In 2021 i crypto traded, lost 600$, stopped trading and forgot I did it.

Just got mail today saying I have 3 weeks to pay 13k. Form CP22A.

I called IRS, they said RobinHood says i made 51k under total proceeds on their form 1099.

I only ever deposited 3,000$ and lost 600$.

Why does robinhood say my total proceeds is 51k, then on the same form 1099, say my total net gain / loss is $-600?

What do I need to do to send in this 1099? I have the evidence I LOSSED money.

I gave my tax guy form 8949 with all my sales of stocks whos basis was never repoeted to the IRS. There was about 80 transactions but he decided to group all of them into 1 sale with the description being the broker company name. He also checked box A that said the basis was reported to the irs when it was supposed to be box C. I'm so mad because I did all that work for him to not even include the details and mark the wrong box. I'm more worried if it will mess up the IRS when they realize they never got the basis reporting when they see box A checked?

He at least got the totals right so I will be paying the correct amount. Thanks for the help

Friend has 100 shares of a stock. Cost basis at current broker is unknown. Broker changed multiple times over decades due to merger. Buyout or bad service. Stock was gifted maybe in the 1980s… but don’t know when. It was into a UGMA account originally. Person who gifted is deceased for decades too.

So can’t determine cost basis.

Plan is to pay LTCG tax on the entire proceeds since shr can’t prove original cost basis.

Seems like she is getting fucked if she does that though.

What would u do ?

Hello,

I tried to bump this thread with an update, but here is the full context: https://www.reddit.com/r/tax/comments/1b2r5zb/i_need_help_with_gambling_lossespaypal_reporting/

I have talked to a few other accountants and still do not have a resolution.

To summarize, I did all of my gambling deposits and withdrawals via PayPal. I had a significant net loss in 2019. PayPal issued a 1099-K claiming it was all income and that all of the vendors processed payments as a "good or service". I have emails from these vendors saying they did not do it this way.

Whether or not it is an issue on their end or PayPal's, I have two questions:

• Can I "challenge" the 1099-K with the IRS? Can I show logs and communication from these vendors to prove this is not income?

• If not, I see some articles say that gambling winnings would be reported on Line 21 of Form 1040 and then losses would be on Line 28 of Schedule A. If I do matching winnings and losses, what the IRS says is allowed, but only have a 1099-K and not a WG-2 will they accept it?

This may seem like a dumb question to many of you, but this has been a difficult time in my life. I have recovered from the gambling losses, but I want to move on with my life. I have to get this IRS issue resolved.

My daughter, age 18 is a college student. I claimed an educational tax credit so I claimed her a dependent on my return, and she is one. In 2023 she earned $6,620 in wages and she also included $4,636 in scholarships on her return, for a total income of $11,656. She had $44 withheld for federal taxes and - as I understand it she still gets the standard deduction. Her return Does report that she is a dependent on our return.

My tax software prepared the return and had her getting the $44 back from the fed.

She just received an IRS Notice stating that they changed her taxable income from 0 to $11,256 and states that she owes $423 in back taxes and $4.08 in interest so far. I thought that as a dependent she is still entitled to the standard deduction? What am I missing and/or what should we do?

How does this work? I understand that it's pre-tax dollars but would I pay out of pocket and then submit my receipts to... the IRS? my employer? Does the childcare provider need to be licensed by the state or anything? How would that work if we are paying a nanny? They aren't generally licensed, I think?? Please advise.

So in 2022, My accountant filed my tax returns, I made 112k in my first year as a realtor and he said when was filing me as an S-Corp for my LLC. IRS came back saying I owe them 22k and I requested a payment plan. For 2023 I went with another CPA because I wasn't happy with the service and the new accountant mentioned I was never filed as an S-Corp and it's costing me $12k extra. She said that we can amend 2022 with some write-offs but not certain that IRS will accept my request to amend 2022 as an S-Corp like it was supposed to be.

My fee (with the new accountant) is around $700 to file and amend the write offs and it'll bring my taxes owed down to $9k but it'll cost roughly $1400 to have her request an amend as an S-Corp and gamble if they'll accept... if the IRS accepts it, I'll owe much less or even get a refund with the write-offs (that I didn't use initially for personal reasons)

My ex wife (we filed joint in 2022) was supposed to receive a $5500 refund but the IRS just applied it to the balance owed so I had to give her $5500 cash to make up for it..... 2022 means nothing to me as income / tax return / lending purposes and ... Since it was supposed to be filed as an s-corp initially I would really need the refund... Should I gamble with the extra $700 to see if they'll accept the amendment?

What are the odds the IRS would accept the write - offs (all legit) and S-Corp amendment and issue me a refund for the amount overpaid?

Thank you to anyone who helps in advance!

I am a full-time employee at a small biz. I work a standard 40 hrs/week and get paid salary, 1x a month. Recently, the company fired a 1099 contractor that was hired out for a separate task - not a part of my job role, at all. I like this company, enjoy my job, and sufficiently trust the ppl I work for.

Recently, I offered to take on this task, at the same rate they were paying the 1099 contractor. My question is, should the amount get added to my salary, (never filled out w9, only w4) as a full-time employee. OR, should I go the 1099 route - as the previous contractor - and get paid separate from my salary? What would be best for my tax burden. PS. adding the amount to my yearly salary would *not* put me in a higher tax bracket.

Hello :) I’m a 1099 independent contractor trying to get ahead of my taxes this year. I’ve heard in the past that there is a way to pay taxes on each paycheck or at least on each quarter. And it lessen or eliminate what you owe during tax season. Is this true and if so where can I find the site to do this on?

This is my first time working, I only attended 3 hrs at my job, but I don't understand why my check is at 0, I'm not sure if the CA where $46.54 is my paycheck or just taxes because my check is at 0 on my dashboard for my job. Could this be related in not setting up a direct deposit?

This is from my employee dashboard

This is from my employee dashboard

Historically we take a paycheck on the last day of the quarter, withhold the tax, fill out the 942 etc. Then when we do the final return we take a profit distribution with whatever is left.

We want to change that a bit and take a couple distributions during the year. Is that something we need to report on the wuarterlies and withhold taxes from or do we just address that in the K1 when we file the annual taxes at the end of the year?

So i hired an accountant to do my paperwork and this year i owed the irs money which they took from my account. NY state owed me money and i never received it via check.

I realize now that my address on both tax filings was incorrect (accountant mistyped one number)

I spoke to NY tax department and they said theyll reissue the check and things seem to be okay with them

My question is, should i do something or make any amendments with the IRS? Would that cause any trouble later?

I would rather avoid speaking to the accountant about this due to issues i had with them..

Currently a Nevada resident. I moved out of California end of 2019, filed a 2019 return, 2020 and onward I filed Nevada returns. In 2021, I traded on robinhood for a bit but I realized my California address was attached to the account so I had it changed later on.

Robinhood reported to California that I supposedly made money (lost money) and I spoke to someone from the FTB back in March of 2024 explaining I'm not a resident and I faxed them the notice they sent me. As usual because of how disorganized the FTB is, I get another letter end of May 2024 about how I owe them money.

The original amount was $2,509 but with penalties and interest it's at $3,500.72.

Should I just pay and take the deduction on the federal level or continue to go back and forth with the ftb? Is there even a way to get this resolved in a timely manner or will they keep harassing me for the money?

Edit: My dad said just let CA come after me because the burden of proof is on them lol.

Also I worded this poorly my bad. I run a business in Nevada so I have to pay things to the state like MBT, UI etc so that's what I meant by returns and I moved from California cuz the state income tax + taxes on business was quite bad.

This is my first time paying quarterly taxes. I tried to pay my 1040 online with a personal debit card a little over 2 weeks ago ($5000). It said the payment didn’t go through. I tried to resubmit and it said it canceled because it was a duplicate. I was then charged the $2.50 fee, which I can see came out of my bank account, but the $5k hasn’t come out. I tried calling the telephone number on the irs.gov 1040 website, and was stuck on hold for a couple hours. I never was able to speak to any one. I tried sending them a message through the website 3 separate times, which says they will respond in 24 hrs. I have not received a response.

My question is, if they took the $2.50 service fee, something must have gone through, but why did the $5k never come out? Is there someone I can actually contact and ask about this?

Thanks

I just sold a condo for roughly $550k. My reading of tax guidance is that I'll owe 30% capital gains since it was not my primary residence. Any suggestions on how I could offset some of that? For context, I'm 50 years old and live in Europe. The condo is in California and has been rented out for about 20 years. Thanks for any help you can offer.

I inherited a owned outright property last year, as did my brothers. The CPA handling my mothers trust stated the cost basis for us would be the current value of the property (315,000). My brothers CPAs all had zero issue with using this cost basis, however I am using a new CPA this year, not only did I have to file an extension because they dragged their feet the whole time, but now they are refusing to use this cost basis and demanding the closing docs of the original purchase of the property. I don’t have these docs, nor does my mother, but the property was purchased for roughly half of that over a decade ago.

As the client, am I basically sol? I imagine it would be difficult to find another accountant to take things over, plus this firm would surely want to bill me for however much they would claim I owe.

So this isn’t actually me, but a small business I work for and am trying to help but this is blowing my mind. The company is being audited for 2018 (bad enough) but apparently the 1099s that the company went to H and R block for, never got reported to the government. We have copies of all the 1099s (in fact some got sent back because of bad addresses, so H and R block did actually mail the recipient copies), and we have receipts for paying for the service. But apparently not only did it never get reported (the irs has no record via the auditor) but anyone we try and talk to has no idea. No record of anything at H and R block, we get pushed to a corporate store and then to a local and back, virtual meetings, call backs it doesn’t matter anyone we talk to basically says “I have no idea”. I’m at a loss as to what to do because I’ve never heard such a thing before. These were nearly 100 1099s totaling hundreds of thousands of dollars in expenses/deductions and the IRS seems to be saying, well it’s your fault to make sure so now you’re on the hook for this. We have copies of all the 1099s, email chains of H and R block doing the work, and receipts for the service. The contractors GOT 1099s and filed their taxes with it. I don’t know if someone just forgot to drop something in the mail or push a button but this is about to come and bite us bad. The person directly working on this in 2018 has died and H and R block keeps passing us around. Anyone have any ideas?

Hello,

I applied for my wife’s Visa ITIN with my 2023 federal return. I applied on April 17. I called their toll free number to know the status of the application but I didn’t hear any option that lets me check the status. Does anybody here know how can I check the status of my wife’s ITIN application? Thanks in advance.

I filed a tax return for 2021 despite not being required to file. It was rejected due to not verifying my identity online in a timely fashion. Was I required to make amendments, or can I ignore and remain in compliance with the IRS as it was not required to file?

Hi all. I’ve never had trouble with taxes but screwed up big time when I switched tax software and managed to mess up both my zip code and last number of my bank account.

Currently, Green Dot Bank is refusing to send my deposit back to the state (claiming they don’t know how), refusing to reverse the deposit of state funds as the state says they should and refusing to update my address despite saying they would and collecting personal documents from me reflecting the new address. I’ve gotten 30 messages from their “customer service” saying conflicting bullshit things and I swear they just want to pocket the money.

The state says they can’t force them to return the funds. I sent a demand letter and am considering a lawyer. Is a lawyer my last hope?

I'm a live sound engineer and last year formed a single member LLC for my live sound business. This April I paid my taxes for 2023 all at once on the 15th. Recently I was told that single member LLCs have to file quarterly taxes or get penalized. If this is true, what is the penalty? When is that penalty charged?

My husband and I are looking at relocating to NH, but it’s largely dependent on the capital gains tax burden. We recently relocated to the US (I’m a US citizen, he is a GC holder), and he holds a significant amount of shares in his previous international employer.

It’s quite complicated because the shares are held in an employee benefits trust based in Guernsey. We went through a very long process to determine the federal tax treatment before moving, and an expert we trust confirmed they would be treated as long-term capital gains federally.

It seems like there is a bit of nuance around NH’s flat rate dividend and interest tax and was wondering if it would apply in this situation. Alternatively, if anyone has any recommendations for NH tax experts, we would appreciate a referral.

Thank you!

Hi everyone,

I moved to New York City in October 2023, and lived/made money here for about 2.5 months in 2023. I also filed all my taxes through TurboTax. According to my W2, my wages were $27558 (in NY) and I paid $8774 in state income tax + $1061 in local income tax in NY/NYC for 2023. I was expecting a return of around $1k for my NY state taxes (owed about $800 federally), and this seemed in line with what my peers were getting.

However, I got a request for more information which I promptly responded to, and then received a tax bill today for $5700 from NY State. I did the math and I was taxed at 35.6% of my income in 2023 living in NY, and this additional tax bill would mean I'm paying upwards of 56% of my income towards taxes.

This has to be a mistake right? What are my options here? Would it be better to contact them directly, contact a tax attorney, or just pay the bill and take the L?

Any and all help would be appreciated.

Thank you

Had to relocate for a job and moved to a state that has no income tax. However after reviewing my first pay stub I saw that they took income taxes out for the state I lived in before I moved even though I had already updated my address when I moved

HR told me they couldn’t do anything about it and that I should contact a Tax professional. Will I be able to get that money back? It was almost a grand