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FAQ

Do I ever have to pay taxes on casino winnings if they are less than $500 for each time I go?
Technically, yes. The common misconception behind gambling winnings, and other types of income, is if you aren’t issued an IRS form, you don’t have to report the income. This is incorrect. To be safe, all income should be assumed to be taxable. When in doubt, do what you’ve done here, and ask.100% of gambling winning are technically taxable. When winnings exceed certain thresholds (see below) the casino is required to issue you a tax form disclosing the winnings. A copy of that form also goes to the IRS.W-2G Reporting Thresholds:Slot Machine/Bingo - $1,200Keno - $1,500Poker Tournament - $5,000We recommend keeping a detailed log of your gambling activities. Some casinos offer a player’s card to help track wins and losses. If you have gambling winnings, your gambling losses may help to minimize your tax burden.For more information regarding the IRS and gambling visit here. And for more information regarding the tax landscape visit Financial Telepathy.
What is the proper tax treatment of tuition reimbursement repayment?
You make the adjustment yourself for the amount of repaid tuition reimbursement that was included in your income from the prior year. It does not require any action by your former employer. You can use two methods to recalculate your tax.Method 1 take the amount of reimbursement that was included in prior year wages as an itemized deduction not subject to 2% of AGI on your return for the year when you made the reimbursement. Schedule A line 28.Method 2 recalculate your income tax from the prior year deducting from taxable income the amount of the reimbursement that was repaid. Re-calculate your tax liability using the revised income amounts, subtract the new tax from the previously calculated tax and take that reduction in your taxes as a tax credit on your current year tax return.  Report the credit on line 71 of Form 1040 and write IRC 1341 next to the amount.Use the method that results in you paying the lowest tax in the current year.You don't get an adjustment for any amount you repay that was qualified tuition reimbursement excluded from income, only for the amounts reported as taxable wages in your W2.  While it is not specifically addressed in the tax code or regulations that I could find, it does seem to be general consensus that you also do not get the benefit of any education tax credits for the tuition that you repaid since the repayment does not happen in the same year that the tuition was paid to the college.
What is the difference between a W-2 and a 1099-R when it comes to filing taxes and how it affects the federal income tax return?
A W2 is a reporting document you receive from your employer (or former employer). A 1099-R is a reporting document of retirement, annuities, or other distributions from retirement or annuity accounts.W2 amounts are always taxable and 1099-R amounts are taxable depending on whether you paid money into the account pre or post tax.
How do you account for a bonus clawback for tax purposes?
This is a very unusual transaction.  In running a payroll department for over a decade, I've never seen it (scenario 2, as described below) first hand.  What I'm about to say may or may not be correct, but my instinct is that it is.There are two scenarios that I can imagine; one a little more awkward and unconventional than the other.Scenario 1 (same tax year):  You received and repaid your signing bonus within the same tax year.  Example:  You received $X bonus in May 2021. quit a month later and paid that money back upon your termination.Scenario 2 (two tax years):  You received your signing bonus in one tax year and repaid it in the subsequent tax year (in other words, your employment straddled December 31).Example:  You received $X bonus in December 2021. quit two month later (February 2021. and paid that money back upon your termination.General comment.  My first comment is the amount to be repaid.  You received after tax dollars.  This should be the amount that needs to be repaid, not the pretax amount.  The gross to net difference is taxes.  Just as the company has paid taxes withheld to the federal and state governments on your behalf, when the reverse transaction takes places, the company will recoup the gross to net difference (i.e. taxes) by processing a negative adjustment on your behalf.  If your bonus was $10K and you received $7K after taxes, the reverse transaction would not be a repayment of $10K, it should be precisely what you took home.  The net difference between the two transactions (from your pocketbook's point of view) should be zero.Scenario 1:  This is the least awkward.  The payroll department will (or should) process your repayment transaction in their systems.  If you get paid twice a month (24 times a year), rather than having 24 transactions to add up for your W-2 form at year end, they'll simply have 25 transactions.  The 25th transaction will represent your repayment.  They'll process a 'negative' paycheck for you.  Your gross earnings will be lowered by the amount of your bonus (before taxes) and negative tax adjustments will be made for the taxes you paid when you received your bonus.  This will create an 'accounts receivable' on their books in the amount of the net pay you received as your bonus.  This receivable will be cleared from their books, upon receipt of your repayment.  If the transaction is processed correctly, your W-2 form should look 'as if' you never received the signing bonus in the first place.  In other words, the transaction was simply reversed and money has traveled in the opposite direction (i.e. from you to the company and from the government to the company [for taxes]).Scenario 2:  This one is awkward and presents an unfortunate timing difference for you.  W-2 earnings are reflective of cash payments received in a taxable year.  In this case, if you paid your bonus back in year 2, I'm pretty sure you'll have to file a tax return in year 1 which excludes the effect of your repayment in year 2.  This will result in what will be in your mind an overpayment of taxes.  However, the reality is that your overpayment will be recouped in year 2, when you file your tax return in the subsequent year.  Said another way, it is a temporary timing difference. The company should process the aforementioned negative adjustment in year 2.  Depending on how much you earned in year 2 and the size of your bonus, it could theoretically result in a 'negative' W-2 (i.e. negative earnings).  I can't say I've ever seen one personally, but believe this will be the case.I hope this explanation was not too confusing.Advice:  Now this is really important.  Print out this answer and give it to your payroll manager, fully explaining the transaction.  It is super important that they are aware of it.  Depending upon the skill of the manager, they may or may not know how to process it, but I'll assume they'll find out if they don't know.  Like I said, this is a very unusual transaction.I hope this helps.
The Russians have claimed that during the WW2, they lost 28 million people in 47 months of war. That’s 14 people every minute, day and night, and until the end of the war. Is that possible?
Well, 26.6 million, but that’s irrelevant.Yes. Don’t forget that majority of these numbers were civilians and POWs in German captivity.Soviet Army total irrecoverable losses are established at 11.300.000. If count by military commissariat's registries, there are slightly more “death certificates” (12 millions 400 thousand), but this can be explained by doubled registries, inaccuracies in record-keeping (yes, a lot of people were considered dead twice and more). All in all, total numbers of Soviet army losses were 11–12 millions, i.e. slightly less than half of total losses. Others are civilians, paramilitary and other irregulars, dead in captivity, on occupied territories or elsewhere due to starvation and raised mortality rates. Technically, in “26.6 mil” number normal mortality rate for 1940 year is taken as “normal”. Everything above is considered war-related, be it death in death camp or from starvation and disease safe behind Soviet lines. Wars do tend to raise mortality rates in population, have you noticed?People die on the front line. This is “normal”. They died on both sides on unprecedental scale, but that’s not the case. People die later, from diseases and wounds. Wars cause starvation and diseases, lower birth rates, higher infant mortality (this was also counted). Wars require all people to work at their limits, be it on front or on the homefront. And it is obvious that a lot of people just can’t make it in such tempo. Usually old and weak die first. Especially those, employed in hard, mortal labour by Germans, sent to Germany and those who remained on occupied territories. Read “Babiy Yar” at least, about author’s personal childhood memories about life in occupied Kiev. They all starved, the only difference was that some people starved mortally, and others starved just “very hard”. In such conditions even slightest mistreatment from Germans could cause a lot of deaths simply because civilians were already too weak, and Germans mistreated them a lot! The author is obvious anti-Soviet (this is just for those who would definitely cry “Soviet Propaganda! Germans gave Ukrainians freedom from bolshevist tyranny! They were nice!”). Yeah. Definitely. Their “freedom” was so good that civilians recalled days of Holodomor with nostalgia and even those who welcomed Germans at first, later reconsidered their first view. And German were also notorious for their methodical, punctual methods of extermination. Death camps were working day and night. Einsatzgruppen were deployed day and night. It is considered that german organised extermination efforts alone are responsible for at least 7,5 millions of dead civilians.So, what’s the conclusion? The conclusion is: during WW2 every minute people were fighting. Soldiers were killed. Soldiers died in hospitals. Soldiers died in POW camps from diseases, extermination, starvation and mistreatment. Civilians were killed during warfare. Civilians died from war-related diseases. Civilians died from starvation. Civilians were exterminated, sent on a suicide marches to concentration camps without proper conditions (of course they won’t survive that), civilians died from the mistreatment of occupational forces. After all, civilians killed each other due to increased crime rates (did you count them too?). We must count all deaths, caused by war, direct or indirect. Even newborn babies in Siberian villages that fell ill because they had not enough food (all food to the Front and Soldiers!) and later died because they had no medications (all medications to the soldiers, they need it more!) are also in that list.Just for the reference, in the USA in 2021 5,2 people died per minute. Number 1 economy in the world, world’s superpower, in a peacetime. Do you find it “too high” that numbers for a country in a state of total war of extermination in the age when medical technologies were not as developed as today are higher only by 2.6 times?I don’t.
What is the standard deduction for a single with no dependents for 2021. Can I also itemize charity if I take this?
In the USA, most single individuals who are U.S. citizens, U.S. nationals, or U.S. residents can take a standard deduction of $6,350 for 2017.If someone can claim the individual as a dependent, then the standard deduction is less. (See the worksheet on page 39 in the instructions for Form 1040. https://www.irs.gov/pub/irs-pdf/...)If the individual is either blind or born before January 2, 1953, then the standard deduction is usually $7,900. If the individual is blind and born before January 2, 1953, then the standard deduction is usually $9,450.If the individual is a dual-status alien, then the standard deduction is different.If the individual is a nonresident alien, then the individual usually cannot take the standard deduction, but the individual can itemize deductions, to a certain extent.If the individual had a net qualified disaster loss and the individual elects to increase the standard deduction by the amount of the net qualified disaster loss, then the individual’s standard deduction is different. (See the instructions for Form 4684 and Schedule A line 28 for more information. https://www.irs.gov/pub/irs-pdf/... https://www.irs.gov/pub/irs-pdf/... )An individual who takes the standard deduction cannot take a tax-deduction for charitable contributions. An individual needs to itemize tax-deductions in order to take a tax-deduction for charitable contributions.
What parts of the tax code do you think are complex but also make taxation more fair?
The differences between the Capital gains tax vs Ordinary income tax.For the economy to grow efficiently the incentive to invest needs to substantial as opposed to the incentive to consume haphazardly. Lower Capital gains tax provides this needed incentive.When you finally retire an excellent vehicle to use when you sell your investments is the Charitable remainder unitrust which gives part of your assets to a qualified charity of your choosing.“A charitable remainder unitrust is an irrevocable trust created under the authority of Internal Revenue Code § 664[1] ("Code"). This special, irrevocable trust (known as a "CRUT") has two primary characteristics: (1) Once established, the CRUT distributes a fixed percentage of the value of its assets (on an annual or more frequent basis) to a non-charitable beneficiary (which is considered the settlor of the trust); and (2) At the expiration of a specified time (usually the death of the settlor), the remaining balance of the CRUTs assets are distributed to charity. The trustee determines the fair market value of the CRUT's assets at the time of contribution, and thereafter on the applicable valuation date. The fixed annuity percentage must be at least 5% and no more than 50% of the fair market value of the assets in the corpus. The remainder (the amount expected to go to charity) must be at least 10% of the fair market value of the assets contributed to the CRUT. Code Section 664(d)(1) sets the federal income tax requirements for a charitable remainder unitrust.ExampleAssume an individual, Mr. Smith, has $1 million of publicly traded stock and would like to establish a CRUT. Assume the CRUT is set up to pay the annuity to Mr. Smith over his lifetime. Mr. Smith selects a 10% CRUT. The CRUT will pay Mr. Smith 10% of its assets (initially $100,000) per year until Mr. Smith dies. At that time, any balance remaining in the CRUT will be distributed to charity. The term "unitrust" means the annuity percentage is fixed; the CRUT will distribute 10% of the value of the CRUT's assets each year, the CRUT's value may increase or decrease over time.”
If I’m a resident of Ohio doing my internship in Georgia for 6 months, do I have to pay GA SIT or OH SIT?
You will need to determine if you were a resident of Ohio temporarily absent for those six months, or if instead you were a resident of Georgia for those six months, as it affects how you file your taxes.You will pay income tax to Georgia on the income you earned while in Georgia, either as a part-year resident or as a nonresident, according to Georgia’s tax law.If you determine that you were not a resident of Ohio for the time that you were in Georgia, you will not be taxed in Ohio on the income you earned while you resided in Georgia, and will exclude that income from your Ohio tax return. See Lines 26 through 28 of the Ohio Schedule of Credits for form IT 1040.If you determine that you were temporarily absent from Ohio but remained an Ohio resident, you will pay income tax to Ohio on your entire income including the income you earned in Georgia, but you can take a credit against your Ohio tax for the tax paid to Georgia. See Lines 29 through 32 of the Schedule of Credits for form IT 1040.You may want to consult with a tax preparer as determining which of these two options applies to you may be difficult. In most cases, which of the two cases that applies is a determination based on your specific circumstances, rather than an election (that is, you can’t choose which applies to you).