Hey Brian, My kid got Covid-19 relief of less than $12,200 and received a 1099G. The IRS had me file, for the child a form 8615, along with a regular 1040 and because I claimed them as a dependent and received EIC, I had to pay $1,130 in taxes on their $12,195 in gross income. Is this correct or did the tax service I used screw-up???
I have no income and stock losses in my regular account , however I have gotten dividends from stocks but under 1000 dollars do I need to file a return thanks
i'm waiting on this years taxes because theyre saying i didnt file last year... i'm under 65 and made less than 9,000. i coulld get money back, but its not enough for me to care about and go through the hassle for. i think i even checked and i'd wind up losing money if i did it through one of the companies that charge to
I'm 65 and just when back I work part-time and had no idea how to file a TAX Return, my husband always took care of all that but after watching 2 of your videos, I all I needed. You explained everything so clearly, thank you so much. Thank you, thank you.
I get 1562 a month from social security and I get 925 from a New York State retirement plan. And I don't file with an income of 29844. That's not bad considering the house is paid for the car is paid for the Harleys are paid for. Most people don't understand that you're at a very high risk when you file taxes. Remember it's your responsibility to get it right not the irs.
Hi! :) - Quick question - Am I required to file my taxes in 2024., if I had in 2023: -$0 in W2, -$5.33 in 1099 (Uber - which by the way I don't even know why I received this 5 bucks in my bank account this year in July from them since I haven't worked in 2023 at all for Uber) and -1099-INT (which bank actually won't send the form to me since it's
Thank you Deven for your support! I was expecting this video to get bad feedback since it was SO BORING. But I figured it would be helpful to a few people so it'd be worth making. But thanks for the encouraging words, I appreciate it!
Totally awesome! You are a godsend!💜 I recently lost my husband, I receive half of his pension which is not much, under $500 per month. I also receive survivors benefits and I am blind. H & R block has not given me half as much explanation as you have on your video. I was told I would have to file in order to receive the stimulus, because my husband and I always filed joint returns. Things seem so convoluted, however you seem to make so much sense out of my situation! I appreciate your expertise so very much🤩💛💚🧡🥰
I unfortunately have a w2 that got misplaced and is now 4 years old and it would have been the largest tax refund I ever received hands down. It makes my blood boil jus looking at it. I was told i should just run that w2 through the paper shredder and act like it never existed.
Business closed (not sold), do I need form 4797 Sales of Business Property (desk, file cabinet, computer, low value, give away to salvation army, some throw-away)
I am a widow 77 years old. I receive social security and a pension of $25 a month for $300 a year. Never changes. I went thru national debt relief and they saved me several thousand dollars. I received 2 1099-C for a total of about $4,000. Do I have to pay taxes on that $4,000?
The old generation filed whether that had to or not. I'm a retired Boomer, CPA, and my mom made me drive 200 miles to file her return every year, even though she and dad made less than the minimum filing threshold (only $ coming in was from social security.) I would even show her, and we would read together from the 1040 instruction booklet, the fact that the IRS didn't want her to file. (was called the paperwork reduction act.) She still made me file the return.
I am currently living abroad and for some reason i am having difficulties receiving calls. Ive contacted several CPA's, but unfortunately all of them up to now have provided me with little to no information and have just stated things to better serve their interest(s). For example: ‘’I am a CPA, whether you have to or don’t have to file taxes, I must tell you that you do’’. My question is that I am a US citizen who has been living abroad. I got married in 2017. I don’t have any w2’s or 1099’s because my previous employer did not provide them. My wife doesn't have a social security number or an ITIN number. I am aware that my wife can obtain an ITIN number, but I looked at how much gross income I made during previous fiscal years whilst married and it didn’t exceed the minimum filing threshold to file jointly, so I didn’t apply for one. Am i required to file?
If you are single between 25 -65 yrld and you make less then $15,000 you will qualify for free EIC as a single filer, and same for married filing jointly but income needs to be $20,000 or less. So it would be beneficial to file even if you made less then $12,200 single or less then $24,400 married filing jointly.
Very true and good point Nosmattic! However, as you most certainly know, without a child, it's significantly reduced. I guess it really depends on if they engage tax preparation software that charges them or a tax preparer, what their costs are, not to mention the time too.
I hate to correct you but that 3 years is BS, I've gotten a 12k refund from 2015 this year. They just say that so they can take your refund as abandoned property after you file it. You can go back as far as you want if you know what you're doing. I'm even going so far back that I'm claiming 100% of my paychecks and 100% of my paid rent as tax deductible which most people don't know you can do.
Does the minimum gross annual earnings provided on the IRS website also apply to foreign earned income? I’m under 65, married with children and live abroad. However I don’t earn more than $25,000 per year in foreign income and am unsure if I need to file
Moneyology, you are the man! How's your tax season going? Holy crap, there's only 38 days left and then I'm a free man!!!!! Can't wait, it's pretty brutal right now.
I have lived in Europe over 40 years, someone just this year said i need to file a tax return, I have always payed very high taxes in the country I live
You are supposed to file even tho you paid wherever you are, but I do know a few people who lived abroad who also stopped, as long as you aren't planning on filing for Social Security..might be difficult to track back that far..
And you paid there, there are tax agreements in certain. countries with the USA. You just file, and disclose..but at this point unless you are coming back I would assume you are a citizen there * possibly have another passport then prob not..the IRS can disallow the Tax Treaty agreements if & when you decide to come back😉
I filed last year and never got the stimulus or return. Finally got a letter saying I didn’t file in 2014 and I had to. So about a 6 year old return. Figured out my w2 and found out they owed me 581$. Knew I wouldn’t get it because of the age of the return. Got my tax return refund and stimulus finally about 6 months later I got a check for $581. Couldn’t believe the paid on such an old return
Ur awesome bro. Can u do a video explaining the craziest things u have seen on tax returns? Like someone claiming 40 kids or something crazy like that 😂
My only income was $4000 gambling winnings with a net loss. I didn’t receive any tax forms. Do I have to file for this past year ? I am in NJ - single - no children - non dependent. I usually take the standard deduction
Do I need to file taxes if I retired and only receive social security of $15000 per year? Also if I have 35000 in an IRA can I withdraw say $10Kper year without any withholding? How much can I withdraw with out paying tax and without having to file.
I’m an expat. We are only making Colombian pesos. No dollars at all in 2023. We have rental properties, taxis and checking accounts. We pay taxes in Colombia. From all I read we are below all the annual income to file with the IRs. Should I still file so I don’t get audited later on?
It's amazing and we wonder why everybody thinks that they must scam everybody to get ahead in this country. Look at the bars that get set... I'm so sick of these scam artists.
Hello my dad is retiring and planning on selling his home and downsizing will have to pay taxes on that property if he sells it before he retires at the end of the year or should he wait until after he retires?
They figure if you die before retirement age, they do not have to pay you anything. Work till you drop. Those sick people. If anything they should lower it.
It's a crime to raise it on those planning for it for decades and they raise it. There is no way it's legal, nor using S.S. for things other than S.S., but they've used it as their own personal piggy bank.
How to handle customers’ complains? Every time they don’t get a high refund, and/or owe the IRS, they get mad at you, and think it’s your fault. I’m almost giving up on this business. Please help!
Help! I just filed my husband and I’s tax return. We don’t have children and we don’t owe taxes, but I am missing a couple of W2’s and his 1099-R form. We know nothing about this! Is this something we should amend now?
I received the first stimulus payment of $1200. I didn't file 2019 taxes for not having any income that year. Haven't received the second payment ($600) yet. I didn't use the IRS tool on time. I have no income for 2020, so I don't have to file. But do I have to file for 2020 in order to get the second stimulus payment?
Thank you Brian for your videos. I am disabled on Social security and had already done my taxes through Turbo Tax and it said I did not need to require a form this was back in January. Today I received my forms from Webull (forgot about these) and I was not sure if I needed to file a tax return. After watching your video and seeing how small my 1099(s) were(less then 3.00) and after inputing the info Turbo Tax, they wanted 78.00 to file the taxes and I was still at 0. I just closed out form and will not file.
So i dint file tax return for my mothers estate. The beneficiaries are splitting the interest on their tax returns..interest was 7000 before i closed eatate and distributed the money
Hi, is it important to claim your children through the working year? or it is better to have 0. Hi! should we claim our kids by putting more then 1 as Exception so we don't paye much in our taxes or it is better to have 0 or 1 then claim them(kids) later when filing taxes?
Filed mine May 1 and still accusing me of not filing. I get a couple of benefits which help but third year in a row they've played this game. Should I join a class action lawsuit & bury these crooks or move.
Hello, if i make 145k a year and contribute just enough to a 401k before taxes in order to bring me down to 126k, would i still be able to contribute to a roth IRA without penalty or being phased out due to income limits?
Hi. what if i made as an employee less than 12.200 but i also worked as an independent and made less than 12.200; but if we add them up (as an employee and as independant) = over 12.200 ?
I have a general question. I filed a 1040x for 2018 because of a K-1 with a carry over loss. Doing 2019 return, Turbo tax, and the loss is not carrying over for 2019 - but shows the amount for 2020? How do I correct this?
Hi Jeanette, you are correct that you need to insert this into your 2019 tax return as a federal carryover loss from 2018. It should be in the carry-over loss section or in your partnership K-1 reporting section, but I'm not a TurboTax software expert on this one.
I have a question, I’m a us citizen abroad never have worked as an employee in my life but to ask for educational financial aid to study online I need to show my taxes form as a requirement how do I do this?
Juan, depends on what you're trading, generally 1256 contracts or just equities? And another thing is if you're electing mark-to-market. And if you're talking 1256 contracts (futures/currencies), then depending on the variable, it might be subject to self-employment tax. If that's the situation you can take advantage of retirement plan contributions. And if you're talking about expenses, which would be reported on the Schedule C. So it all depends.
I couldn’t afford to pay to get them filed, I’ve been below the poverty line for years and pay rent, I have my own little business that makes very little but helps me live, the gov charges me 189$ to file when I’m getting nothing back, I’ve got 3 years to file. So almost 600$ I have to pay just to get my gst or Trillium.but I guess since I made so little for 2 of the years I don’t have to file? I only made 9000$ this year
I worked driving for a senior citizen twice a month +I get ssi I made 1,655 in the year I'm 52 and disabled but utube,news said I had file anyway. Now I'm getting a ssi review it also said 2020 I filed recovery rebate,because I never got the 1200+600 year before or on ssi?Was that right,and our state government this year for 2021 saying I had to file for 850 economic relief check which in tell gave me tax $ I think I was supposed to report it...but didnt because people I asked said I didn't have to because it was too low.
Hi, what kind of statement or evidence will I need to show to prove that I am not required to file tax return? My income last year was only from Social Security benefits. Is SSA-1099 a good evidence to show that I am not required to file?
I believe you can call your local Social Security office or so security Security Administration and they can give you a copy of your year's taxes as your W-2 a copy which they should have mailed it to you anyways. I think you could also look it up online. Hope it helps
There are other reasons you would have file like distributions from an MSA, HSA or if you had advance payments of the premium tax credit were made for you, your spouse, or a dependent who enrolled in coverage through the Health Insurance Marketplace among others.
ClearValue Tax I appreciate your videos. Very helpful. I have a question for you. My friend has her boyfriend living with her. He doesn't work. Can she claim him on her taxes?
Sixteenth Amendment The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
If I did not work in 2019 and I want to file how do I get past the boxes in the form that want employer ID when I try to e-file it wouldn't let me cuz I left that box blank
Hi first I want to say thank you for the great videos you make it halps alot of people like me that not familiar with all the rules... I have a question for you I didn't fail my taxes 2018 my gross income on the w2 is 12125 dollars and I'm single no kids in bax number 2 its federal income tax withheld 584 dollars is that the amount I'm going to get back??? And 1 more questions about 2019 I didn't work at all I was all the year out of the country is it still good for me to fail tax on 2019 even if i didn't work at all???
Oh that so interesting. I am going to file it on a free file only because its like 300 dollars worth and why not I also feel kinda of sad I never made 12k a year.
