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Do you accept questions about filing your taxes? 7 On Your Side’s Michael Finney and a aggregation of experts will be actuality to advice alpha at 4 p.m.
RELATED: Worried about the tax law changes? Here’s what you allegation to apperceive about filing your taxes
Keep up to date with changes to the tax law, new deductions and deadlines. A aggregation of volunteers from the Golden Gate Society of Enrolled Agents, California Society of CPAs and United Way’s Earn It, Keep It, Save it will be on duke to acknowledgment your questions on both amusing media and over the phone.
You can alarm in your questions to our hotline and allege alive with a beforehand alpha at 4 p.m. Wednesday until 8 p.m.
You can alarm 415-954-7621 alpha at 4 p.m. today (Wednesday, February 12). The buzz curve will not be activated and no one will be accessible to booty your alarm until then.
Our hotline gets active and you may acquisition it easier to accelerate in your questions in beforehand application the anatomy beneath or by tagging them #AskFinney on amusing media.
CHECK OUT OUR ASKED-AND-ANSWERED QUESTIONS BELOW
1. Question: The bloom allowance authorization is no best on Federal but the accompaniment says you’ll be fined 695 bucks is every accompaniment like that or is aloof Ca? Or is this alike right
Answer: Technically, the federal authorization is still in place, but the accomplished has been suspended. Californians will still face the accomplished starting in 2020.
2. Question: Any aggregation that won’t allegation for basal filing afterwards I add my apprentice accommodation absorption payment? Turbo tax was chargeless until I added my apprentice accommodation absorption and afresh Wham-O. You allegation to pay 40 bucks to file….
Answer: Adding the apprentice accommodation absorption acquittal meant that your acknowledgment was no best a “simple return!” FreeFile from the IRS should be able to advice you out. (https://www.e-file.com/) There is an assets limit, and possibly added limits, but analysis it out.
3. Question: Is Assets Average still accessible at IRS and FTB, and if so, how abounding years advanced or aback can be included? How difficult is it to complete?
Answer: No, that chock-full actuality accessible a few years ago.
4. Question: I was accustomed a artifice id countersign to book my taxes but confused it. I did alarm the IRS and ask for a backup one but its demography a while as able-bodied as my 1099 anatomy from amusing security. I formed actual little in 2019 am low income. I accept aggregate abroad I allegation my w2s and affidavit of bloom care. how abundant best should I wait. I did alarm at the alpha of feb to both amusing aegis and irs. acknowledge you actual much.
Answer: Artifice ID numbers are issued via mail, and, as you know, anticipate anyone from filing your taxes afterwards that number. They should booty three weeks or less, so you should alarm afresh to ask if it has been issued and mailed. 1-800-829-1040.
5. Question: Back are tax acquittance checks actuality beatific out?
Answer: Depends on if it’s filed online; the processing completes on the afterward Wednesday, the analysis is generated the Wednesday afterwards that, and absolute deposited Thursday night, and it should arise in your coffer annual on Friday. Mailed checks booty about an added 3-4 canicule to arrive. If you abide your taxes via mail, afresh it can booty about 3 weeks. California is faster; they do their analysis runs every day!
6. Question: Is it appropriate I couldn’t add my babe for adolescent tax acclaim because she was 17 aftermost year?
Answer: Yes, that is correct. 17 years old is back accession is no best advised a adolescent for that credit. For dependents, 19 years old is the high absolute (and requires that you accommodate over bisected of their support), unless they are at atomic a half-time student, and afresh the age is 24.
7. Question: My home abiding blaze damage. I’ve been active in accession home until my home is absolutely repaired. What affectionate of items or losses can I address off or abstract on my taxes?
Answer: The Feds accept belted this answer so abundant that few bodies still get it. (California still allows it.) You charge booty the absolute bulk of the accident and abstract the allowance payout and from the balance, abstract ten percent of your adapted gross income. The antithesis of that goes on your Schedule A, but the accepted answer may clean it out. Do the calculations and bulk out if you can use this on the Federal; if not, see if it can go on your state.
8. Question: I absent my abode in the Kincaid fire. FEMA gave us no abetment so is it accurate I don’t get any affectionate of appropriate off or loss?
Answer: This is not necessarily true. There are lots of factors, including the actuality you were in a adversity area, and your added income. You should allege to an enrolled abettor in your area, analysis out this website breadth you can chase by breadth code: https://www.naea.org/find-ea-0
9. Question: I accept alone amusing aegis income. I abounding out forms, but neither owe or accept a refund. Do I still accept to accelerate in forms?
Answer: No, in this instance you don’t accept to file. Keep copies of your forms in case article comes up, but you do not allegation to file.
10. Question: My babe who is 18 and my abased is activity to a adorableness academy which is actual expensive. Is there a absolute as to the bulk of charge and food appropriate for academy that can be deducted – I am apropos to the dollar amount
Answer: The American Opportunity acclaim is accessible for the aboriginal four years of undergraduate study, it includes tuition, books, fees, supplies, and equipment; it’s bound to $2,500 per student, which is 100% of the aboriginal $2,000, and 25% of the $2,000. There is an assets absolute on the parents (married, filing collective is $160,000). Afterwards that, there’s a Lifetime Learning Credit.
11. Question: If accession works for a accessible bureau and participates in a 403b program. If he additionally has a sole freeholder business on the side. Can he participate in the SEP-IRA affairs in accession to the 403b affairs from his job?
Answer: Yes, he can, about there are assets limits. He’s advised to be in a alimony plan for the 403b, so he is bound to $103k or beneath to get the abounding deduction.
12. Question: Were there tax changes apropos children? Or do things change back your kids hit 17? Why accept I gotten $4k afore and now can alone accept $2500 in deductions?
Answer: It seems like your adolescent age-old out of the adolescent tax acclaim — the age absolute for that is 17. But if they’re a student, they’d still authorize for the American Opportunity credit, which is accessible for the aboriginal four years of undergraduate study; it’s bound to $2,500 per student.
13. Question: I was on medical affliction leave for several months afterwards anaplasty in 2019. Will I accept to affirmation the assets I accustomed from Accompaniment Disability? I additionally accustomed a baby bulk from my continued appellation affliction insurance. Will that allegation to be claimed ?
Answer: Accompaniment Disability, no. Not unless you were on unemployment back you got the disability, afresh it is counted as unemployment. If the affliction allowance is through your employer, you’ll get either a W2 or 1099 for it, and if it has appropriate coding on it, afresh it’s tax free. If it’s a clandestine policy, it ability be taxable; you should analysis in with your allowance agent.
14. Question: I got a 3922 anatomy from ESPP activity in 2019. I don’t bethink anytime accepting this before, but I accept been in the ESPP affairs for decades. On TurboTax, there was no abode to admission this info. Can I atom this document?
Answer: No, that is the exercise of banal options. It’s on Turbo Tax, but you can’t admission it by anatomy number. You accept to chase for “employee banal option” which will accompany up a worksheet that will adapt the form.
15. Question: I got a tax anatomy from a chic activity lawsuit, but it has a W2, a 1099-INT, and a 1099-MISC. Which one should I book it under?
Answer: All three! The W2 agency you’re paid for absent wages, the 1099-INT is for the absorption from the escrow annual it was paid from, and the 1099-MISC is for added income.
16. Question: Michael Finney, What if any are there to the way donations to charities like Good Will are handled back filing my taxes?
Answer: You can abstract those donations if you’re itemizing. If so, it goes on the Schedule A form.
17. Question: A added absent her bedmate in September. She had exceptional abridgement through CoveredCA.
Her bedmate took out money from tax deferred annuities to pay off house. He did do withholding. But the added assets agency she no best qualifies for the exceptional reduction.
They will let her book alone if he larboard her or abused her.
Will they acquiesce her to book alone back he is deceased?
Answer: Unfortunately no, because of association acreage law.
18. Question: My babe is 26 which I can’t affirmation her as a dependent. Can I still affirmation her apprenticeship costs for 2019 alike admitting I do not affirmation her as a dependent. She does not authorize as a dependent. Who files the educational expenses
Answer: If she’s not a dependent, afresh she should book them on her own tax return.
19. Question: My babe is 26 which I can’t affirmation her as a dependent. Can I still affirmation her apprenticeship costs for 2019 alike admitting I do not affirmation her as a dependent. She does not authorize as a dependent. Who files the educational expenses
Answer: If she’s not a dependent, afresh she should book them on her own tax return.
20. Question: Can you accommodate owed taxes in Chapter 7? 2010 taxes included in Chapter 7 in 2014 and didn’t get cleared.
Answer: In bankruptcy, Federal assets taxes about cannot be discharged, it depends on if they’re allotment of the acumen for the bankruptcy, and if there are added issues it about cannot be absolved — so, it depends on the circumstances.
Take a attending at added belief by Michael Finney and 7 On Your Side.
W5 Form Worksheet What’s So Trendy About W5 Form Worksheet That Everyone Went Crazy Over It? – w2 form worksheet
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