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It is Professional. me and my wife partner in LLC. We file

It is for Tax Professional.me and my wife partner in LLC. We file joint return.I have set up 401K plan under my LLC . since it is husband and wife LLC, We do not generate W2, so did not do salary deferrals towards 401K. I have contributed to this 401K a lump sump allowed salary deferrals limit of 24000, before December 31st. is this allowed?What is the max amount I can contribute to 401K for myself? .can I contribute for my wife too she also works in another company , which has 401K?Should I enter this amount in Schedule C or 1065

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I started a sole proprietor LLC in 2015. Am I eligible to

I started a sole proprietor LLC in 2015. Am I eligible to set up and contribute to a self-employment 401k? If so, what steps are required to do so?

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Anne

Master Tax Preparer

3,138 satisfied customers
1) Each year I contribute to a Roth IRA and a 403(). Should

1) Each year I contribute to a Roth IRA and a 403(b). Should I be filing Form 8606 to record these nondeductible contributions? I have done so in the past.2) I've already filed for 2014, but I'd like to squeeze in another Roth contribution for the year. If I need to file an amended Form 8606 to adjust my basis figure, will I also need to file 1040X (even if nothing has changed from my original 1040)?3) What is my correct "all-in" contribution limit for the Roth and 403(b) in 2014? $23,000?

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Anne

Master Tax Preparer

3,138 satisfied customers
Is a US student enrolled in an eligible program at a deferment

Is a US student enrolled in an eligible program at a deferment only foreign university able to claim room and board as qualified expenses for 529 plans?

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R. Klein, EA

Tax Advisor

Master's Degree

4,668 satisfied customers
I have worked for a publicly-owned corporation for over 30

I have worked for a publicly-owned corporation for over 30 years. Over that time, I have received shares of stock as part of the company's ESOP at no cost to me. I reinvested dividends from the ESOP shares into additional shares of stock (company DRIP).In 2013, I sold the DRIP shares. How do I handle the tax issues related to the sale which was reported on a Form 1099-B? Is my cost basis $0 since I didn't pay anything for the stock or is it the value of the shares at the time it was obtained? Is there anything else I need to be aware of concerning the sale?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
What kind of tax structure needs to be in place for an employee

What kind of tax structure needs to be in place for an employee benefit program that allows employees to return to school with company sponsored funds or reimbursements.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
Regarding Estate and Income Tax planning: One half of the primary

Regarding Estate and Income Tax planning: One half of the primary residence is in a trust which was established upon the death of the husband and asset placed in the trust after his death. Children of surviving spouse are considering placing the other half of the house , currently owned by the surviving spouse, in a trust to remove it from the estate to avoid New Jersey Estate tax. There is no issue with the Federal Estate Tax as the estate is approximately valued at $2,500,000.Question 1- When the trust sells the house, is the part that is in the trust allowed to use the $250.000 exemption to shelter any gain? Or the 1st question should be what is the cost basis of the house to the trust when it is transferred into the trust? Does it get a step up in basis as of the date of the transfer or does it retain the original basis of the spouse ?Question 2- If she transfers her ownership of the house to the trust, would that be considered a gift and then she would use part of her lifetime exemption to shelter this transfer from gift tax? How would this be treated at the state level?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Hi. President Bushes tax break is about to expire. I am told

Hi. President Bushes tax break is about to expire. I am told it would effect the middle class American. I am not sure what income bracket that includes or what percentage of income will increase. If tax break does not get renewed, could you please explain what is in the future for tax payers? Thank you, Tommy.

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USTaxAdvising

Partner

Bachelor's Degree

1,662 satisfied customers
A tax professional remarked that the unified credit used in

A tax professional remarked that the unified credit used in calculating estate taxes was treated differently by the IRS in estates settled in 2004 and 2005. How was it treated differently in those 2 years and why?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
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