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A TRUST IS BENEFICAIRY OF IRA FOR 400K - TOTAL 2MILLION IN

A TRUST IS BENEFICAIRY OF IRA FOR 400K - TOTAL 2MILLION IN TRUST TO BE DISRIBUTED IN THIS FINAL YEAR. ONLY IRA MONIES OF TAXABLE.JA: The accountant will know how to help. Please tell me more, so we can help you best.Customer: ALSO TRUST IS TO GIVE 300K TO CHARITIES, SO HOW DO WE DETERMINE WHAT INCOME GOES TO BENEFICIARIES VERSUS CHARITYJA: Is there anything else important you think the accountant should know?Customer: TRUST DOES NOT STATE WHAT MONIES GO TO BENEFICIARIES

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Dr. Fiona Chen

President

Ph.D.

758 satisfied customers
XI have a single taxpayer who had a large casualty loss in

xI have a single taxpayer who had a large casualty loss in 2015. Pub 536 says that an NOL resulting from a casualty loss must be carried back 3 years. Three years ago the taxpayer filed jointly with his wife who died in an auto accident that year. How do I go about doing the carryback to 2013?JA: The accountant will know how to help. Is there anything else important you think the accountant should know?Customer: no

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Robin D.

Vocational, Technical or Trade School

21,814 satisfied customers
I have a question re: an IRS IA. I changed the date in Oct

Hello - I have a question re: an IRS IA. I changed the date in Oct 7th and have not received any paperwork. In the past I have received a letter that details the changes, but can the date be changed and I will receive a bill a few days before it is due?

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PDtax

Owner

Master's Degree

7,236 satisfied customers
If a business failed can I get anything back on my taxes?

I am on disability and get a refund from Federal. This year I tried to start an online business which failed miserably. I made nothing and am in enormous debt. Can I get anything back from this on my taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

18,990 satisfied customers
Did you understand my last question relating to early

Hey mark did you understand my last question relating to early payments not counting towards my arrangement. Is that true? Or false? Reason i'm asking is because I've been on hold with these people twice already, for an hour and a half and they still haven't answered their phones

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Mark Taylor

Certified Public Accountant

Masters

1,966 satisfied customers
Taxpayer filed MFJ not understanding this would impact

Taxpayer filed MFJ not understanding this would impact compensation based (large) student loan. Are there any IRS exceptions to amending MFJ to MFS due to the hardship this is now causing. The spouse is a high income wage earner, the taxpayer with student loan debt makes much less.

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Mark Taylor

Certified Public Accountant

Masters

1,966 satisfied customers
I am going to start a new business and looking into

Hello. I am going to start a new business and looking into incorporating options as an LLC. I live in the state of Illinois, but my business (developing mobile apps) will be 100% internet based. I will not have a physical location, but will be working from out of my home. But, I have clients all over the country and will continue to have business from all over the USA.Does it matter what state I end up incorporating in? I was considering Delaware or Nevada, because of the tax advantages and privacy, etc. But I also read I would have to pay a fee to that state as a foreign entity. Does it matter that I am a 100% online type business? I also was told that, if the day comes where I seek angels for an investment, most firms require you be setup in Delaware as an LLC.Should I just go ahead and incorporate in my home state if Illinois? With my type of business, will it matter? Will I be subject to more fees than it is worth if I incorporate out of state?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

18,990 satisfied customers
I have approx. 18k in a Roth 401k, 24k in a roth IRA, and

I have approx. 18k in a Roth 401k, 24k in a roth IRA, and 23k in a traditional IRA...I'm looking at buying a house in NY and would need some additional cash for down payment. I'm wondering which accounts I should leverage first (loan from 401k, early withdrawals from roth/traditional IRA)... It is not my first home purchase, my roth IRA has been open for 4 years, but a probably around 18-19k of the 24k is contributions (not gains).JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: nope

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Robin D.

Vocational, Technical or Trade School

21,814 satisfied customers
What can happen if I contribute too much to my IRA?

What happens if I contribute too much to my IRA in a tax year? Let's say the max I can contribute is $3,250, but I contribute $3,500 instead – is there a penalty? Does my IRA become fully taxable? I have a self-directed IRA, and need to pay an expense that exceeds my current funds and 2016 contribution limit by about $250.00.

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Robin D.

Vocational, Technical or Trade School

21,814 satisfied customers
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