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@@snoop2965 I’m not sure why they’re saying this, unless they think you’re still receiving regular pension payments. The form W-4P instructions specifically state to use Form W-4R, not W-4P. You can show the HR person this in the form instructions from the IRS website.

I will be receiving a pension from the same place but different category of job. I have filled out the W-4P for that, but for the lump sum one I filled out the W-4 R . Her written instructions for the lump sum on e was to fill out both. I am so grateful for your answer because I am not that savvy in this area, but it seemed wrong to me to fill out both for the lump sum of employee contribution payments. I can't wait to tell my acturaial brother about your channel. Much thanks!!@@teachmepersonalfinance2169

@@JasonV9601 We cover that in this article: www.teachmepersonalfinance.com/irs-form-8822-instructions/

@@eman-id8rw Usually, the IRS will attempt to call the listed phone number. If they cannot reach you, then you’d probably receive an IRS notice with written instructions if they need you to take action.

Before making any changes, you might want to make sure that you're on track to withhold enough taxes this year. The best way to do that is to use the worksheet for IRS Form 1040-ES (see below). IRS Form 1040-ES, Estimated Tax Voucher Article: www.teachmepersonalfinance.com/irs-form-1040-es-instructions/ Video: ua-cam.com/video/MqA_0OX9kxI/v-deo.html From there, you can always increase withholdings manually if you need to. If you need to decrease withholdings, then I would start with making one change at a time.

You shouldn't have received a Form 1099-R for the sale of real estate. You may, but not always, receive a Form 1099-S: IRS Form 1099-S, Proceeds From Real Estate Transactions Article: www.teachmepersonalfinance.com/irs-form-1099-s-instructions/ Video: ua-cam.com/video/IaBc5bwqnfo/v-deo.html Why are you trying to recreate a Form 1099-R?

A couple of notes: 1. Early withdrawals from a retirement account would be reported on IRS Form 5329, Additional Taxes (see below). 2. I can't really think of a video that I could create where I walk through the tax form to *not* report income. The closest example that I can think of would be a 60-day rollover between retirement accounts. But even then, that would be reported on your Form 1040, not on Form 8960. Is there a specific situation that qualifies for an early withdrawal exception, that you'd want to see a video on? It might be a couple of weeks before I can do the video. IRS Form 5329, Additional Taxes on Qualified Plans and Other Tax-Favored Accounts Article: www.teachmepersonalfinance.com/irs-form-5329-instructions/ Video: ua-cam.com/video/Hc6mh1-toUU/v-deo.html

Generally, no. According to the instructions, filers are financial institutions, lenders, or government agencies. What purpose would this serve for you?

@@teachmepersonalfinance2169 thank you. It would do nothing for me but serve as a warning to others in case IRS investigated and then agreed the person owed taxes to them for this unpaid rent. It adds no direct value to me but will make a certain point with the other person who tricked me into waiting for my rent for almost a year lol

It sounds like they might be offering you an old version of IRS Form W-4P, where you're supposed to enter the number of allowances. I would suggest watching this video and/or reading the article below on the current version (updated in 2022). If you have questions after having watched the video or read the article, then I'd be more than happy to try and help. IRS Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments Article: www.teachmepersonalfinance.com/irs-form-w-4p-instructions/ Video: ua-cam.com/video/MQ72wKsJvFg/v-deo.html

@@teachmepersonalfinance2169 Thank you!

You might, but I'm not sure. There isn't enough information on the form or Publication 1544, Reporting Cash Payments over $10,000, to make a determination. However, you can *voluntarily* file anyway, or you can call the FinCEN Financial Institution Hotline toll free at 1-866-556-3974, then follow their recommendations.

There's nothing in the form instructions or any IRS publications that I've found, which indicate a timeframe for the IRS to process this form. It probably differs based upon the complexity of the issue and who is assigned to investigate.

@@teachmepersonalfinance2169 can this form be used against a judge and District Attorney?.

@@user-qg3cd9qm1b You can use this form to report alleged tax law violations by an individual, a business or both. Use this form to report alleged tax law violations: -False exemptions or deductions -Kickbacks -A false or altered tax document -Failure to pay or withhold taxes -Unreported or unsubstantiated income -Organized crime -Failure to file a return -Multiple filings or filing multiple returns -Earned Income Credit violations -Illegal wagering/gambling income -Illegal drug income -Public/political corruption If a judge or district attorney committed one or more of these violations, then you can report them using IRS Form 3949-A.

@@teachmepersonalfinance2169 thank you. As you very well know they change the format of the tax forms to confuse people. I need help with the new 2023 1040 form. All of the samples I’ve come across of how to complete this for as an authorized representative of the fiction are Old and do not match. Do you have a step by step video or literature showing how to complete the new forms? Thank you

@@user-qg3cd9qm1b I don't have any videos on the Form 1040 itself. I do have videos and articles on almost every one of the Form 1040 schedules, and most of the tax forms that feed into the schedules or Form 1040 itself. Do you have a specific question?

I'm not sure that I can help you on this YT channel. Have you talked to a local accountant?

I'm not an attorney, so I can't give you specific advice. However, I've seen nothing in the form instructions or Publication 519 (U.S. Tax Guide for Aliens) that would preclude someone from requesting an ITIN based on their visa type. Below is what the instructions *do* say: The following individuals are eligible to complete Form W-7. 1. Any individual who isn’t eligible to get an SSN but who must furnish a taxpayer identification number for U.S. tax purposes or to file a U.S. federal tax return must apply for an ITIN on Form W-7. Examples include the following. • A nonresident alien individual claiming reduced withholding under an applicable income tax treaty for which an ITIN is required. • A nonresident alien individual not eligible for an SSN who is required to file a U.S. federal tax return or who is filing a U.S. federal tax return only to claim a refund. • A nonresident alien individual not eligible for an SSN who elects to file a joint U.S. federal tax return with a spouse who is a U.S. citizen or resident alien. See Pub. 519, U.S. Tax Guide for Aliens. • A U.S. resident alien (based on the number of days present in the United States, known as the “substantial presence” test) who files a U.S. federal tax return but who isn’t eligible for an SSN. For information about the substantial presence test, see Pub. 519. • A nonresident alien student, professor, or researcher who is required to file a U.S. federal tax return but who isn’t eligible for an SSN, or who is claiming an exception to the tax return filing requirement. See Pub. 519. • An alien spouse claimed as an exemption on a U.S. federal tax return who isn’t eligible to get an SSN. See Pub. 501, Dependents, Standard Deduction, and Filing Information, and Pub. 519. A spouse can be claimed as an exemption only for tax years prior to 2018. • An alien individual eligible to be claimed as a dependent on a U.S. federal tax return but who isn’t eligible to get an SSN. Your spouse is never considered your dependent. For more information about whether an alien individual is eligible to be claimed as a dependent on a U.S. federal tax return, see Pubs. 501 and 519. Dependents can be claimed as exemptions only for tax years prior to 2018. • A dependent/spouse of a nonresident alien U.S. visa holder who isn’t eligible for an SSN. See Pub. 519. Dependents and spouses can be claimed as exemptions only for tax years prior to 2018. Note. The deduction for personal exemptions was suspended for tax years 2018 through 2025. For tax years beginning after 2017, spouses or dependents aren’t eligible for an ITIN, unless they are claimed for an allowable tax benefit. The individual must be listed on an attached U.S. federal tax return with the schedule or form that applies to the allowable tax benefit. See the instructions for your U.S. federal tax return for more information. 2. Persons who must renew their ITIN to file a U.S. federal tax return.

There's no reference in the form instructions to a confirmation number, nor is there any field in the form about a confirmation number. But when I dug into this, I believe you might have been given a confirmation number if you made a payment over the phone. If that's the case, then the confirmation number wouldn't go into the Form 433-D. It would simply be a reference where you can verify your payment within the IRS records: directpay.irs.gov/directpay/paymentManager?execution=e1s1

In Question 2, there is room for 2 children, with instructions to add a sheet with additional information for additional children, if needed. Although there is room for one direct deposit account, the SSA instructions would direct the SSA employee to divide the unpaid money equally amongst the two surviving children. The SSA would then send a check to any beneficiary that they do not have direct deposit information for.

A married couple filing a joint return would use IRS Form 1116 in the same manner that a single person would. From the form instructions, here is some clarification on a joint return: Joint return. If you file a joint return, you can claim the credit based on the total foreign income taxes paid or accrued by you and your spouse. Combined income. If foreign tax is imposed on the combined income of two or more persons (for example, spouses), the tax is allocated among, and considered paid by, these persons on a pro rata basis in proportion to each person's portion of the combined income, as determined under foreign law and Regulations section 1.901-2(f)(3)(iii). Combined income with respect to each foreign tax that is imposed on a combined basis (and combined income subject to tax exemption or preferential tax rates) is figured separately, and the tax on that combined income is allocated separately. Example. You and your spouse reside in Country X, which imposes income tax on your combined incomes. Both of you use the “u” as your functional currency. Country X apportions tax based on income. You had income of 30,000u and your spouse had income of 20,000u. Your filing status on your U.S. income tax return is married filing separately. You can claim only 60% (30,000u/50,000u) of the foreign taxes imposed on your income on your U.S income tax return. Your spouse can claim only 40% (20,000u/50,000u).

I'm sorry to hear about your father. However, you may not have to file IRS Form 56 for your father. What you might need to do is the following: 1. File your father's final tax return. You do not need to use Form 56 for this, though. The Form 1040 Instructions state: The person who files the return must enter “Deceased,” the deceased taxpayer's name, and the date of death across the top of the return. As the executor or personal representative, you should be able to file this return. If, for some reason, your father was owed a refund, you would need to complete IRS Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer: IRS Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer Article: www.teachmepersonalfinance.com/irs-form-1310-instructions/ Video: ua-cam.com/video/CE8hop1CaD4/v-deo.html 2. You might consider looking up your father's tax transcript, to make sure there aren't any outstanding taxes. If you have access to an online IRS account, you might be able to do this online. However, you can also file IRS Form 4506-T to request his tax transcript: IRS Form 4506-T, Request for Transcript of Tax Return Article: www.teachmepersonalfinance.com/irs-form-4506-t-instructions/ Video: ua-cam.com/video/szu6_cH5QpY/v-deo.html 3. The IRS has a page with information to help people better this situation. It might be worth taking a look just to make sure you don't miss anything: www.irs.gov/individuals/deceased-person#file

@@teachmepersonalfinance2169 Thank you so much for the many resources provided. I have copies of his tax returns for the last 3 years, and had to pay taxes every year, which he promptly paid each year. I anticipate he will have to pay taxes again this year. He definitely will NOT be getting a tax refund. Since my father had no properties or assets, I am most concerned that I will be responsible for paying his taxes as the person filing his final tax return. I did not sign any documentation that makes me liable for what he owes. I'm trying to do the right thing by filing his final tax return, but if that action makes me liable for a debt I am not responsible for, I don't see the point to file. Will I be responsible to pay or is there a way to protect myself from paying his taxes? Some of the resources you provided mentions "estate", which is a term that confuses me. Since my father did NOT have any properties or assets, I don't see how I need to file for an "estate" that doesn't exist. I'm totally confused.

@@jt6685 I can't really answer all of your questions without stepping into legal advice (which I'm not allowed to give, since I'm not an attorney). If your father left zero assets (not even money in a banking account), and you did not inherit *anything* then the IRS wouldn't come after you for his tax bill. According to the Internal Revenue Manual (the IRS playbook), the IRS would probably not pursue your father's taxes if they were unpaid and there were no assets transferred (i.e. an inheritance): www.irs.gov/irm/part5/irm_05-001-011r However, the Internal Revenue Manual also states that the IRS *would* go after a transferee (someone who received assets at less than full, fair, and adequate consideration, such as an inheritance) for a deceased taxpayer's debt, if that person inherited assets that the IRS would have had a claim to (such as a tax balance due): www.irs.gov/irm/part4/irm_04-011-052

@@teachmepersonalfinance2169 Thank you for the answer. I had no inheritance. I had to pay for the funeral. I guess the bottom line of my questions is: 1. Am I liable to pay for his taxes when he had no assets and I received no inheritance? 2. If I am liable, is there a form such as Form 56 or another form that will release me from any liability. I'm not sure if you can answer these questions, but I really appreciate the input you have provided. To be on the safe side, I may need to hire a lawyer.

@@jt6685 Based on what I've found, I don't think that you would be liable for your father's tax liability, since you didn't receive any inheritance from him. You may consider calling the IRS to discuss the Internal Revenue Manual references above, or not. But the IRS cannot impose a tax liability on you, unless you actually received an inheritance from your father. In that case, the IRS would be claiming assets that should have been used to pay your father's tax bill. I hope this helps.

You would not enter the information for the job that you retired from.

It has not been updated for the 2024 tax year. I plan to do this later on this year, when the IRS releases its tax form updates. However, the Schedule E instructions state the following changes from the prior year version: Standard mileage rate. The standard mileage rate for miles driven in connection with your rental activities increased to 65.5 cents a mile for 2023. Business meals expense. The temporary 100% deduction for food or beverages provided by a restaurant has expired. The business meal deduction reverts back to the previous 50% allowable deduction beginning January 1, 2023.

@@teachmepersonalfinance2169 Thank you, for you respond and the Xtra info. Is good to know.

Are you talking about IRS Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities? www.irs.gov/publications/p515

@@teachmepersonalfinance2169 yes!!!

I don't think that the IRS has an opinion on whether you put an old occupation or a new one in the field. The instructions make no mention, other than to state that you should list your occupation in the space provided.

I also just got the letter yesterday we got the paper work today we got ssc last month so when it comes to question 6 would we put yes we receive ssi ?

@@3lasted I'm sorry this is happening to you. I would answer each of these separately. And if EACH person is on SSI, then I would honestly answer yes. I would also say that there is a way through this, according to the SSA, where the SSA can completely *waive* recovery, if the recovery is 'against equity and good conscience.' This isn't something I made up, but rather an official stance that the government can take. According to the Social Security Program Operations Manual System (POMS), which anyone can read online: Recovery is against equity and good conscience when: • A recipient relying on payments, or notice that such payments would be made, relinquished a valuable right or changed position for the worse; or • A contingently liable spouse was living in a separate household from the overpaid spouse at the time of the overpayment event, and did not receive the money that resulted in an overpayment. secure.ssa.gov/poms.nsf/lnx/0502260025 But this requires someone from the SSA to understand this position and help get the supporting documentation, so that they can close your file with a positive result. I would encourage you to keep this in mind while working with the SSA to get to this goal (of not having your SSI repaid to the SSA). The process might be infuriating, but I think that you have a way forward. Simply stay patient, and work with the SSA to get the result that you want.

I've seen posts online stating that it can take more than 60 days (like another 30-60 days beyond that). However, if you're not getting any status, you can file IRS Form 3911, which is the form that you would file to have the IRS track down a missing refund: IRS Form 3911, Taxpayer Statement Regarding Refund Article: www.teachmepersonalfinance.com/irs-form-3911-instructions/ Video: ua-cam.com/video/lEpeL915Qu8/v-deo.html

Unfortunately, I do not. However, Revenue Ruling 2009-09 states: "The qualified investor may have income or an additional deduction in a year subsequent to the discovery year depending on the actual amount of the loss that is eventually recovered. See § 1.165-1(d); Rev. Rul. 2009-9." In other words, if you took the deduction in one year, but eventually recovered more than the amount of your deduction, then the *excess* would be considered taxable income. I believe this would be reported as extra income on Line 8z of Schedule 1: IRS Schedule 1, Additional Income and Adjustments to Income Article: www.teachmepersonalfinance.com/irs-schedule-1-instructions/ Video: ua-cam.com/video/TUMnegmniDI/v-deo.html

I think I understand your question, but am not 100% certain. If the wages were incorrect for a prior year (such as 2022), then you should be able to issue the Form W-2c for that year. The employee would most likely end up having to file an amended tax return on IRS Form 1040-X to correct their wage and tax information on the Form 1040: IRS Form 1040-X, Amended U.S. Individual Income Tax Return Article: www.teachmepersonalfinance.com/irs-form-1040-x-instructions/ Video: ua-cam.com/video/4WjwzGOL0kc/v-deo.html

@@teachmepersonalfinance2169 Thank you! The employees have not yet filed their 2023 tax returns, so I assume they can use the W-2c for their initial/final filing. My question is whether or not the employer can use a W-2c to, 1) correct wages and 2) correct Fed and State withholding to include additional withholding (which was not an administrative error) as well as SS and Medicare tax withholding. Basically, the company wants to withhold additional Fed/State and FICA for a prior year - it seems to me that is not correct, but I can't find answers on the IRS site. I assume they cannot increase Fed/State withholding for a prior year and the employees are just responsible for and pay the additional taxes when they file. I appreciate your time!

@@BobSllew45 You can use Form W-2c to correct something that was misreported previously, but you cannot use it to include withholdings that were not actually withheld.

@@teachmepersonalfinance2169 Thanks!

I believe that the person signing this is giving the SSA permission to go through his or her own earnings information, as provided by payroll providers. But I would double check with the SSA to make sure that this is the correct way to go in her SSI application process.

I've heard some people say that the IRS has required them to file IRS Form 56, Notice of a Fiduciary Relationship. However, I don't see any mention with in the form instructions. I would say that you should at least answer 'Yes' to question 3, if there is no court documentation in place. IRS Form 56, Notice Concerning a Fiduciary Relationship
 Article: www.teachmepersonalfinance.com/irs-form-56-instructions/ Video: ua-cam.com/video/FQhaWogMiYc/v-deo.html

You can try this SSA link: secure.ssa.gov/ssaforms/ssaha86

I'm not sure what you mean by fill up. But if they're not deducting from your paycheck, you might want to start with asking your HR department for a copy of the Form W-4 that they have on file. From there, you can decide if you need to make adjustments for additional withholding (Line 4c) or not. If you have not updated your W-4 in a while, I would definitely start there. If your employer cannot find your W-4, then you might need to start from scratch. I would complete the Form W-4 as the instructions state. If there's something that doesn't make sense, leave it blank (you can do that). From there, I would check your pay statements once the withholdings kick in, then use the worksheet in IRS Form 1040-ES to estimate whether you're on track, underpaying (you might owe next year), or overpaying (you might get a refund). Then you can make changes to your W-4 to correct your withholding. IRS Form 1040-ES, Estimated Tax Voucher Article: www.teachmepersonalfinance.com/irs-form-1040-es-instructions/ Video: ua-cam.com/video/MqA_0OX9kxI/v-deo.html This doesn't cover state tax withholding. Your employer may require you to complete a different form, based upon your state of residency.

Unfortunately, I'm not offering one on one services right now. You can email me (forrest@teachmepersonalfinance.com) and I can see if I can put you in touch with someone. When you email me, can you send a two or three sentence describing what you're looking to hire for?

@@teachmepersonalfinance2169 will do thank you

If you have not filed your original Form 1040, you would still file that. Do not file an amended tax return if you never filed your original return.

As I see it, your client would need to sign, unless they grant you permission with a power of attorney form (i.e. IRS Form 2848). According to the form instructions: If you are a representative signing on behalf of the taxpayer, you must attach to Form 8822-B a copy of your power of attorney. To do this, you can use Form 2848. The Internal Revenue Service will not complete an address or responsible party change from an “unauthorized” third party. Below is more information about the power of attorney form. IRS Form 2848, Power of Attorney and Declaration of Representative Article: www.teachmepersonalfinance.com/irs-form-2848-instructions/ Video: ua-cam.com/video/VOeWSHKXr1g/v-deo.html

@@teachmepersonalfinance2169 got it, thank you so much!

Also he presently in nursing home and need nursing home Medicaid.

I assume that 0% and 10% are the logical options based upon the marginal tax tables on the form. If you have to ask the question (because you're not entirely sure), then I'd go with 10%. It's better to receive a tax refund than a tax surprise when filing his return next year.

Updating the change of responsibility should be sufficient for the IRS to recognize that your father is no longer the business owner. However, you may want to check with your state's business office (i.e. Florida's Division of Corporations, also known as Sunbiz) to see if there are any additional requirements for reporting ownership change.

You would not use this information for your tax return, since the due date for Form 5498 is generally at the end of May, *after* income tax returns are due. However, Box 2, Rollover contributions, should match the rollover amount that you reported on your tax return. Late rollover distributions (i.e. distributions where the rollover occurred more than 60 days after the distribution) would be reported on Line 13a of Form 5498.

Generally, I would offer this suggestion: 1. File your Form W-4P and leave everything blank, unless you are confident that you are putting the correct information into each line. The form is designed well, but the instructions can be confusing. You can leave it blank, then make adjustments later on by refiling. 2. Complete the worksheet for IRS Form 1040-ES, Estimated Tax Voucher. This is probably the best way to estimate your tax liability for the year, and you should know whether you're on track or not. 3. If you need to withhold extra, simply refile Form W-4P with extra withholding (Line 4c). Another option (and a preferable one, if your wife hasn't updated her Form W-4 in more than 2 years, would be to have her refile her W-4, then complete Steps 2 and 3 as outlined above. Below are links to Form 1040-ES and W-4 resources for more detail: IRS Form 1040-ES, Estimated Tax Voucher Article: www.teachmepersonalfinance.com/irs-form-1040-es-instructions/ Video: ua-cam.com/video/MqA_0OX9kxI/v-deo.html IRS Form W-4, Employee’s Withholding Certificate Article: www.teachmepersonalfinance.com/irs-form-w-4-instructions/ Video: ua-cam.com/video/a7qxsGYLtkU/v-deo.html