Join the 9 million people who found a smarter way to get Expert help

Recent Child Tax Credit questions

Would increasing my 401(k) contribution increase my tax

Would increasing my 401(k) contribution increase my tax credit next year and is there a formula/equation to determine by how much?

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,768 satisfied customers
I recently inherited a large sum of money from my late

I recently inherited a large sum of money from my late father into an inherited ira, so far this year I have taken out a total of 90k in total, some being for student loans, going back to school college tuition, paying off credit card and student loan debts and by each withdraw have withheld 10% for federal and state income tax. I estimate my total income will amount to 120k by the end of this year as an estimate. How much tax am I going to owe when I file my return around March? I am a single self employed designer and not a dependent.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: when might I hear a detailed response?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,044 satisfied customers
Tax year 2015, claimed son, as non costodial parent with

tax year 2015, claimed son, as non costodial parent with form 8332 from mother authorizing me to claim him, IRS came back with form 886-H-DEPJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: there are alot of options on this form and a massive amount of docs to collect that dont seem appropriate. Need help determining which to collect.JA: Is there anything else the Accountant should be aware of?Customer: Name change 7 years ago, but have been claiming him alternate years.

Read more

Robin D.

Vocational, Technical or Trade School

25,394 satisfied customers
I'm hoping to adjust my W-4 withholdings up so that I reduce

Hi, I'm hoping to adjust my W-4 withholdings up so that I reduce withholdings throughout the year. Goal to have zero liability and significantly less refund at the end of the year.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My gross salary is $115,000, I'm married and she makes $30,000/year. We are pregnant, expecting at the end of the year (not sure 2017 or 2018). We'll file Married Jointly.JA: Is there anything else important you think the Accountant should know?Customer: We will take advantage of student loan and mortgage insurance deductions.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,044 satisfied customers
What would be the estimated New Mexico State Tax withheld on

What would be the estimated New Mexico State Tax withheld on 112,000 gross income.. married filing jointlyJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am receiving death cash lump sum of 50,000 added to my gross income- 112,000 total I need to know how much tax to withhold.JA: Is there anything else the Accountant should be aware of?Customer: no

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,768 satisfied customers
I ahave a question regarding a form 843 FOR MY SELF i was

HI good afternoon i ahave a question regarding a form 843 FOR MY SELF i was audited for years 2013 and 2014JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: o.k this is the situation i was audited for years 2013 and 2014 from the IRS and now like two weeks ago i received a bill for year 2013 for $314647.54 and from that amount $47707.40 and 28403.14 for penalties and interest , and for 2014 $104823.97 and $16377.60 penalty and $6558.37 from that amount so i was wondering if its worth to send a form 843 to abate penalties and interest or just interes im not sure what way to do and what are the chanced in getting the form approvedJA: Is there anything else important you think the Accountant should know?Customer: Just that i was audited for those years 2013 and 2014 and they send me a bill for not reporting my total income to the irs

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,146 satisfied customers
My husband started a new job. They want him to register an

My husband started a new job. They want him to register an llc to avoid any liability on them. We don't make much and normally get a hefty tax return thanks to the eic. I'm wondering if i register the llc in my name can i still get the eic (i do work part time) and can i write off a salary for my husband as subcontractor or labor costs and then he could claim the eic as well?

Read more

Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
I am filing my form 4686 federal tax extension and I need to

I am filing my form 4686 federal tax extension and I need to determine what my estimate of total tax liability is for 2016. I have a social security benefit statement, a w-2 from my full time job, and a w-2 from a part time job. I need assistance in determining what figures I enter for Lines 4 and 5 on the form 4868. Help!JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: not sure I know what you are looking for re: additional information?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,044 satisfied customers
I have a 401k of about $125k in value, and I have a $36k

I have a 401k of about $125k in value, and I have a $36k loan against it. I was paying the loan back and a 6 months ago I was diagnosed with aggressive stage 4 colon cancer. I left my job immediately and started treatment. I haven't made any loan payments since leaving. I spoke with the 401k rep at WIPFLI (who couldn't offer tax advice obviously) and found that I have all of 2017 to make payments and not go into default due to the way things are worked out with my former employer. I am looking at rolling over the 401k to a self directed IRA to use in my Charles Schwab acct for investing purposes. As of now, I have no income this year and I receive tax free disability pay through NMFN. If I don't pay the loans off and simply roll ov er the remaining balance to Charles Schwab, what will my tax consequences be? I know I will have to pay the 10% early w/d, but if I have no income (or very little income), will I avoid the 30+% tax that I would have had if I had remained employed? nI'm basically tryng to decide what is the best strategy. If I am going to be hit with a huge tax either way, then it makes sense to pay the loan (although that will hurt with cash flow when I'm not working). But I'd rather not if my tax consequence will be low due to little or no income. How much income could I earn this year before running into tax issues with the unpaid loan if I made $$ investing?JA: PayPal, Debitcard or credit card are all fine. The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I will use CC. I don't think there is anything else

Read more

48 satisfied customers
View more Tax questions
In The News