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I am on social security Disability. I will turn 64 in March.

I am on social security Disability . I will turn 64 in March . I recently have been able to work part time as a musician, but nothing else. I have been getting 300 a month from a Resturaunt for the past three months. I filled out an SS9 form at the Resturaunt.Will this affect my social security disability benefits which net around 1400 a month after withholding tax is taken out? Will I get in trouble with social security for doing this ?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
ACA question - If an individual is receiving alimony but the

ACA question - If an individual is receiving alimony but the alimony is not taxable to the person receiving it, does it have to be included when calculating what your income is to figure out what your premium should be.thank youJeannette

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Robin D.

Vocational, Technical or Trade School

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I am looking to sell my home (first timer here!) and have

HI! yes - i am looking to sell my home (first timer here!) and have been researching capital gainsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I purchased the home in 2007, lived there until late 2012, and started renting it in nov. 2012JA: Is there anything else the Accountant should be aware of?Customer: i don't think so.. but IDK! lol

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
My Mom is turning 90 years old. She needs to cash out a

my Mom is turning 90 years old. She needs to cash out a annuity policy that has about $67,000 in it. Her social security and pension income are less than $25,000 per year. Somewhere in the low 20's at best. How much Fed and State Tax should she ask them to take out. She lives in NJ. Need an estimated rate for her to use when completing the cash out...JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no. I just want her to fairly reasonable with the tax so that she does not owe much afterward.

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Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
Combination of S corporation and foreign tax question. Here

Combination of S corporation and foreign tax question.Here are the facts -1. A US citizen owns 49% of a Canadian corporation.2. Canadian corporation does not hold any rights or interests in real property located in Canada. It is a service type/internet business.3. The US citizen owns a 100% of a US S-Corporation.If the shares were transferred from the US citizen to his S corporation, what will all the tax implications be?

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Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
In 1990 my grandmother created a trust. She at that time put

In 1990 my grandmother created a trust. She at that time put her home in the trust.My father and her sister, (no other siblings) were the original partners in the trust.My father died and then my mother. In their wills their interest in the trust were given to me and my brother. My grandmother died recently and because my parents died, my bother and myself inherited from the trust the 50% interest in trust. My aunt who is still alive retained her 50% share of the trust.The house was last month and will close this month.No one has any idea what the house cost to build in 1950 or any cost for updates, etc.Do my brother and I have to worry about paying capital gains tax on what we receive or do we owe anything in taxes?

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Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
I'm married and I am self-employed. My wife makes around

Hi, I'm married and I am self-employed. My wife makes around $17k per year. No kids. We pay a mortgage of around $525 per month.I'm looking at buying a new car, but I want to make sure it's in my budget, so I'm trying to determine two things...1. My self-employment tax2. My federal income tax rate.I'd like to ballpark how much I need to be paying EACH month roughly to cover both #1 and #2 above.I'd guess I make around $2400 a month after business expenses.Is there a way to determine this?I find it very hard to understand and to figure out how to figure them separately.Thank youDayne

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
I'm interested in purchasing a home here in Nevada and

Hello,I'm interested in purchasing a home here in Nevada and trying to figure out the best way to spend money for a $100,000 mortgage downpayment plus $14,000 closing costs($114,000 total) from the following:1) $18,000 Bank checking2) $127,000 IRA3) $56,000 Mutual Fund (this pays about $250/monthly income)My annual income is about $42,000 ($1166/month -social security, $250/month -Mutual fund dividends, $2033/month -life annuity). Also, I will start receiving a $105/month pension in 2017.I would like to keep my income unchanged.Currently in 25% tax bracket, single, no dependents/debt, 64 years old, pay $0 state income tax in Nevada.Thanks

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
For our 2015 Federal Income Tax return, the IRS has reduced

For our 2015 Federal Income Tax return, the IRS has reduced our TurboTax calculated refund by $500, the exact amount that Fidelity, following our instructions, withheld from my wife's annual withdrawal from her IRA. Fidelity reported this amount to the IRS on a Form 1099-R All of the Fidelity data for our three Fidelity accounts was entered electronically into Turbo Tax by internet download. In entering data into Turbo Tax I also entered this withdrawal amount under "other withholdings". I'm assuming that this constituted a double entry of the withheld amount and was, therefore, the reason the IRS reduced our refund by an equivalent amount. Am I correct in thinking that if a financial institution files a 1099-R covering tax withheld from an IRA distribution and if that financial institution's data is subsequently downloaded into Turbo Tax, then I, the filer, should not also enter the amount withheld under "other withholdings".

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
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