Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

Internal Revenue Service which is the US Federal Tax authority.

805 questions
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In the USA, why is the Free File software only available for people earning less than $62k?

Free File is a software by the American IRS, which allows one to easily fill out their taxes as long as they earn less than $62k per year. Is there a particular reason for such a restriction? I assume that the government generally wants its citizens…
JonathanReez
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Taxes when transferring money

I'm a US taxpayer (non-resident alien) and I'm being pushed by a friend to do the following: He will transfer 40k from a US bank account that he owns to my personal account. I will withdraw this amount and hand it back to him in cash. He will take…
jlhonora
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Is one spouse responsible if other failed to file taxes

I have a friend who's in a unique situation. She has not worked since she and her husband were married 7 years ago. He has typically worked contract jobs receiving 1099's at the end of the year. She filed her taxes up to the point when they were…
Anthony Shaw
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How do I deal with an erroneously large refund?

Alright, it's a weird complaint, I know. But I just checked on the status of my refund on the IRS Refund Status website, and the IRS had corrected upward the refund I filed for by a lot. Based on the correction note (relating to the "calculation of…
NickCHK
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IRS sent me a letter...I messed up by unwittingly taking money out of a Roth IRA and reporting it incorrectly

I recently received a letter from the IRS based on my taxes for 2015. I believe I did not understand the proper workings of a Roth IRA. I was under the impression I could pull my money out and only report any distribution increases on my taxes. …
JonH
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How to handle the Equifax Breach this tax season?

One of the most common forms of fraud is tax return fraud. Generally you don't find out until you go to file and someone has already been kind enough to file your tax return, AND take a payment for it. Considering I have investments spread across a…
user65616
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How is the taxable value of a goat determined?

I was reading an answer over on Law.SE, and it made me wonder about how the IRS calculates tax on barter transactions. Lets say that I do a job in January, and get paid for my work with 20 goats and when I received the payment, goats were worth…
JPhi1618
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Robocall claiming to be IRS saying they are about to sue - Is it legit?

We got a recorded call with a message claiming to be from the IRS. It said they were giving final notice and preparing to file a lawsuit against us. In our case, the message went to voicemail so the end was cut off, but it seemed like a scam all…
user32479
28
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3 answers

Accountant/ lawyer will not return my call

I have an accountant who is also a lawyer who did my taxes for about 7 years. I received a notice from the IRS for the years that he filed the taxes saying that I owed $5,000. I sent him the notice and could not get him to respond. I called him…
M. Gio
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How does the government shutdown affect tax returns?

Has a government shutdown in the past affected tax returns? In terms of refunds, is there anything to be expected differently based on historical precedent?
Paul Sweatte
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Can my employer limit my maximum 401k contribution amount (below the IRS limit)?

I contribute about 13% of my income to my company's 401k, which, at my salary, is well below the IRS limit of $17K/year (in 2012). However, with my raise this year, my benefits department told me that they limit contributions to 9% of my salary…
SqlRyan
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What do I do if my income is just a little too high for "free file"?

I live in North Carolina and I'm using the H&R Block website to file my taxes and finally at the end of everything they informed me that there's a limit to how much I could make last year and still be eligible for free file. My income was…
Kyle Delaney
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I am distributing an inheritance based on verbal bequests. Is this considered a gift that must be reported to the IRS?

Before my mother died recently she gave me a verbal list of bequests she wanted to make that were not in her will. Some of these exceed $14k. I will be paying them out of my own bank accounts with money I inherited from her. Must I be report these…
D Barrow
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Why would the IRS ask for birth certificates or even audit a small tax return?

My daughter and her boyfriend live together, and he is the sole earner in the home. They each have a kid plus 1 together. H&R Block told them that he didn't make enough to do his return and now the IRS wants birth certificates. I'm a retired…
Jen
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What is the best way to pay large tax amount owed to IRS?

I recently did a preliminary calculation of my taxes for 2018 and discovered that I am going to owe the IRS about $16,000. I do not have this amount of money in reserve. My question pertains to the best way to pay this amount. Options as I see…
Mark
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