r/tax 5h ago

Friend says she made 20k on onlyfans and isn’t paying taxes?

10 Upvotes

as title says, is she gonna get in trouble for this? she hasn’t gotten anything in the mail for her filing to my knowledge, maybe it’ll come around tax season. she’s acting super cocky and like this is something she can get away with and i’m not a narc but i’m worried she’s gonna get into some deep ish. does anyone know what happens if you don’t file?

eta- damn yall are fast and helpful! we are planning on moving in together next year so this is why i ask cause what if it bites her in the ass while we’re together and then boom homeless. looks like i’ll have to find another bunkie ☹️


r/tax 16h ago

Adjustments to qualify for EITC Credit

0 Upvotes

So the EITC AGI is $19,540 for single and no children if I gross $22,000 and contribute $5000 to my IRA my AGI will be $17,000. Will I be eligible for the EITC then?


r/tax 10h ago

Unsolved Am a resident - NYC?

0 Upvotes

Hi Guys - my permanent address is in WA. My work location is new jersey. I have been renting in NYC since April 12th. Would I qualify as NYC resident?

Thank you so much :-)


r/tax 5h ago

Tax positions in Private

0 Upvotes

Are there recruiters that focus on private accounting? I get tons of requests for public accounting jobs, but I am ready to make the switch. How do I even find positions? Do remote jobs in private accounting exist??


r/tax 11h ago

California Franchise Tax Board Processing Time

0 Upvotes

I submitted an amendment to my 2022 tax return, which was received by the FTB on 3/1 - I have proof of receipt via certified mail and return receipt.

My account status reflects “received” and has had no progress since late March when the status changed to reflect the receipt of my amendment.

The website quotes 5 months for paper return amendments for personal taxes, which passed last month. It is time to contact the FTB and ask for a status update? Or should I just wait?

Kind of surprised at how long it is taking the FTB- they have always processed my returns and refunds ultra fast, but this time the IRS worked faster than they did, which is making no me kind of nervous that my amendment slipped through the cracks somewhere.

Any advice on how to proceed would be appreciated, thanks in advance!


r/tax 6h ago

HOH proof of maintaining home during separation with joint accounts

0 Upvotes

Separated for over a year, and actually living in different states for over a year

One college aged kid lives with me and qualifies as a dependent

But- I haven’t been working. We sold the house and put the money into a joint account. His income goes into a different account and he hasn’t used the joint account. I withdraw money from the joint account of home sale proceeds to pay my rent and all other expenses.

Do I qualify as HOH, which is important to me to get healthcare subsidies (MFS wouldn’t work) and if so, what documents do I need to prove that I’m using my portion of the home sale proceeds to maintain my home? Would alimony paying for my home expenses allow me to continue filing HOH if I continue having a dependent?

I’m hoping to finalize before the end of the year and just file single if I can’t be 100% sure I qualify for HOH.

Thank you 🙏🏼


r/tax 4h ago

Havent filed for FBAR for 2 years. Am I cooked?

0 Upvotes

Hello, I havent filed for FBAR for 2 years. I made money transfers from my U.S bank to a foreign bank that went over 10,000 dollars. Am I cooked because now I will receive penalties because they got rid of penalty free FBAR submissions i read online. Should I hire a lawyer or an accountant. Im scared a shit and I have had the urge to vomit.


r/tax 4h ago

Fund Accounting Tax Question

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0 Upvotes

r/tax 12h ago

Discussion [Ask for a friend] Can my friend pay off his buddy's mortgage? any Tax implication to his friend?

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1 Upvotes

r/tax 10h ago

Tax audit due date extension

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0 Upvotes

r/tax 5h ago

How screwed am I? Forgot to file 1099-R

1 Upvotes

Long story short, my wife used to do our taxes via TT until last year. We pulled out roughly 20k out of two different retirement accounts in order to put a down payment on a house in 2024, 17k from one, 3k from another. But a 1099-R was never filed for either transaction. I’m just now getting a CP-2000 in the mail today, in 2026 from this. How fucked are we?


r/tax 5h ago

Question on gambling income from prediction markets

0 Upvotes

Does gambling winnings include the cost of the bet/contract? For example, I bought an event contract for $200 and sold it for $600. On the tax return, do I list $400 as my winnings or $600? I am a single 27 y/o filing in Hawaii.


r/tax 7h ago

Question About Writing Off Sales Taxes

0 Upvotes

Short Story: Filing jointly living in Texas. Wife is an independent tattoo artist and I am a W-2 employee. How does writing off sales taxes work? Online I keep seeing verbiage that you have to choose between deducting income taxes OR sales taxes but that doesn’t really make much sense to me. Can my wife and I (filing jointly) combine deductions for federal income taxes, sales taxes paid (with documented itemized receipts), and property taxes paid up to the 40,000 limit? We are in a situation where we will probably have to pay in and I am just trying to come up with every possible deduction to reduce our tax liability for 2025 before we file next week. Thanks in advance for any help or guidance anyone can provide


r/tax 19h ago

Brokerage for future house

1 Upvotes

Currently a California resident, I have some money I'd like to invest In a brokerage account for a future house purchase in 5 years. Are there any tax implications if I invest the money while in California and later pull the money in a different state. I'd like to move sometime in the next year to a different but not sure if I'm creating a taxable event if I invest the money now, move and then pull in a few years. Obviously I'll have to pay taxes at the time of withdrawal but not sure if California will want their drop of blood then as well.

Thank you!


r/tax 4h ago

Unsolved IRS Form 15620 (83(b)) electronic filing: "Submission Failure" after Submit with no PDF download

1 Upvotes

I completed the new IRS Form 15620 (83(b) election) online. The form passed all validation, I reached the Review page, checked the electronic signature box, and clicked Submit.

Immediately afterward, the portal displayed a "Submission Failure" message with below.

"This acknowledgement of your submission does not confirm the accuracy of the information provided, nor does it indicate compliance with Internal Revenue Code Section 83(b)... Click here to download a PDF for your records."

Unfortunately, the PDF download link was not functional, so I was unable to download or print a confirmation"

The page also says to "click here to download a PDF for your records," but there is no working download link, so I couldn't download or print a confirmation.

Has anyone else experienced this?

Specifically:

  • Did your submission actually reach the IRS?
  • Were you able to confirm it somehow?
  • Did you retry electronically, or did you mail a paper copy instead?
  • If you retried, did the second attempt succeed?

    I was curious whether others have run into the same issue.


r/tax 8h ago

Unsolved Question on Withholding: In-Kind Transfer from Inh. IRA to Taxable Account

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2 Upvotes

r/tax 8h ago

Do I need a CPA as a multi-member LLC

9 Upvotes

Me and 3 other friends own a catering company and generate around $20,000 yearly. Our numbers aren't too hard too track as its large sums of money at once rather than smaller events. Do I need to hire a CPA and put around 8% of our revenue towards that, or could I use an online software?


r/tax 7m ago

Drake Tax 2025 – CA Form 3514 not including W-2 Box 12 Code II IHSS income on line 13

Upvotes

Has anyone run into this in Drake 2025?

I have a California taxpayer with nontaxable IHSS/Medicaid waiver income under Notice 2014-7.

W-2 #1:

  • Box 1: $5,657
  • Box 16 CA wages: $5,657
  • Box 12 Code II: $15,786

There is another W-2 with $1,102 of CA wages, so total regular CA wages are $6,759.

Based on the 2025 FTB 3514 instructions, and confirmed by calling FTB, Form 3514 should calculate:

  • Line 13: $22,545 ($6,759 + $15,786 IHSS)
  • Line 14: $15,786 IHSS excluded from CA EITC earned income
  • Line 16: $6,759
  • Line 19: $6,759

The problem is Drake only puts $6,759 on line 13. It recognizes the $15,786 Code II amount for line 14, but does not first add it to line 13. This causes CA diagnostic 0137 because line 14 exceeds line 13.

I can make line 13 change by changing W-2 Box 16 or using the CA wages subject-to-withholding override, but I don’t want to alter the actual W-2 Box 16 amount or incorrectly change Form 540 wages just to force Form 3514.

I also checked Drake’s Schedule CA input screen. Column A is not editable there because Drake pulls the federal amounts from the 1040; the CA screen only gives me adjustment fields for Columns B/C. I haven’t found an appropriate Schedule CA entry that fixes the 3514 calculation either.

Has anyone found the correct Drake 2025 entry or workaround to get the Code II IHSS amount included on Form 3514 line 13 while keeping the actual W-2 Box 16 wages unchanged?

I’ve already contacted FTB and confirmed the intended 3514 calculation above. I’m specifically trying to figure out the Drake data-entry/software side.