Author Topic: any accountants out there that i can ask a question?  (Read 336915 times)

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3892
  • Total likes: 1001
  • DansDeals.com Hat Tips 5
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2240 on: April 13, 2022, 09:17:56 AM »
Which year/s are you talking about?
April 2020 through March 2021 allowance is 10 days sick leave and 50 days family leave.
April 2021 through September 2021 allowance is 10 days sick leave and 60 days family leave.

Offline Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1492
  • Total likes: 388
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #2241 on: April 13, 2022, 09:19:35 AM »
Which year/s are you talking about?
https://support.taxslayer.com/hc/en-us/articles/4412838785933-What-s-new-in-2021-for-Form-7202-Credit-for-Sick-Leave-and-Family-Leave-for-Certain-Self-Employed-Individuals-
What's new in 2021 for Form 7202 Credit for Sick Leave and Family Leave for Certain Self- Employed Individuals?
Self-employed taxpayers will be able to use 2020 earnings if greater than 2021.
There are two separate benefit periods in 2021.
What are the two benefit periods?
January 1, 2021 through March 31, 2021
This is the carryover period.
The benefit is the same as 2020, but the days taken on the 2020 tax return will be subtracted from the maximum days the credit is available during the carryover period.
10 days for Sick Leave (less any days claimed in 2020)
50 days for Family Leave (less any days claimed in 2020
April 1, 2021 through September 30, 2021
This second benefit period re-starts the days that can be claimed.
The benefit amounts are the same as 2020, but the days that the credit is available for start over.
10 days for Sick Leave
60 days for Family Leave

Offline Jack out of the box

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Oct 2015
  • Posts: 734
  • Total likes: 63
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: ארצינו הקדושה
  • Programs: Chase UR, BA Avios, AAdvantage, UA Mileage Plus, SPG
Re: any accountants out there that i can ask a question?
« Reply #2242 on: April 13, 2022, 09:24:16 AM »
April 2020 through March 2021 allowance is 10 days sick leave and 50 days family leave.
April 2021 through September 2021 allowance is 10 days sick leave and 60 days family leave.
Great!
I wanted that posted here to avoid confusion due to the vagueness of your earlier post. Now nobody will get the idea that it's all those days all in one year.

Offline Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1492
  • Total likes: 388
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #2243 on: April 13, 2022, 09:25:15 AM »
Might raise a flag if you max out all the way (it's actually 10+50+10+60)
PGFHGS?
 ;)

Offline Jack out of the box

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Oct 2015
  • Posts: 734
  • Total likes: 63
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: ארצינו הקדושה
  • Programs: Chase UR, BA Avios, AAdvantage, UA Mileage Plus, SPG
Re: any accountants out there that i can ask a question?
« Reply #2244 on: April 13, 2022, 09:28:07 AM »
PGFHGS?
 ;)
Yes, but always just be honest in all your dealings with all people - even with yourself.

If it's honest and you can back it up in case of an audit then I don't see a reason not to go for it.

Offline yomo

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2013
  • Posts: 1023
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2245 on: April 13, 2022, 02:43:36 PM »
Yes, but always just be honest in all your dealings with all people - even with yourself.

If it's honest and you can back it up in case of an audit then I don't see a reason not to go for it.

I can back it all up. Still don't want hassle and stress of audit. Rather take less and not do anything which is red flag

Offline yomo

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2013
  • Posts: 1023
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2246 on: April 13, 2022, 02:47:13 PM »
PGFHGS?
 ;)

What about taking roughly half the amount allowed for family leave and full amount for sick leave?

Online Zalc

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1691
  • Total likes: 91
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
Re: any accountants out there that i can ask a question?
« Reply #2247 on: April 13, 2022, 06:10:16 PM »
Is there a tax deduction for putting money in a Roth?

TAXact shows an additional about $250 federal refund for putting $6k in a Roth.

My understanding was that a Roth is Post-tax money, so why would I get a bonus?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3892
  • Total likes: 1001
  • DansDeals.com Hat Tips 5
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2248 on: April 13, 2022, 06:41:13 PM »
Is there a tax deduction for putting money in a Roth?

TAXact shows an additional about $250 federal refund for putting $6k in a Roth.

My understanding was that a Roth is Post-tax money, so why would I get a bonus?
There's a traditional Roth (deductible, taxes paid upon withdrawal) and a Roth IRA (not deductible, tax free upon withdrawal).

Online Zalc

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1691
  • Total likes: 91
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
Re: any accountants out there that i can ask a question?
« Reply #2249 on: April 13, 2022, 06:53:29 PM »
There's a traditional Roth (deductible, taxes paid upon withdrawal) and a Roth IRA (not deductible, tax free upon withdrawal).
Roth IRA, the one taxed now.

Offline incendia

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2011
  • Posts: 1194
  • Total likes: 49
  • DansDeals.com Hat Tips 8
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2250 on: April 13, 2022, 09:25:18 PM »
Is there a tax deduction for putting money in a Roth?

TAXact shows an additional about $250 federal refund for putting $6k in a Roth.

My understanding was that a Roth is Post-tax money, so why would I get a bonus?

could be this

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit

Offline yomo

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2013
  • Posts: 1023
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2251 on: April 13, 2022, 11:03:22 PM »
Is there a tax deduction for putting money in a Roth?

TAXact shows an additional about $250 federal refund for putting $6k in a Roth.

My understanding was that a Roth is Post-tax money, so why would I get a bonus?
Yes, called the "saver's credit"

Offline nonstoptravel101

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jul 2021
  • Posts: 172
  • Total likes: 14
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
  • Programs: Hilton Diamond, National EE, Hertz PC, Marriott Gold
Re: any accountants out there that i can ask a question?
« Reply #2252 on: April 21, 2022, 11:38:17 AM »
Filed 22 days ago. State refund came in federal is delayed. Any reason for this? It's this normal? Used taxact to file

Online zh cohen

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 1339
  • Total likes: 1268
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: any accountants out there that i can ask a question?
« Reply #2253 on: April 21, 2022, 03:34:14 PM »
Filed 22 days ago. State refund came in federal is delayed. Any reason for this? It's this normal? Used taxact to file

Yes and yes. The IRS is probably still backed up.

Offline Jeremiah

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Apr 2013
  • Posts: 598
  • Total likes: 53
  • DansDeals.com Hat Tips 2
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2254 on: April 26, 2022, 09:49:12 AM »
I am using turboTax to file. how can I put income that is taxable on federal level but not state level? If I try to remove it from state it automatically pops back.

Offline Jack out of the box

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Oct 2015
  • Posts: 734
  • Total likes: 63
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: ארצינו הקדושה
  • Programs: Chase UR, BA Avios, AAdvantage, UA Mileage Plus, SPG
Re: any accountants out there that i can ask a question?
« Reply #2255 on: April 26, 2022, 11:00:13 AM »
I am using turboTax to file. how can I put income that is taxable on federal level but not state level? If I try to remove it from state it automatically pops back.
Accountants don't use TurboTax. You should post the question on the TurboTax community forum. https://ttlc.intuit.com/community/home/misc/03/en-us

Offline av83

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jul 2014
  • Posts: 301
  • Total likes: 13
  • DansDeals.com Hat Tips 0
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2256 on: April 27, 2022, 08:56:39 AM »
I would like to sell a rental property I currently own- will have a approx a 500K gain. Would like to purchase a primary residence with a rental unit in it- can that be used for my 1031 exchange? If yes, what complications would be involved in this?

Offline joe1234

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2015
  • Posts: 1757
  • Total likes: 317
  • DansDeals.com Hat Tips 18
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2257 on: April 27, 2022, 04:52:46 PM »
Is money made as fellowship reported as earned income on the tax return?

Offline Jack out of the box

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Oct 2015
  • Posts: 734
  • Total likes: 63
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: ארצינו הקדושה
  • Programs: Chase UR, BA Avios, AAdvantage, UA Mileage Plus, SPG
Re: any accountants out there that i can ask a question?
« Reply #2258 on: April 27, 2022, 04:58:32 PM »
Is money made as fellowship reported as earned income on the tax return?
Probably not earned.

Offline Ephcc90

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2013
  • Posts: 572
  • Total likes: 16
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Far Rockaway
Re: any accountants out there that i can ask a question?
« Reply #2259 on: April 27, 2022, 07:03:20 PM »
I would like to sell a rental property I currently own- will have a approx a 500K gain. Would like to purchase a primary residence with a rental unit in it- can that be used for my 1031 exchange? If yes, what complications would be involved in this?
Section 1031
(a) Nonrecognition of gain or loss from exchanges solely in kind
(1) In general
No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment *if such real property is exchanged solely for real property of like kind which is to be held either for productive use in a trade or business or for investment*.