question had a simple answer: technically Maybe but as a …
ab2's user avatar
  • 1,900
4 votes
2 answers
152 views

What, specifically, causes the necessity to revise a brokerage 1099, and why are revisions s...

We've had two questions about revised 1099s causing the OPs' tax liabilities to change after they had filed. One of them is here; the other was a duplicate. We've had this happen to us regularly. We …
ab2's user avatar
  • 1,900
1 vote
1 answer
63 views

Elementary question about AGI and SS income

I know that 15% of my social security income is not taxed at the Federal level. But is that 15% a deduction or an adjustment? That is, is the 15% counted in AGI or not? I get gobbledegook when I go …
ab2's user avatar
  • 1,900
5 votes

Am I required to amend my tax return if I overpaid my taxes?

People make honest mistakes in filing their returns. And the IRS makes honest mistakes in entering data which makes it look like you owe more (or less) than you do. I have received several notices fr …
ab2's user avatar
  • 1,900
5 votes
1 answer
196 views

Is there an IRS "use or lose" it rule on taking charitable deductions up to the 50% limit of...

In 2014, I made a large cash contribution to my school. (As cash, this contribution is subject to the 50% rule on deductions, not the 30% rule.) At my expected AGI, and my expected level of other ch …
ab2's user avatar
  • 1,900
2 votes
0 answers
57 views

I have a charitable carryforward from 2011: Can I file in October 2017 (extension) and still...

In 2011, I made a large charitable contribution to my school. Some is still left over, despite my having taken the maximum allowable charitable deduction each year. I know that I cannot carryforward …
ab2's user avatar
  • 1,900
0 votes
5 answers
258 views

What do we know about elementary financial education at highly ranked schools at the pre-col...

Several answers and comments have postulated ignorance of the most basic financial features, for example, a total misapprehension of "marginal tax rate". See, for example, the comments under the answ …
ab2's user avatar
  • 1,900
3 votes
Accepted

Should my wife start working in December or in January

If you and your wife file as married filing jointly, the only difference her starting date (2019 or 2020) will make in your Federal Income Tax is that the two of you will have more income in 2019 beca …
ab2's user avatar
  • 1,900
1 vote

What do we know about elementary financial education at highly ranked schools at the pre-col...

Today's (02/08/2020) New York Times has an article which addresses this question. The electronic version has the title More States Require Students to Learn about Money Matters. Author is Ann Carrns …
ab2's user avatar
  • 1,900
0 votes
1 answer
44 views

US Federal Income Tax: 3.8 % Investment Tax owed if Deductions are greater than AGI?

For 2021, my charitable deductions were much greater than my AGI. I think all I owe to the Feds on Income Tax for 2021 is the 3.8% tax on Investment Income. Correct? Or not?
ab2's user avatar
  • 1,900

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