Author Topic: any accountants out there that i can ask a question?  (Read 477840 times)

Offline DealJew

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Jan 2022
  • Posts: 696
  • Total likes: 51
  • DansDeals.com Hat Tips 0
    • View Profile
  • Programs: United Premier Silver, Star Alliance Gold, Hertz Presidents Circle, Marriott Gold Elite
Re: any accountants out there that i can ask a question?
« Reply #2340 on: January 08, 2023, 08:02:26 AM »
When buying and selling stocks, is it considered income if i make off one sale but lose on another without any net gain in total?
PM me for airline compensation help. Your case is not lost!

Offline Thingywingy

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2011
  • Posts: 4784
  • Total likes: 45
  • DansDeals.com Hat Tips 24
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2341 on: January 11, 2023, 03:07:39 AM »
Regarding W-4, step 4(b):
 
Can I deduct my planned IRA contribution, even if I will make a single $6000 contribution in the last month as opposed to distributing those contributions evenly throughout the year?
I am sometimes accused of overthinking things. I am still mulling over whether that accusation has merit.

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7934
  • Total likes: 1030
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #2342 on: January 11, 2023, 09:19:47 AM »
When buying and selling stocks, is it considered income if i make off one sale but lose on another without any net gain in total?
You may have to list the income and the losses, but it won't net you any income that will be taxed.
My favorite cause: cssy.org

Offline Thingywingy

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2011
  • Posts: 4784
  • Total likes: 45
  • DansDeals.com Hat Tips 24
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2343 on: January 22, 2023, 11:37:33 PM »
Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) offers renters $450 rebate. Would filing for this refund cause a problem for a landlord of a non-legally permissible apartment? I presume that they did not report apartment income.
I am sometimes accused of overthinking things. I am still mulling over whether that accusation has merit.

Offline Thingywingy

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2011
  • Posts: 4784
  • Total likes: 45
  • DansDeals.com Hat Tips 24
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2344 on: January 25, 2023, 10:07:16 PM »
Is prepaying by Tax by CC only allowable for those who need to file a 1040-ES due to their primary income not being from an employer, i.e., those self-employed? Can the same thing be done for those who normally would have withholding deducted from their paycheck? Can they just deduct any quarterly payment from on line 3 of their W-4 and pay less or no witholding4?

Assuming it is allowed, are the taxes on that income only due at the end of the quarter? Those subject to withholding usually pay with every paycheck. Does paying quarterly effectively allow you to postpone paying taxes on your first paycheck from immediately to three months later?
I am sometimes accused of overthinking things. I am still mulling over whether that accusation has merit.

Offline EliyahuF

  • Dansdeals Gold Elite
  • ***
  • Join Date: Feb 2022
  • Posts: 145
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: any accountants out there that i can ask a question?
« Reply #2345 on: January 29, 2023, 09:09:16 PM »

Any doís or donít suggestions?

Offline DealJew

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Jan 2022
  • Posts: 696
  • Total likes: 51
  • DansDeals.com Hat Tips 0
    • View Profile
  • Programs: United Premier Silver, Star Alliance Gold, Hertz Presidents Circle, Marriott Gold Elite
Re: any accountants out there that i can ask a question?
« Reply #2346 on: January 31, 2023, 05:21:52 AM »
If a dependant that $11,300 in 2022 do they have to file a tax return or do i add their earnings to my return?
PM me for airline compensation help. Your case is not lost!

Offline YitzyS

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2015
  • Posts: 5530
  • Total likes: 13564
  • DansDeals.com Hat Tips 34
  • Gender: Male
    • View Profile
  • Location: Lakewood, NJ
Re: any accountants out there that i can ask a question?
« Reply #2347 on: January 31, 2023, 07:28:58 AM »
Can I withdraw from a Roth IRA (prematurely) less than the amount I deposited, without having to pay taxes? Or is there a penalty even on withdrawing the base contribution?

Offline dm123

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2018
  • Posts: 440
  • Total likes: 441
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: United States
Re: any accountants out there that i can ask a question?
« Reply #2348 on: January 31, 2023, 08:01:06 AM »
Can I withdraw from a Roth IRA (prematurely) less than the amount I deposited, without having to pay taxes? Or is there a penalty even on withdrawing the base contribution?

Quote
You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free.
https://www.schwab.com/ira/roth-ira/withdrawal-rules

Quote
You can withdraw your Roth IRA contributions at any time, for any reason, with no tax or penalties.
https://www.investopedia.com/roth-ira-withdrawal-rules-4769951

However I don't believe you can re contribute them once withdrawn, so be sure you want to withdraw. There may be some way to access funds for a very short term loan but don't remember offhand, perhaps someone else knows? Maybe some version of rollover?


Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7934
  • Total likes: 1030
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #2349 on: January 31, 2023, 11:32:41 AM »
If a dependant that $11,300 in 2022 do they have to file a tax return or do i add their earnings to my return?
I think you're allowed to do it either way.
So run it both ways to see how you pay less taxes overall.
My favorite cause: cssy.org

Offline DealJew

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Jan 2022
  • Posts: 696
  • Total likes: 51
  • DansDeals.com Hat Tips 0
    • View Profile
  • Programs: United Premier Silver, Star Alliance Gold, Hertz Presidents Circle, Marriott Gold Elite
Re: any accountants out there that i can ask a question?
« Reply #2350 on: January 31, 2023, 02:16:02 PM »
I think you're allowed to do it either way.
So run it both ways to see how you pay less taxes overall.
Isn't it under the threshhold for it's own tax return?
PM me for airline compensation help. Your case is not lost!

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7934
  • Total likes: 1030
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #2351 on: January 31, 2023, 05:02:17 PM »
Isn't it under the threshhold for it's own tax return?
There's a lower threshold for a return?
I guess I don't know enough.
My favorite cause: cssy.org

Offline Jack out of the box

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Oct 2015
  • Posts: 754
  • Total likes: 70
  • 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 #2352 on: January 31, 2023, 06:16:17 PM »
I think you're allowed to do it either way.
So run it both ways to see how you pay less taxes overall.
There are factors besides those which were presented in the question which would be necessary to get an accurate answer. See 1040 instructions, IRS Publication 501, and IRS Publication 929.

Offline EliJelly

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jan 2019
  • Posts: 2809
  • Total likes: 3375
  • DansDeals.com Hat Tips 1
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2353 on: January 31, 2023, 08:15:15 PM »
Is there a new tax rule regarding credit card retention bonus credits and other credits? First time I'm receiving a 1099-MISC for my CSR card.

Offline Shua

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2011
  • Posts: 372
  • Total likes: 33
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: New york city
Re: any accountants out there that i can ask a question?
« Reply #2354 on: January 31, 2023, 09:40:12 PM »
Is there a new tax rule regarding credit card retention bonus credits and other credits? First time I'm receiving a 1099-MISC for my CSR card.

I got a 1099-MISC for my Freedom Card, Ink Cash and Ink unlimited.

Never got this before. Also this was for just regular spend. Not a signup bonus or anything

Offline Shua

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2011
  • Posts: 372
  • Total likes: 33
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: New york city
Re: any accountants out there that i can ask a question?
« Reply #2355 on: January 31, 2023, 09:59:06 PM »
I got a 1099-MISC for my Freedom Card, Ink Cash and Ink unlimited.

Never got this before. Also this was for just regular spend. Not a signup bonus or anything

Just spoke to my account friend. He said it could be for referral bonus. Which would check out.

Did you get a referral bonus?

Offline EliJelly

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jan 2019
  • Posts: 2809
  • Total likes: 3375
  • DansDeals.com Hat Tips 1
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #2356 on: January 31, 2023, 11:16:15 PM »
Just spoke to my account friend. He said it could be for referral bonus. Which would check out.

Did you get a referral bonus?

Not on my CSR card and the numbers they show don't reflect that.

Offline YitzyS

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2015
  • Posts: 5530
  • Total likes: 13564
  • DansDeals.com Hat Tips 34
  • Gender: Male
    • View Profile
  • Location: Lakewood, NJ
Re: any accountants out there that i can ask a question?
« Reply #2357 on: February 01, 2023, 04:06:02 PM »
Can I withdraw from a Roth IRA (prematurely) less than the amount I deposited, without having to pay taxes? Or is there a penalty even on withdrawing the base contribution?
https://www.schwab.com/ira/roth-ira/withdrawal-rules
https://www.investopedia.com/roth-ira-withdrawal-rules-4769951

However I don't believe you can re contribute them once withdrawn, so be sure you want to withdraw. There may be some way to access funds for a very short term loan but don't remember offhand, perhaps someone else knows? Maybe some version of rollover?



Is it penalty-free even if one withdraws the contribution of a PREVIOUS year?

Offline dm123

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2018
  • Posts: 440
  • Total likes: 441
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: United States
Re: any accountants out there that i can ask a question?
« Reply #2358 on: February 01, 2023, 04:28:41 PM »
Is it penalty-free even if one withdraws the contribution of a PREVIOUS year?

Who do you have your account with? Do they have someone you can ask or link to a FAQ that might answer?

Based on my understanding of the literature, I believe Roth IRA contributions from all years are always penalty and tax free.

From the IRS:
https://www.irs.gov/publications/p590b#en_US_2021_publink100089460
Quote
Are Distributions Taxable?
You don't include in your gross income... distributions that are a return of your regular contributions from your Roth IRA(s).

...
If you withdraw contributions (including any net earnings on the contributions) by the due date of your return for the year in which you made the contribution, the contributions are treated as if you never made them. If you have an extension of time to file your return, you can withdraw the contributions and earnings by the extended due date. The withdrawal of contributions is tax free, but you must include the earnings on the contributions in income for the year in which you made the contributions.

That's why I listed it as potential avenue for chasuna savings (and if necessary I'd prefer someone correct me sooner than later please!):
Roth IRA principal withdrawals are allowed anytime - then the growth can be left for later weddings/retirement/etc.


Here's H&R saying it as well:
Quote
Because your Roth IRA contributions are made with after-tax dollars, you can withdraw your regular contributions (not the earnings) at any time and at any age with no penalty or tax.


Offline dm123

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2018
  • Posts: 440
  • Total likes: 441
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: United States
Re: any accountants out there that i can ask a question?
« Reply #2359 on: February 01, 2023, 04:47:53 PM »
Is it penalty-free even if one withdraws the contribution of a PREVIOUS year?

Knew it was here somewhere! Here are the DDFers (obviously much more reliable than anything you'll get from the IRS  ;)) talking about it (emphasis mine):


According to what I understand with a roth, it's a no-brainer.. you can always take from the principal as needed for each wedding
Although you can take principal from a roth account before 59.5, the funds need to be returned to the account within 60 days or be subject to the 10% penalty on the portion kept.
-1
Simply incorrect. ROTH IRA contribution's can be WITHDRAWN (tax and penalty free) at any time. They cannot be put back in (except within 60 days as a rollover).