What happens when your broker reports returned IRA contributions as an early withdrawal? Are you going to take a tax hit? It depends on what happened but probably not.
Tax Filing and Planning
What happens if you took the Premium Tax Credit (Obamacare subsidy) based on your estimated income but your income ended up not being high enough to qualify? In some cases, you may be able to avoid repaying the credit.
A recent Reddit post asked whether a laptop purchased for school is tax deductible. The answer is generally no.
If you’re a high earner, the Social Security income limit means you don’t have to pay Social Security taxes once you’ve hit the wage base for the year. If you have a single employer, they simply stop withholding Social Security taxes once you hit the limit. But what happens if you paid too much Social Security tax because you have multiple jobs, change jobs, or do freelance work on the side?