Author Topic: any accountants out there that i can ask a question?  (Read 276532 times)

Offline YitzyS

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Re: any accountants out there that i can ask a question?
« Reply #2080 on: November 09, 2021, 07:39:54 AM »
I took advantage of a PayPal promotion and bought $25 in crypto (Litecoin). How much will it cost me on tax filings if I sell the crypto? (It's now worth $35.)

I already have to file for selling stocks, but is it a separate form, which would make selling it not worth it? Or is it included on the same filing as stocks?
Monkeys don't fly unless you put them on airplanes

Offline Rivky Fischer

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Re: any accountants out there that i can ask a question?
« Reply #2081 on: November 09, 2021, 11:39:56 AM »
I really need your help out there-my employer marked my regular paycheck as a bonus instead of a regular paycheck on a w2- bonuses are automaticly taxed at a rate of 22%!!!
my boss keeps on telling me that I will get it back on my tax return but I am no so convinced I make around 45k and have 2 children would anyone be able to give me some knoledge if I am really going to get this extra taxes withheld back on my tax return
thanks in advance!!

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2082 on: November 09, 2021, 01:41:49 PM »
I took advantage of a PayPal promotion and bought $25 in crypto (Litecoin). How much will it cost me on tax filings if I sell the crypto? (It's now worth $35.)

I already have to file for selling stocks, but is it a separate form, which would make selling it not worth it? Or is it included on the same filing as stocks?
$10 capital gain. Report it on Schedule D like other capital assets (stocks, etc.).

Online gozalim

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Re: any accountants out there that i can ask a question?
« Reply #2083 on: November 09, 2021, 01:44:06 PM »
$10 capital gain. Report it on Schedule D like other capital assets (stocks, etc.).
most assets are listed in a 1099 from the brokerage. (can you get something like that from the wallet?)
would paypal issue you something like that?

Offline sguitarist18

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Re: any accountants out there that i can ask a question?
« Reply #2084 on: November 10, 2021, 01:50:16 PM »
2 similar questions that may have similar answers:

1) Contributing to a Roth IRA, I know there's a phaseout that starts at $198k until $208k - do those limits change based on family size/# of kids?

2) For the Child Tax Credit, same question - does having a larger family impact the phaseout numbers?

Offline ari3

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Re: any accountants out there that i can ask a question?
« Reply #2085 on: November 10, 2021, 02:15:59 PM »
2 similar questions that may have similar answers:

1) Contributing to a Roth IRA, I know there's a phaseout that starts at $198k until $208k - do those limits change based on family size/# of kids?

2) For the Child Tax Credit, same question - does having a larger family impact the phaseout numbers?
1) no

2) no but if you have more children then you have more child tax credit, so being that it phases out as a percentage of your income therefore it will have a higher ceiling for the phaseout

BTW I am not an accountant

Offline ari3

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Re: any accountants out there that i can ask a question?
« Reply #2086 on: November 10, 2021, 02:36:05 PM »
Will the childcare credit from 2021 be extended to 2022? Need to know if I should fund my childcare FSA for next year or not...
as of right now, no but it may be included in the progressive boondoggle reconciliation bill if that ever passes

Offline Danlover111

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Re: any accountants out there that i can ask a question?
« Reply #2087 on: November 11, 2021, 03:08:22 AM »
Is there a way to track my sons SS card?
I applied in israel over 6 months ago still didnt get it...
Tia

Offline farvus nisht?

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Re: any accountants out there that i can ask a question?
« Reply #2088 on: November 11, 2021, 09:09:37 AM »
Is there a way to track my sons SS card?
I applied in israel over 6 months ago still didnt get it...
Tia
Don't know about tracking, but 6 months and even more is normal these days.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2089 on: November 15, 2021, 03:37:50 AM »
Is there a way to track my sons SS card?
I applied in israel over 6 months ago still didnt get it...
Tia
It's a big problem and the bureaucrats who have the ability don't seem to be interested in improving anything.

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #2090 on: November 15, 2021, 06:35:18 PM »
I really need your help out there-my employer marked my regular paycheck as a bonus instead of a regular paycheck on a w2- bonuses are automaticly taxed at a rate of 22%!!!
my boss keeps on telling me that I will get it back on my tax return but I am no so convinced I make around 45k and have 2 children would anyone be able to give me some knoledge if I am really going to get this extra taxes withheld back on my tax return
thanks in advance!!

You weren't taxed at 22%, it was withheld at 22%. Your tax return will calculate how much tax you owe. Your tax return doesn't care if it's a bonus or not. Once the tax is calculated on your return, if more than that was withheld you will receive a refund.

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #2091 on: November 15, 2021, 06:48:35 PM »
like everything else in tax law... it depends
and yes that it the law
if high earning spouse is MFS and low earning spouse take all the kids, said family can come out way ahead even with the MFS "penalty"

If the child lived equally with both parents during the year, don't the kids need to go to the spouse with the higher AGI?

Offline jew

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Re: any accountants out there that i can ask a question?
« Reply #2092 on: November 18, 2021, 01:41:34 AM »
If I send a payment now for my 2020taxes that were already filed and done with etc. Can I get my overpayment refunded now? Or do I need to wait until filing 2021 taxes?
 And what if I pay towards 2021 taxes? I am assuming that is for sure not possible to get it back until filing? Thanks!

Offline Smartypantz

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Re: any accountants out there that i can ask a question?
« Reply #2093 on: November 20, 2021, 07:08:43 PM »
If I send a payment now for my 2020taxes that were already filed and done with etc. Can I get my overpayment refunded now? Or do I need to wait until filing 2021 taxes?
 And what if I pay towards 2021 taxes? I am assuming that is for sure not possible to get it back until filing? Thanks!

Why would you pay for 2020 taxes if you filed already? Normally you pay balance with filing

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #2094 on: November 24, 2021, 12:05:44 PM »
Does anyone know a 1031 Exchange specialist?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2095 on: November 24, 2021, 01:35:25 PM »
Does anyone know a 1031 Exchange specialist?
call madison exchange

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #2096 on: November 24, 2021, 03:29:26 PM »
call madison exchange
I did.  the nice person on the phone gave me some very helpful information. 
thank you for the recommendation.

Offline avadah

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Re: any accountants out there that i can ask a question?
« Reply #2097 on: November 25, 2021, 12:53:59 AM »
2 questions

1- What's the best thing to do with money for my kids (minor)? Is there special youth savings account or better options to grow the money I squirrel away for them?

2- (Might be more for a banker than accountant) Is it a problem or does it raise any red flags with the IRS to pay a CC with cash in the bank?

Thanks!

Offline ae123

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Re: any accountants out there that i can ask a question?
« Reply #2098 on: November 25, 2021, 06:28:40 PM »
2 questions

1- What's the best thing to do with money for my kids (minor)? Is there special youth savings account or better options to grow the money I squirrel away for them?
I'm not an accountant.
UTMA or 529.
UTMA does not grow tax-free but can be used for anything. Also, may be an issue with FAFSA down the line.
529 grows tax-free but can only be used for education expenses. Less of an issue with FAFSA.

Offline nucheiner

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Re: any accountants out there that i can ask a question?
« Reply #2099 on: November 25, 2021, 07:43:23 PM »
2 questions



2- (Might be more for a banker than accountant) Is it a problem or does it raise any red flags with the IRS to pay a CC with cash in the bank?

Thanks!

FWII Seems the Chase shutdown wave was a result of government intervention due to such transactions. Not sure if what you’re doing would actually earn you attention from the IRS but your bank might not like it.