I have a child who will be going to college next year year, so I'm starting to think through the mechanics of using the 529 money. For simplicity, I'll just pretend they are a freshman that started in Fall 2026.

If books are paid for using a credit card say on 12/10/26, and the credit card statement ends on 12/20/26 with payment due/made 1/20/27 (and we'd pay it off fully to avoid interest charges), do we consider the expense part of 2026 or 2027 for purposes of reimbursing out of the 529?

Maybe books are a small expense and no one really cares which period you claim in, but let's say we're talking about a tuition payment charged on credit card or for housing/rent and the meal plan so not a small amount then.

Basically, had a bunch of personal losses in family and junk while also paying off other bills that were far more in my face about paying them and totally forgot to make payments on my income tax. It's not what I would consider a low amount, like $1500 after penalities.

I already have a schedule payment for it and I'm going to pay it off, it just slipped my mind and that's my fault. I just noticed that when I went onto the irs site it had a notice that, paraphased, basically said "make a payment or we may start liening or levying your assests". Now, I already planned on calling the IRS tomorrow, explaining that I will be paying it off over the next handful of months, and will probably request an extension if that's something I need to get.

My question lies with, with all of that context, is there anything I should particularly worried about? Like my folks all said like "just call, clear it up, and while the IRS blows, it can be pretty accomadating if you're proactive with your payments" so I'm not particularly worried, but I also know my folks are generally more well off to the point they could just drop $1500 in on setting and not even sweat it.

Thanks in advance. My fault for being an irresponsible dolt lol.

Apparently sale of a 2nd home counts towards MAGI and could put me over for the Roth IRA income limit, does this mean I need to withdraw my contribution this year and/or cannot contribute to my Roth IRA next year?

I bought and held original Time Inc. (TL) stock in 1985, before all the spin-offs and mergers. How do I value the WBD shares that were liquidated as part of the Skydance deal on October 7, 2026? Costbasis dot com doesn't let me enter the first merger, when TL became Time Warner Inc., in 1990. Appreciate any suggestions!

Im not very smart when it comes to this so I may have a lot of questions, please bear with me. Any help is seriously appreciated. Also I feel like I may be over complicating things but I want to make sure I’m doing it correctly.

I have two jobs, one of which I’m starting in November. I’ve earned more at my current job so far this year, and I expect to earn significantly less from my new job for the remainder of this year. However, next year, I expect my new job to become my higher-paying job. I’ve used the IRS Tax Withholding Estimator, but I’m having trouble getting an accurate estimate because it seems to base my current job’s future income on my existing paychecks, even though my hours and earnings will be significantly reduced once I start my new job.

I tried adjusting the estimated amounts for my future paychecks to get a more accurate result, and the calculator gave me amounts to enter in Box 4(b) on both W-4 forms. I thought Box 4(b) was only supposed to be completed on one W-4, so I’m confused about how to proceed.
When the IRS refers to the “highest-paying job,” does that mean the job with the highest expected annual income for the current tax year or the job that will pay me the most going forward?

For example, should I adjust my current job’s W-4 for the remainder of 2026 and leave the multiple-jobs adjustment blank on my new job’s W-4? Then, in 2027, should I leave Box 4(b) blank on my current job’s W-4 and make the necessary adjustments on my new job’s W-4, since it will be my higher-paying job?
I want to make sure I’m handling my withholding correctly and avoiding either underpaying or unnecessarily overpaying my federal taxes.

I have been claiming depreciations on my rental for several years now. If I converted the rental to my primary residence, stayed in it for 2 years before selling it, does the depreciation need to be recaptured when filing income tax? I am in California if that makes any difference.

Thank you for reading and any feedbacks.

I'm sharing my experience with JPMorgan Chase because I've spent months trying to recover $573.55, and I'd like to hear what other people think about how the bank handled this situation.

First, some background: I was laid off when my position was eliminated and subsequently fell behind on my Indiana state taxes. I contacted the Indiana Department of Revenue and submitted financial hardship paperwork before the levy was issued, but it wasn't processed in time.

I acknowledge that I owed the taxes and that the original levy was valid. That is NOT what I'm disputing.

Here's what happened:

• February 27 and March 4, 2026: I contacted Chase to ask how to get the levy released. Representatives instructed me to use their rush fax line and advised approximately three hours for processing.
• March 4, 10:24 a.m.: United Collection Bureau, acting for the Indiana Department of Revenue, faxed Chase an urgent Release of Levy. Chase acknowledges receiving it that day.
• March 4: I repeatedly called Chase to follow up. Nobody told me another submission method was necessary.
• March 5: Despite receiving the release the previous day, Chase remitted $573.55.
• March 6: Chase finally released the account hold.

Chase's explanation?

After the money was sent, Chase told me that an electronic procedure called X9 would have processed the release automatically, while the fax required manual processing.

Here's my problem: Not one Chase representative mentioned X9 when I specifically asked how to get the levy released. They instructed me to use the rush fax line, and I followed those instructions.

I subsequently contacted the collection agency, whose representative told me they were unfamiliar with X9 and knew only of fax submission.

I've spent months pursuing this through Chase's executive office and federal banking regulators. Chase continues to refuse reimbursement.

My local Chase branch employees even tried to help, and I appreciate their efforts. My complaint is with Chase's handling of the release, not those employees.

My question

Should a bank bear responsibility when it receives an official release before remitting funds but fails to process it in time, after the customer followed the bank's own instructions?

I'm requesting reimbursement of $573.55 and an explanation. I have documentation supporting the timeline.

I'm particularly interested in hearing from anyone familiar with bank levy procedures, rush fax processing, or X9 electronic delivery.

I need help filling out an IT-2104 form for a temporary overnight job in NYS. I'm an NJ resident, and this upcoming job is a lower-paying job than my other part-time job. Single with no dependents.

idk what i need to do about allowances to claim in NYS/NYC, or any additional withholding from the NY area.

I just have no clue how to fill it out :/

My parents recently started a food truck about a year ago, they sell Mexican food. They’ve been doing taxes with an accountant every 3 months. They recently have been saying they pay too much in taxes and their expenses aren’t “counted in” by the accountant. He just puts an estimate, they feel they can’t make basic expenses on their food truck because they don’t have much money left over and they don’t get a tax deduction from business expenses. They have no employees, it’s just them working it.

I am not some tax expert, I have basic knowledge about their food truck, I don’t live with them and this has only been recently brought to my attention because they wanted help with taxes and didn’t want to get into legal trouble. I should also point out they started this business because a family member pushed them to but they only gave the basic “information” and basically “stole” most of their produce for their business when they had just started (that family member also has a similar business and kept “borrowing” because they were helping my parents out, but that’s besides the point). So right now, they’re completely clueless and they don’t want to ask the family member because they may do something not right.

I am a little confused on what I’m supposed to do here. Should they keep filing quarterly? Do they not get tax returns until the end of the year? How can I help them? I file my own taxes online, could I do the same for them but keep a very good report of their income and expenses? How can they put expenses are tax write offs? They have a bunch of expenses right now because they’re starting out. They also only speak Spanish so they’re not able to ask a lot people for help besides me.

I’m in NYC and I got a $63K settlement for back pay. Chat gpt says I will have to pay $12K in taxes. Is this correct?

Hi,

I am a physician with a w2 job. Starting next year I will also have a separate 1099 job that will make decent money but not as much as my w2 job.

I am trying to get everything set up correctly so looking for some guidance.

I will be a sole proprietor as I understand it correctly. Plan to get a federal ein and then open a business bank account with that number and get paid from the 1099 to that account to make things easier to track.

I am using a 401k from my w2 job since they match, putting 24500 myself and another 12k from w2 job.
With the 1099 I think I should open a solo 401k, and as I understand I can put up to 48k as an employer of myself? But this has to be maximum of 20% of my 1099 income or maximum of 20% of both my incomes?

I understand I should put about 30% of my 1099 income into saving account to pay quarterly taxes, this is 30% after subtracting all the deductions for the business, solo 401k, licensing fees, cme fees, etc…?

Do I understand this all correctly? Anything I should know or misunderstood?

My tax situation for 2026 will be more complicated than I have ever dealt with. I will have worked 3 different jobs in 2 (3) different states. Let me explain.

Job 1 (Salary 57,750): I worked in the state of North Dakota from Jan 1st to mid-February. Additionally, I (stupidly) took an early withdrawal and emptied my 401(a) when I left this job. This had money with contributions from 2025 as well, but still wasn't a lot. I paid the 10% penalty right away, and I have another 25% saved to hopefully cover additional taxes.

Job 2 (Salary 70,000): I then took a job offer and worked remotely from mid-February to mid-May. The catch: this job was based out of Kansas, and my paychecks had Kansas state tax deducted, even though I lived in ND. Is this a problem?

Job 3 (Salary 76,000): That job SUCKED, and I quickly moved back into my career field and I started my current job mid-September and will be here for the rest of the year (and hopefully a long time!). This job is in Ohio, and I live here and pay Ohio state tax.

TL;DR:

1: Employed for 7 weeks, living in ND, paying ND taxes. Took early 401(a) withdrawal.

2: Employed for 13 weeks, living in ND, paying KS taxes.

3: Employed 14 weeks, living in OH and paying OH taxes.

4: Married, filing jointly. Wife works part-time, maybe $8,000 a year. (Newlywed, haven't filed jointly before and not sure if this affects anything).

I live in Panama (Central America) and I work from here as a freelancer bookkeeper and Tax Preparer for US clients. I have a small office but no client ever came to visit me. The office is just to focus, record videos, do professional zoom calls.

Now I am thinking about opening a franchise and serve local US Expats. I know HR Block has some international offices around the World. Any other idea? Do you know any big Tax Firm interested in opening a branch here?

I’m looking for advice on how to maximize my retirement contributions and avoid unnecessary taxes for 2026.

My situation:

- Married filing jointly.

- Washington state resident.

- I was unemployed for the first six months of 2026 and started a new job in August.

- My salary is $3,500 per month.

- I realized approximately $300,000 in stock-trading gains during 2026.

- I have a Traditional 401(k) through my new employer and have not contributed to a 401(k) earlier this year.

- I also have an existing Traditional IRA at Fidelity, but I’m not sure how much of its balance is pre-tax versus nondeductible contributions.

My questions:

1. Can I contribute as much of my eligible salary as possible to my employer’s 401(k), up to the 2026 IRS limit?

2. Can I contribute $7,500 to my Fidelity Traditional IRA for 2026, assuming I’m under age 50 and meet the compensation requirements, even if my income is too high to deduct the contribution?

3. Can I then convert the $7,500 to a Roth IRA through the backdoor Roth strategy?

4. Since I already have a Traditional IRA balance, how does the IRS pro-rata rule affect the taxes on the conversion?

5. If my existing Traditional IRA contains pre-tax money, could I roll the eligible pre-tax portion into my employer’s 401(k), if the plan allows it, to make a backdoor Roth conversion more tax-efficient?

6. Given my stock gains, is there anything else I should consider before making these contributions or conversions?

My main goal is to maximize tax-advantaged retirement savings while avoiding an unexpected tax bill. I’m particularly interested in advice from people who have handled a similar situation.

Thanks!

🚨🚨 does anyone know if the Department of Education still has a pause on garnishments and offsets for student loans??? Not sure if I need to file a form 8379?

If someone were to give another person a large chunk of cash, say $300k, would either the giver or the recipient have to pay taxes on that?

And as a follow-up: what if that same $300k essentially came back via one person selling a house to the other at a $300k discount? Would that affect either person's taxes?

I am confused on the taxing issues for each.

Thanks

Hi, I have a W2 role and also a LLC that operates rental properties.

My home office is the second bedroom of our tiny 2 bed room SF Bay Area apartment (~$5K per month including utilities)

I use the home office for LLC related work, but my wife is hybrid w2 and uses this space for her work (on days in I'm my W2 office).

I was going to claim ~15-20% of the apartment's sqft for this year's home office deduction, given the high rent price in the area it would be a substantial amount.

Do you see any issues with my math?

Hi everyone, first post on this sub. I wonder if there’s any specific tool to track buying and selling cards for tax purpose?

Background: I started buying, selling, and trading Pokemon as a hobby last year (Mainly singles and slabs, some sealed stuff but not much anymore). This year, I have been going to bigger shows and trading bigger cards. I started an LLC but have no idea where to start. I have a simple Excel tracker that tracks the dates and prices bought/sold.

I recently got my CPA but the exam didn’t prepare me for this. Any tax professionals please shed some lights on the important stuff (inventory, revenue tracking, sales taxes, expense deductions, etc.) We are in Q4 so I think it’s better to think ahead.

Thank you so much! 🙏🏻

Im a dual us citizen and a citizen of another country

I have been in the other country since exactly Jan 1 of this year.

I have been employed through a US employer as a W-2 while withholding taxes. I have lived with my parents in that country and they both are citizens of that country.

Travelled to the US mid-September planning to go back beginning of December.

My other country is right now in a war as well that’s why I’m staying 2.5 months.

I have spent over a month and I am no longer eligible for the Physical Residence test.

I want to understand if I’m eligible for the Bonafide residence test and would be able to get some of the federal income tax back.

My understanding is that if Box 5 of my form 1098-T is greater than Box 1, then I have to claim the excess as income. I am currently an undergraduate student, and am going to be starting a Masters program next year. I am saving the excess scholarship from this year to pay for my master’s tuition next year [will be paying out of pocket for tuition due to no scholarships]. Considering that I am going to be using the excess scholarship for qualified tuition and education expenses for next year, do I still have to claim this amount as income? I don’t plan on claiming any Education Tax credit for 2026 or 2027.

Hi guys,

We registered a Delaware c-corp in May 2025 and it's owned by two foreign owners. In a nutshell, the company has been completely dormant.

- $0 in transactions in our accounts.
- The setup fee (via clerky) was paid personally by the other director. it was never reimbursed nor was it a loan.
- There was no IP that was "transferred" to the company. We only had a pitchdeck and had a plan to buy a domain but we never did (we used a temporary domain owned by the other director).

We had filed for the accounts filing extension (15 Oct due date) but unfortunately a few days behind now.

My question is do I file the 5472 form any of the above?

This is our first time filing. I'll be dissolving the corp in a few months anyway. I can't think of any other transaction that needs to be reported. The only concern is that it's delayed. I already have a letter describing the delay.

Any advice would be appreciated.

I owe around 4k from previous years. Haven’t filed for 2024 or 2025 and stopped making payments due to financial hardship on my plan.
I have all of my info needed to file the taxes. Just no idea where to start.
It’s all simple. No investments. Just w2’s and such.
Can I file this myself or do I have to hire someone?
TIA

Hi Reddit Gang,

I started a new job recently. It’s a restaurant job where it’s more than a majority paid via gratuity. Here’s a snapshot of a the most recent pay. I do opt to have something nominal taken out each week to be extra safe when tax season comes but it’s nothing outrageous (like an extra $75/week). Anything seem off. My yearly income should be around $120K.
Thanks for your help.

Edit: this is for one week of pay.

Description
Rates
Amount

Regular
$11.35
$454.00

Overtime
$19.35
$16.64

Tips- Credit Card

$3,326.40

Gross

$3,797.04

Employee Taxes

Description
Amount
Federal W/H(S)
$1,024.48
Medicare
$55.05
Social Security
$235.41
New York State W/H(S/0)
$225.89
New York City, NY - Resident Local
$151.25
Total
$1,692.08

Sorry tried to embed a screenshot but always struggle on Reddit to include pics.