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Recent Child Tax Credit questions

I'm considering taking $8,000 out of my IRA account, I have

I'm considering taking $8,000 out of my IRA account, I have just over $11k. I know theres a 10% withholding fee for Federal, can you tell me what I can expect come tax season next year? How much will I owe the state? How much will the early withdrawal fee be? Ect

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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If I am trying to figure our my tax rate, do I include FICA?

If I am trying to figure our my tax rate, do I include FICA?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am trying to figure out the tax rate on a lump sum amount paid at retirement and I am not sure if I need to include the FICA and Medicare taxes....The amount is at the 39.6% so do I need to include the additional money for medicare which makes the amount 41.35JA: Is there anything else important you think the Accountant should know?Customer: No, I am trying to figure out how your service works, do I pay for this

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
I have two related questions. 1. We live in VA. My husband

Hello,I have two related questions.1. We live in VA. My husband is employed and in his taxes claims himself, me and our son. His salary 52K. I am starting my job soon. My salary will be 58K. This year we will be filing our taxes jointly as permanent residents. Previous years we were filing separately and we were on student visas. My question is how we can maximize our tax returns by filing jointly?2. Our son is a USA citizen. How can we maximize our tax returns having a child in a family. How can we benefit from child care tax credit and child tax credit? He will be going to a day care and we will pay about 400 weekly (so that I can work).Thank you.

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Dr. Fiona Chen

President

Ph.D.

250 satisfied customers
I live abroad in the UAE and haven't filed in 4 years now.

Hello there, I live abroad in the UAE and haven't filed for taxes in 4 years now. Do I need to pay tax if I earn less than $30k? Are there any penalties that I should be worried about? I can obtain most of my pay stubs to document my earnings.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
I am getting divorced in TN at the end of the month. I will

I am getting divorced in TN at the end of the month. I will be receiving child support and alimony. How does this affect my taxes ? I work but make less than $30,000 a year and have a special needs child. I have always declared 0 married, I will change it to 0 single once the divorce is final. I never want to owe taxes so I would rather have a refund later then more now. From what I understand I am not taxed on child support but I will be taxed on my alimony. So how exactly does this work?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,986 satisfied customers
I worked in the US months last year. I got a job in Qatar

I worked in the US for 10 months last year. I got a job in Qatar and claimed tax exempt for 2 months. I went to file my taxes and the turbo tax said I was not eligible for child tax credit because of this. Is this correct? I am thinking there is a way to get my full refund still. I don't believe that I should miss out on Child Tax Credit because I worked 2 months in another country which would've been MAYBE $200 in taxes I would've paid.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,986 satisfied customers
My ex and I signed a custody "agreement" in Pennsylvania

My ex and I signed a custody "agreement" in Pennsylvania that was simply notarized, not a court order which stated that he could claim our daughter every other year, even though we paid for all of her support every year. I never signed a form 8322. Was he legally allowed to claim her on his taxes. Could he get into trouble for claiming her those years?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No that is all.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,986 satisfied customers
My wife and are now retired. Our income each month is now

My wife and are now retired. Our income each month is now fixed and I want to know what we need to send to the irs each month. Social Security pays me 1334 and my wife 2160 each month. She also receives a combined monthly income from 3 pensions totalling 1950.20

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
I am looking to take out money out of an ira to use to

I am looking to take out money out of an ira to use to purchase a house. I know that there is a 10% early withdrawal and then I know I will be taxed the highest tax bracket as well. Is there anything I can do to limit the taxes - like do quarterly taxes or should I just have 49% taken off the top when I withdraw it?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
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