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Baris *****
Freelance Designer
Q. Hello, I contributed $6500 to Roth IRA in December 2023. Then, in February 2024, I removed excess contribution and attributable earnings of total $7500 from Roth IRA. I do understand that the earnings portion of $1000 (i.e. $7500 minus $6500) would be taxed as ordinary income. However, would earnings portion (which was attributable to contributions) be taxed as part of 2023 or 2024 income? For example, my IRA administrator brokerage firm will not send any 1099 forms about these transactions for the remainder of this year(2024), but they will send 1099 next year(2025). When they send me 1099, I don't know for which year I will owe taxes... Will I owe tax for 2023 because the original contributions were made for 2023? Or, will I owe tax for 2024 because excess contribution and earnings were removed in 2024? I look forward to your feedback. Thank you!
Generally, earnings from a Roth IRA are not subject to taxes. Don't hesitate to contact us for further assistance. Team FlyFin.
Brian
consultant
Q. 19 years ago, house purchased from parent for $10. Never rented it or used as business/depreciation, etc. Married and lived in home throughout the entire time, file jointly. If I sell the house for $1,150,000, what is my capital gains tax potential? Assume $500k married deduction and about $200,000 in improvements over the years. What do I use as the cost basis? At time of sale, the NYC Finance Dept determined market value to be $563,000 and the assessed value for tax purposes was $51,000. Do I use one of these for cost basis?
If the house was purchased from parents for $10 and made $200,000 in improvements, the cost basis would be $200,010. After selling for $1,150,000, with a married filing jointly deduction of $500,000, the taxable gain would be $449,990. The assessed value for tax purposes does not affect the cost basis.
James ******
Seller (Online or independent seller)
Q. Hi I've got a tax question that I could use your help on if you're able. If an individual gives shares (equity) of a private company to an individual, are there any immediate tax implications for the giver or receiver of the shares? For example, if someone gifts me shares of a private company then would I or the giver need to pay taxes on that? Would the lifetime exclusion value be based on the latest 409A valuation of the private company shares? Also, I’m an investor currently looking to buy a business in the next 3-12 months and will be searching for a tax advisor. Thanks! James
The valuation of shares can be challenging, so it may be helpful to use a 409A valuation when gifting shares of a private company.
razi
Healthcare professional
Q. My name is Razi. I work overseas and my income is very low (just about $400/month), and I have a wife who doesn't work, and 2 kids. I want to know if its still worth filing a tax return. Would I still get money back, like for child tax credits or earned income tax credits? Thank you
Filing a tax return, even with a low income, can be beneficial, especially if you have dependents. Child Tax Credit and Earned Income Tax Credit are refundable credits that you may qualify for. EITC provides significant benefits for lower income families with children. Don't miss out on potential refunds from the government.
Kristen
Real-estate agent
Q. I worked as a independent contractor for a real estate firm and received a 1099. The real estate firm is sending me a 1099 for money I never received. They are doing this I believe to avoid paying taxes themselves on it. Here is an example of what I mean. I closed a transaction and the gross commission check that the closing attorney writes out to the firm (not to kristen) is $5000. The firm then takes their split out of it and then writes me a check for $2500. On my 1099 they put they gave me the full $5000 which would be incorrect. I think they do it this way so they don't have to pay takes on any of the money. I tried reaching out to the firms tax accountant and got nothing but a nasty response back that basically said I will not be fixing your 1099.
Record the flawed 1099 provided by the business to evade IRS taxation on the complete sum. Get in touch with another party in the business for resolution.
Joel
Freelance designer
Q. My wife and I formed a charitable remainder trust in 2023 and contributed property to it. However, we did not apply for an IRS tax ID for the trust until April 2024. Can we still deduct the contribution on 2023 tax return so long as the tax ID is received prior to filing of the 2023 return?
For a charitable deduction to be claimed for property contributed to a trust in 2023, it must be completed by the end of that tax year. The deductibility may be impacted by obtaining a tax ID in 2024. Ensure that the tax ID is obtained before submitting your 2023 return, as it is required for reporting the details of the donee.
Baris *****
Freelance Designer
Q. Hello, I contributed $6500 to Roth IRA in December 2023. Then, in February 2024, I removed excess contribution and attributable earnings of total $7500 from Roth IRA. I do understand that the earnings portion of $1000 (i.e. $7500 minus $6500) would be taxed as ordinary income. However, would earnings portion (which was attributable to contributions) be taxed as part of 2023 or 2024 income? For example, my IRA administrator brokerage firm will not send any 1099 forms about these transactions for the remainder of this year(2024), but they will send 1099 next year(2025). When they send me 1099, I don't know for which year I will owe taxes... Will I owe tax for 2023 because the original contributions were made for 2023? Or, will I owe tax for 2024 because excess contribution and earnings were removed in 2024? I look forward to your feedback. Thank you!
Generally, earnings from a Roth IRA are not subject to taxes. Don't hesitate to contact us for further assistance. Team FlyFin.
Brian
consultant
Q. 19 years ago, house purchased from parent for $10. Never rented it or used as business/depreciation, etc. Married and lived in home throughout the entire time, file jointly. If I sell the house for $1,150,000, what is my capital gains tax potential? Assume $500k married deduction and about $200,000 in improvements over the years. What do I use as the cost basis? At time of sale, the NYC Finance Dept determined market value to be $563,000 and the assessed value for tax purposes was $51,000. Do I use one of these for cost basis?
If the house was purchased from parents for $10 and made $200,000 in improvements, the cost basis would be $200,010. After selling for $1,150,000, with a married filing jointly deduction of $500,000, the taxable gain would be $449,990. The assessed value for tax purposes does not affect the cost basis.
James ******
Seller (Online or independent seller)
Q. Hi I've got a tax question that I could use your help on if you're able. If an individual gives shares (equity) of a private company to an individual, are there any immediate tax implications for the giver or receiver of the shares? For example, if someone gifts me shares of a private company then would I or the giver need to pay taxes on that? Would the lifetime exclusion value be based on the latest 409A valuation of the private company shares? Also, I’m an investor currently looking to buy a business in the next 3-12 months and will be searching for a tax advisor. Thanks! James
The valuation of shares can be challenging, so it may be helpful to use a 409A valuation when gifting shares of a private company.
razi
Healthcare professional
Q. My name is Razi. I work overseas and my income is very low (just about $400/month), and I have a wife who doesn't work, and 2 kids. I want to know if its still worth filing a tax return. Would I still get money back, like for child tax credits or earned income tax credits? Thank you
Filing a tax return, even with a low income, can be beneficial, especially if you have dependents. Child Tax Credit and Earned Income Tax Credit are refundable credits that you may qualify for. EITC provides significant benefits for lower income families with children. Don't miss out on potential refunds from the government.

Facts and figures about
Chisago County, Minnesota

minnesota
population

57,469

County Population

population

Center City

County Seat

population

417.63 sq mi

County area

population

7.38%

Chisago County sales tax rate

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Minnesota State Income Tax Rates & Brackets for 2023

The following tables represents Minnesota's income tax rates and tax brackets:

SINGLE FILER

Brackets

Rates

$0 - $28,080

5.35%

$28,080 - $92,230

6.80%

$92,230 - $ 1,71,220

7.85%

$ 1,71,220+

9.85%

MARRIED FILING JOINTLY

Brackets

Rates

$0 - $41,050

5.35%

$41,050 - $ 1,63,060

6.80%

$ 1,63,060 - $ 2,84,810

7.85%

$ 2,84,810+

9.85%

Filing Status

Standard Deduction Amt.

Single

$12,900

Couple

$19,350

Chisago county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

North Branch

7.38%

Isanti

Lindstrom

7.38%

Chisago

Chisago City

7.38%

Chisago

Rush City

7.38%

Chisago

Harris

7.38%

Isanti

Shafer

7.38%

Chisago

Center City

7.38%

Chisago

Taylors Falls

7.38%

Chisago

Stacy

7.38%

Stacy

Frequently Asked Questions

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What does an online Chisago County Minnesota Certified Public Accountant do?

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