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

Recent tax questions

I am self-employed and have set-up a 401-K. I currently have

I am self-employed and have set-up a 401-K. I currently have small loan against it. I am allowed to borrow up to 50% of the 401-K asset value. I have $15,000 that I was going to use to pay down a second mortgage.Question: Can I make a $15,000 contribution to my 401-K for 2016 and then borrow $18,500 in the from the 401-K in the form of a loan? It seems like a no-brainer to get the tax advantage of the $15,000 contribution and then use the proceeds of the 401-K loan to pay down my second mortgage.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I am in NC, legally separated two years. I would like to,

I am in NC, legally separated for about two years. I would like to, and my husband has agreed to, disburse IRA/401k funds prior to a Divorce. It has been determined that we don't need to get a Divorce to settle these accounts. However, as far as the property is concerned, we will leave that intact at this time. Since he is willing to split funds amicably, I don't need a QDRO. How can I provide my Legal Separation documents to secure these funds. I would like to get a Rollover to my IRA account, thus avoiding any tax penalties. I would appreciate your assistance.JA: Because family law varies from place to place, can you tell me what state this is in?Customer: First sentence states I am in North Carolina. ThanksJA: Have you talked to a lawyer yet?Customer: No, not at this point.JA: Anything else you think the lawyer should know?Customer: Yes, my husband has a "Defined Pension Plan" but for now, since I am the beneficiary and this can't be changed unless there is a Divorce, I am not too concerned about it.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 Lawyer about your situation and then connect you two.

Read more

Robin D.

Vocational, Technical or Trade School

 
20,318 satisfied customers
Would a cash-equivalent investment (not a money market

Would a cash-equivalent investment (not a money market mutual fund nor Stable Value alternative) that is constructed exclusively of FDIC-Insured bank demand accounts (not securities) and offered to participant-directed Defined Contribution retirement plans be considered a security by the SEC (and thus subject to ICA 1940 rules)?These types of interest-bearing FDIC-Insured accounts have been utilized successfully in the institutional cash management world for many years (see sweep accounts), but never packaged in a manner to make them available to qualified plan participants. We are exploring that opportunity.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I separated from my employer in 2014 (the same year

Hello. I separated from my employer in 2014 (the same year I turned 55). I cashed out my 401-k and fortunately did not have to pay the 10% penalty due to rule of 55. It was a defined contribution plan with over 1,000 participants. The paperwork I received made note of the age 55 exception. I'm 99% sure this was a qualified retirement plan and the documents did refer to the ERISA regulations. Can you confirm that I am okay with the 10% percent exception? I cashed out the 401-k in 2014 and hate to ask my former employer for information. Thanks for your help.

Read more

Christopher B, Esq.

Attorney

Juris Doctor

 
4,782 satisfied customers
I have a question about filing an amended return after a tax

I have a question about filing an amended return after a tax cp22a

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I have a 401(k) at my employer, I'm 31, has around 105k. A

I have a 401(k) at my employer, I'm 31, has around 105k. A couple years back I took a loan of $40K to try to pay down debts. The 105K amount is ex the loan (i.e. had I not been foolish and taken it out, I'd have 145k in my 401k)However, now I only have 20k in cash.I also have $30K in debtI want to use the 20K to pay towards one, either paying myself back via the 401k loan, or paying down my credit card debt.My Base Salary is around $120K and I get a bonus annually of around 15-20K (after tax), so 30-40k pre taxI want to get a better job and it may be possible within the firm. But now with the 401K loan, I don't think I can look at another firm without causing a huge tax penalty/bill.What would you recommend I do? Help!

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
It is Professional.me and my wife partner in LLC.

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

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I am preparing a 1065 partnership return - no employees.

Hi - I am preparing a 1065 partnership return - no employees. The (2) partners setup a SIMPLE IRA this past year. One partner has contributed and I am recognizing that contribution of $12,500 on their K-1. The company match of 3% is based on the partners earnings reflected on the K-1. Where is that amount reflected on the return/K-1? Also, if it is a company deduction it would then reduce the earnings which would then change the 3% so it becomes a cycle... I am thinking it is also just reflected on the K-1 only but the company does make the contribution itself.... ??

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
My husband and I would like to retire this year but we have

My husband and I would like to retire this year but we have a balance on personal loans with a bank.Our question is -Can the bank seize our monthly 401K distribution payment we plan on setting up?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
View more tax questions

How JustAnswer Works

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Pay nothing to your Expert if you're not satisfied.

In The News