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Recent 1099 questions

The problem is the fees we're incurred protecting a rental

The problem is the fees we're incurred protecting a rental property and brokerage accounts that produce income. The dispute grew out of a challenge to a will.. thus there are 2 reasons for the fees

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Matthew Breecher

President

MBA (Graduate Legal Studies)

334 satisfied customers
I was self-employed (and still am) up until June of this

Hi! I was self-employed (and still am) up until June of this year. As of June 1st, I will be classified as an employee. I have always paid estimated taxes for the past 3 years on my 1099 income and typically pay about 36% of my 1099 income in estimated taxes and then get a small tax refund later. I am trying to fill in my W-4 now and I tried to use the IRS withholding calculator to verify that I don't need to withhold any additional taxes from my paychecks when I am officially employee status.I am single with no dependents. Is it likely enough for me to pay the estimated quarterly payments on my 1099 income at about 36% of that amount as I normally do and then file single claiming 0 on the W-4 or will I likely owe some additional taxes?Thank you for your help! I appreciate it.

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Robin D.

Vocational, Technical or Trade School

25,376 satisfied customers
What are the tax implications on an inheritance? I am one of

What are the tax implications on an inheritance?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am one of a number of heirs to my uncle's estate (he passed away last year). I will be getting a check for the first distribution within a month and the second distribution start of next year.JA: Is there anything else the Accountant should be aware of?Customer: That is all, I plan to withhold 15% to pay for taxes next year.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,004 satisfied customers
This was sent to me. I made over 20,000 overseaYour

This was sent to me. I made over 20,000 overseaYour Information Reporting for Forms 1042-S and 1042-T urge by withholding agent for successful processing back up Withholding B processes . Third party reporting information you are required to pay the sum of $1850 supplemental information about Form 1099K back up with holding. Payment made by third party settlement organization are reportable and Potentially subject to Back up With holdingJA: The Expert will know what to do. Is there anything else important you think the Expert should know?Customer: This is a consignment being held at a Cutoms Warehouse facility'

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Arthur Rubin

Doctoral Degree

1,882 satisfied customers
Yours was the first site that just popped up. How can I be

Yours was the first site that just popped up. How can I be sure this is a legitimate site and that you are truly a Tax Expert?JA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.Customer: I had (2) Annuity Accts. with Fidelity Investments that my Financial Advisor at Wells Fargo Advisors advised me to transfer over to Wells Fargo since I had already moved over some of my IRA's. Long story short, the (2) annuity accts. were transferred. HOWEVER, instead of transferring them over "in-kind", his Asst. (who conveniently is no longer employed there), liquidated the (2) Annuities. Hence, since I am only 58, I had to pay extra taxed ($11k) this year and have to pay a penalty. For some reason they can't seem to figure out the dollar amount of the penalty so I have to ask a Tax Advisor. There were (2) Annuity accts. A. $18,065.12. Fidelity said the taxable amount is $10,945.61. B) $18,450.60, Fidelity advised the taxable amount is $12,014.60. What would be the penalty amount I would have to pay the IRS for Wells Fargo liquidating these (2) accounts early?JA: PayPal, Debitcard or credit card are all fine.Customer: what? What is the fee?JA: You just pay a $5 deposit now and the rest only when you get a reply from the Expert. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: What is "the rest"JA: Is there anything else the Expert should be aware of?Customer: Answer my question please about the fee-

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,004 satisfied customers
Got irs letter requesting 8962 and 1095-a for 25 year old

Got irs letter requesting 8962 and 1095-a for 25 year old son. He had a job till early 2015 and got his own Obama care insurance through the health market. He has had no income since, so I claimed him as a dependent on my 2016 income tax return. Can I amend my filed tax return to remove him as a dependent?Right now my calculations show I'll have to repay $2,244 for his subsidy.I have no insurance and chose to pay the penalty last year and didn't answer that question this year.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,766 satisfied customers
My father passed away July 30th 2016. His girlfriend is the

my father passed away July 30th 2016. His girlfriend is the trustee of the trust she has filed an extension on his taxes because of a k-1 1099 her attorney says she is having a hard time getting the paperwk sent to her is this something she can download and fill out from statements she has or does it have to come from the company that is paying the royalties ? also how long does she have to file this, she has already filed for an extension.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: not at this time

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Robin D.

Vocational, Technical or Trade School

25,376 satisfied customers
I received a notice today. stating I owe 1200 dollars from

Hi,I received a notice today. stating I owe 1200 dollars from changes to 2015,from retirement income not reported,however,I'm not retired and never received any income 2015.I never even had afliac.Is this a scam?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No Thanks

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,766 satisfied customers
In 2015 i converted a IRA to an roth IRA in the request

Hi Pearl, in 2015 i converted a IRA to an roth IRA in the request amount of $54,000. The actual disbursement amount received was $53,637.58 from the investment company. I was using the money to buy a piece of land with the remainder amount to go to pay taxes. I filed my taxes and payed $17,576.00 to Federal. I recently recieved CP2000 notice from the IRS stating that an additional amount of $18,907 is due claiming that another source reported an additional $54,000.00 totaling $107,638. I called the IRS and they advised me to fill out a "form 8608". I'm a little lost. I thought i did everything right when i filed my taxes in 2015. any help would be greatly appreciated.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: the 2015 Form 1099-R from TRowe. Price shows an amount of $53,637.58 with a distribution code of "J" and the following page shows an amount of $54,000.00 with a distribution code of "2" with the box checked for IRA/SEP?SIMPLE

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PDtax

Owner

Master's Degree

7,978 satisfied customers
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