Tag Archives: USD

Why no SS Withholding?

Today TaxMama® hears from Inteph in the TaxQuips Forum, who made a new discovery.  “A young lady made about $15,000 in 2012. The employer (a city in California) withheld income tax and Medicare tax but not SS tax. Boxes are 3 and 4 are blank.  What do I tell her and how do I prepare her […]

Gift or Income

Today TaxMama® hears from Asdfgh in the TaxQuips Forum, who tells us.  “My daughter plays piano for school choir. Doesn’t ask for money. She gets “thank you” from school PTO in form of flower bouquet and check for a few hundred dollars. Is that taxable income?”

Qualified Dividends

Today TaxMama® hears from Rogers in the TaxQuips Forum, with this question. “My 1099 DIV form shows that I received $2,345.60 in dividends from a typical domestic stock index fund. But what is unclear is, should the dividend be taxed at capitals gains rates, if it’s a qualified dividend? Or should it be taxed at regular […]

TaxMama s TaxQuips Ex Wife Got W-2

  Today TaxMama® hears from p0pp0p  in the TaxQuips Forum, with this question.  “I worked with my wife at a small company in NJ. I left the company in June of last year. I also have separated from my wife. My ex-employer gave my W-2 to my wife. Is this legal? How do I get another […]

Extra IRS Taxes Plus

Today TaxMama® hears from Wayne  in the TaxQuips Forum, with this question.  “I received a notice from the IRS that my 2011 tax return did not include a withdrawal from my 401k. So I had to pay roughly $3,500 in taxes and penalties for this omission by my tax preparer. Is this $3,500 payment deductible […]

Mandatory Distribution

Today TaxMama® hears from Patricia in the TaxQuips Forum, with this question.  “I have a client who is 70.5 and working for his own company. He has a 401k plan. Does he have to start taking distributions from his 401k because he is 70.5, even though he is still working? Can he still contribute to […]

Unexpected Loss

Today TaxMama® hears from Chan  in the TaxQuips Forum, with this question “If my business had an unexpected loss of $102k at end of year last year but I made my quarterly payments anyway – will I have a large refund or credit if so? Where did my tax dollars go? Why has my accountant […]

After-Market Parts

Today TaxMama® hears from George in the TaxQuips Forum, with this question. “I just bought a new truck to use for business use and I have a few questions: 1. I want to add a few after-market parts – running boards, heated seats, and heated steering wheel. Will I be able to deduct the cost […]