48
votes
What could account for me owing exactly $6000 in taxes?
Humans tend to see patterns when there aren't any.
US (IRS) income taxes are rounded to the nearest dollar. Which means that:
10% of all taxpayers will receive a refund or have a tax bill to pay that ...
19
votes
Accepted
Can a community charitable organization collect donations on behalf of a specific person?
TLDR: Absolutely not unless the person qualifies for an established "support of the needy" program... and it wouldn't help anyway, and they should just give money to the widow directly.
...
15
votes
What could account for me owing exactly $6000 in taxes?
Pure coincidence. The likelihood of owing exactly $0 at the end of the year is extremely small - people almost always owe something or get a refund. Is it possible that there was an error in your ...
- 7,771
11
votes
Accepted
In need of an official opinion from the IRS on my controversial tax case-what's the best method?
You have attorneys, plural, advising you. What makes you think random people on the Internet know better? PLR is used before actions are taken, for planning. If the actions were already taken - file a ...
- 181k
8
votes
Can a community charitable organization collect donations on behalf of a specific person?
If the church is simply acting as a conduit with donations specifically designated for the widow, almost certainly not. In this case, the donation is being made through the church to a specific ...
- 7,771
7
votes
My friend is in prison but he was able to get a stimulus check. How to cash it?
IRS checks cannot be transferred via endorsement, it has to be deposited to the account with his name on it. FINRA has issued numerous warnings about abuse related to tax refund (example), and banks ...
- 181k
7
votes
Accepted
Can IRS ignore my protective form and come back years later and slap me with late payment
Can IRS simply ignore my request for a couple of years and then come back to me and say that they disagree with my position and impose late payment penalties for the whole period?
Yes, they can. You ...
- 181k
6
votes
Accepted
Are interest and penalties due to the IRS when there is an automatic extension due to emergency?
The disaster relief allows postponing deadlines to file and to pay. For much of California, the deadlines to file and pay 2022 taxes have been postponed to November 16, 2023 (after the initial ...
- 181k
6
votes
IRA in a margin account
You cannot take a loan against your IRA, that would disqualify it. So yes, just mere having a margin against your IRA may lead to disqualifying it.
- 181k
6
votes
If a person was in a coma for 10 years, failed to file and pay, would IRS demand interest payment?
Tax and interest will still be due. Penalties may be removed or reduced by the IRS if the party acted with reasonable cause and in good faith.
Here's a section of the Internal Revenue Manuals:
Death, ...
- 24.3k
5
votes
Accepted
If i'm a cosigner on my dad's bank accounts but my sister isn't, how do I ensure my sister can get 50% of the money without owing taxes?
DISCLAIMER: this is speculation without knowing the specifics of what the will actually says (regardless of your interpretation)
the fact that I have access to the account means that that trumps the ...
- 140k
5
votes
Accepted
How to amend 2023 federal return after refund has been issued?
It doesn't matter if your refund was already processed or not, you'd do the same thing: file an amended return with a payment for the difference calculated from the original return.
You can provide ...
- 181k
5
votes
2023 Fed Tax - I am owed a refund, but I am unable to file on time, do I need to file extension
Do I need to request an extension?
Yes. You can e-file form 4868, or mail a paper copy of it. The extension is automatic.
When I google this, non-IRS websites say no, I don't need to file extension ...
- 181k
5
votes
Accepted
Litigating with IRS without ITIN or SSN
I am a nonresident alien who has never been to the US. No business there either, never, in any shape or form. I'm currently in a dispute over my tax situation with the IRS and it seems like i will ...
- 181k
4
votes
Accepted
US Fed Tax: Difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount
The Estate Exclusion Amount and the Lifetime Gift Exclusion Amount are the same amount. Whatever you use during your lifetime is counted under the lifetime gift exclusion amount, and what's left is ...
- 181k
4
votes
How private is my tax return in practice?
for example, let's say I disclose foreign assets on my tax return and then go into crippling medical debt which ends up in collections. Will the debt collector ever know about my foreign assets?
For ...
- 181k
4
votes
Accepted
How to pay quarterly estimated taxes when IRS doesn't let me pay online?
Yes, you can just mail them a check with the form 1040-ES payment voucher. See the instructions here.
- 181k
4
votes
Does the IRS check for errors and refund people who overpaid?
Yes the IRS and the state tax authorities do check your work. They look for math mistakes, and items that should have been included that they have in their records. They will correct these problems.
...
- 143k
3
votes
If i'm a cosigner on my dad's bank accounts but my sister isn't, how do I ensure my sister can get 50% of the money without owing taxes?
You should really talk to a lawyer. I'm not a lawyer. Also, laws may change between different states within the United States.
I'm a cosigner on my father's bank accounts. More specifically, the bank ...
- 181k
3
votes
Accepted
DCFSA - I was ineligible; can I somehow use that money?
You can use the DCFSA for the qualified expenses, but you cannot exclude it from income. Since the employer doesn't know about your situation, the employer excluded the amounts from your taxable ...
- 181k
3
votes
Accepted
How to file 1040NR form as a non-resident alien owner of a U.S. LLC in Wyoming?
Years passed since I posted this question. I need to clarify that foreign non-resident owner of US LLC don't need to file 1040NR unless you have Effectively Connected Income (ECI).
So to simplify this ...
- 101
3
votes
Filing an extension with IRS without an ITIN
From the instructions for the form 4868, Part I line 2:
If you’re a nonresident or resident alien and you don’t have and
aren’t eligible to get an SSN, you must apply for an ITIN. Although
an ITIN ...
- 181k
3
votes
Accepted
Mailing US treasury check to the US bank from abroad (Germany)
I don't think there's a reason to worry just yet. It may be held up for a variety of reasons, almost none of them to have anything to do with you or the content of your package. It can be randomly ...
- 181k
2
votes
Accepted
Can I re-file a missing Schedule 1 in this situation?
You didn't provide enough information to answer your question. the IRS did not allow for that deduction because Schedule 1 was not filed - what is this based on? Did they receive an official letter? ...
- 181k
2
votes
Is there any objective benefit to electronically submit tax returns with software rather than POST the prepared returns?
Advantages of electronic submission are basically that you get acknowledgement the forms were received, they may get processed faster, they can't get lost in the mail, and it may let you more reliably ...
- 49.9k
2
votes
How do I contact the IRS about my tax return from a non-US phone number?
Call the non-1800 number.
As of 16 June 2024, that is Tel: 267-941-1000 (not toll-free)
I found this here: https://www.irs.gov/help/contact-my-local-office-internationally
- 121
2
votes
Accepted
Amending IRS return after receiving tax refund interest
Just submit the corrected return with as much additional money as should have been included earlier. The IRS will bill you for any interest or penalty.
- 49.9k
2
votes
What should someone do when a partial fax is sent to IRS due to connection problem?
As long as you keep the fax confirmation showing receipt and timestamp you should be good.
In general, I'd suggest to file via mail. Send the printed out return via registered mail to the address ...
- 181k
2
votes
Should I wait to file 2023 if I am amended 2020
If there are any carry-forwards created by the amendment that you expect to affect the 2023 return, then you'd need to also amend the 2021 and 2022 returns first and wait with the 2023 until its done. ...
- 181k
2
votes
Divorce, tax lien on house but liability is for one spouse because of Married Filing Separately. What happens when sold?
When sold, what will the IRS do? Can or will they take all the equity to satisfy only the husband's back tax liability or will wife get her 350K, husband gets $0 and will still owe the IRS $200K?
...
- 181k
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