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I would like to confirm that I can recharacterize

Hello, I would like to confirm that I can recharacterize traditional IRA to ROTH IRA. I made traditional IRA contributions since 2013 when I was no longer income-qualified to contribute to a ROTH. However I have recently learned that the IRS has no income limitations on recharacterizing traditional to ROTH contributions. My financial planner is requiring that I seek the advice of a tax professional in order to process the recharacterization. I would like to (1) confirm that I am eligible, (2) understand which years I can still recharacterize, and (3) understand the process I should use moving forward to take advantage of the ROTH conversion. Thank you!

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
I turned 65 this past May, & now have SS Insurance, plus

I turned 65 this past May, & now have SS Insurance, plus United Care Advantage. I have a copay, which I pay when I see either my Primary Dr. or a Specialist. Am I responsible for any of the bill other than my copay?JA: The Retirement Accountant will know how to help. Is there anything else the Retirement Accountant should be aware of?Customer: Hello..are you still there?

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Barbara

Enrolled Agent, Paralegal

4,992 satisfied customers
I am the executor and sole trustee of my parent's Living

I am the executor and sole trustee of my parent's Living Trust. I am one of three beneficiaries. My dad had an IRA held by TDAmeritrade and managed by a local brokerage frim. In order to disburse those funds we have to pay the tax on it. I have asked that the funds be wired to the estate account I set up for distribution that has it's own EID--minus the withholding for the taxes. The brokerage firm is set to do that, but they are using my personal social security number, instead of the EIN...so that it will be on my personal tax return. They tell me this is the only way they can process my request because they claim the wording of the trust document is poorly done. My question is, is there a way for me to show all of this on my personal tax return and not be unfairly penalized for having agreed to be my father's trustee? It makes me nervous.

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PDtax

Owner

Master's Degree

6,858 satisfied customers
I have a business client from overseas that wants to setup

I have a business client from overseas that wants to setup business here but he is debating and does have a few questions. Those questions are:1. Is LLC better or C Corp especially if you want this entity to function as a subsidiary of an International LLP? The other option is to have a partnership or a different kind of entity so long as it is related to the parent company overseas?2. Is it better to incorporate in Delaware or Kentucky? The company is expecting annual revenue of around $100 million? If the company were to achieve that target, would it be better to incorporate in Delaware or Kentucky?3. Can the officers and shareholders be individuals who are not US residents in that LLC or C Corp? Can we have an arrangement where the two main partners are the decision makers and the others are just shareholders? The ownership is based on a vested clause of a certain minimum tenure where the shareholders get the company based on that tenure.I would appreciate answers to these questions.

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
I purchased an investment property about eight years ago.My

I purchased an investment property about eight years ago.My basis is about 72k. My sister has lived in the home the entire time. I receive Mo rent, she pays the monthly mortgage which includes property taxes and insurance. I have not claimed depreciation. on tax return, it zeros out on rent/ mortgage. DMV is close to 125k, with a current mortgage of 65k. My sister wants to buy it for the outstanding mortgage with me gifting to her 50 to 60 k in equity. Would I owe capital gains on the difference?

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Dr. Fiona Chen

President

Ph.D.

250 satisfied customers
I live in Texas and am being let go from my company in

I live in Texas and am being let go from my company in November. I am a member of the 401k supplemental top hat program which has a balance of around $200k. I selected the lump sum payment option and so 6-months after my last employment date this will be paid out. Once my employment ends I plan to relocate to Arizona. If I change my address to Arizona and the top hat payment gets sent to an Arizona address will I incur Arizona state taxes?

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
A tax/IRS question on defined benefit vs. defined

A tax/IRS question on defined benefit vs. defined contribution plans for a self-employed, sole proprietor business: I understand that deferred compensation from past board activities (for which a 1099, not a W-2 is issued) is fully eligible for contributions to a defined contribution 401-K plan. For a person over age 70, does the IRS have any issues with similarly using such deferred income to set up and contribute to a defined benefit plan?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
I am an EA and am expanding my practice to include payroll

I am an EA and am expanding my practice to include payroll and bookkeeping. I am trying to figure out the best way to inexpensively service my client. I have a number of 1-2 man S Corps who see the tax advantages of Incorp, but now need to do better bookkeeping and payroll. I was told Intuit has a great inexpensive service but did not really see the prcing for it. I heard as an accountant user (I am a pro advisor) my part if very inexpensive. But what does the client have to pay if not QB already?? Also, my bookkeeper has been extolling on the advantages of Zero on line. My clients need little bookkeeping and the simplest of payrolls. Can you tell me how it works and the best way to charge the client? I can handle charging for my services, but I am not sure what the options are on QBs and Zero, not to mention on line vs desktop.

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

958 satisfied customers
My wife and I are starting a food truck business. For

My wife and I are starting a food truck business. For purposes of applying for the EIN number do we want to be treated as a single member LLC/disregarded enity for tax purposes or multiple member and file form 1065? Thanks

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608 satisfied customers
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