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

Recent Federal Tax Rates questions

I am claiming annuity from my mothers life insurance. The

I am claiming annuity from my mothers life insurance. The form is asking how much tax I would like withheld , for both Mass. And federal, I would like them to with hold so I don't have to worry about it. I am getting 1 check payment . How much am I suppose to claim?

Read more

Robin D.

Vocational, Technical or Trade School

star-full
20,588 satisfied customers
Tax question We are married but filing separately. Our joint

tax questionWe are married but filing separately. Our joint accounts with our home mortgage and stock brokerage have two names on the account. When tax docs are sent, one specific SSN is given on the document. Does it matter which one gets to claim the income or deduction, since the federal tax rate is the same? I am asking if the spouse listed on the document, but their SSN is not the one shown, could still use this income or deduction for their tax return.

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
Wondering if anyone could help me on specific questions re:

Wondering if anyone could help me on specific questions re: Tax Filings for CRT by Trustee – based on the following assumptions ??Transferred 2,000 shares of XXX (publicly-traded securities) into a CRT account at a brokerage firm on 9/30/2015The CRUT distributes 5% annually to one (1) beneficiary (prorated for 2015 Short Tax Year)FMV of $100.00 per share (average of H & L trading prices on 9/30/2015)These shares were acquired over 30 years ago with a Cost/Basis of $0Sold all 2,000 shares before year end on 12/31/2015 at $150.00 per shareThe CRUT account earns no interest & dividend in 2015So far, I understand and know how to complete Form 5227 including all necessary supporting forms & statements, except for Form 5227 Part IV (Balance Sheet) :-Question: For column (a) “Beginning-of-Year Book Value”:Line 45b (Investments – corporate stock): Should it be “$0”, since Cost/Basis is $0 ?? or should it be “$200,000”, which is the FMV of the contribution to CRT on 9/30/2015??Line 57 (Trust principal or corpus):Should the amount in Line 57 same as Line 45b, since Line 50 (Total Assets) must equal to Line 60 (Total Liabilities and Net Assets)??>> I understand and have no question on column (b) “End-of-Year Book Value” and column (c) “FMV”.

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

star-full
8,926 satisfied customers
I bought 4 acres with a building on it 10yrs ago, this year

I bought 4 acres with a building on it 10yrs ago, this year I split it, sold 1/2 with the building for the same as the original price ($65000) I had put $5000. in vinyl fence improvements and never depreciated the building on taxes.Now the other part I am building a home that I want to sell and need to find out what my adjusted tax basis should/will be.I am putting the $65K plus, back into building the home. The split bare land and building site was approx worth $45,000-$55,000. I am thoroughly confused about where to start.Est sale price of home when complete $200,000-239,000I am wondering what I should plan on the taxes being and or just do a 1031?

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
I'm about to start a job. It's $12 an hour. I'm in Michigan.

Customer: I'm about to start a job. It's $12 an hour. I'm in Michigan. Pay is weekly. I am filing single and have 1 allowance. Filing Zero was way too much tax taken out when I made $17.10 JA: Thanks. Can you give me any more details about your issue? Customer: How much would I take home after taxes JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

Read more

Robin D.

Vocational, Technical or Trade School

star-full
20,588 satisfied customers
I want to get assistance of a live in-person tax

Hi, I want to get assistance of a live in-person tax professional to help me with my 401k. I am the beneficiary of my husband . But I am not the US citizen nor US resident. Therefore I need an assistance. How and where can I get the assistance?

Read more

star-full
686 satisfied customers
If I sell a property in the UK and bring the profit in money

If I sell a property in the UK and bring the profit in money over to the US bank account would I be subject to capital gains tax?THis is my only property and I am an E2 visa holder

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
Before moving to USA me and 9 friends invested 100,000 dollars

- Before moving to USA me and 9 friends invested 100,000 dollars each to buy 2 vineyards in Argentina. (total investment 1 million USD).- We opened a company and each of us owns 10% of the shares in this company.- The vineyards did not give any profit. In 2014 the company sold one of the vineyards for the exact same price it was purchased (500,000 dollars).- As a 10% shareholder, I received 50,000 dollars.- How do I declare these 50,000 dollars? And do I need to pay taxes on them?- I am a green card holder.Thanks.

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
My parents put money into what they believed was

Hello,My parents put money into what they believed was an education fund for my brothers and I (a total of 3 accounts) for many years. Recently, we wanted to take out the money and were informed that they were putting money into life insurance policies with us as the beneficiaries.We were informed that if we would like the cash surrender value that the policies would be taxed according to Revenue Canada.My parents are still alive.How would these policies be taxed? Would they be taxed on the interest only? How could we avoid being taxed? For example, if we put the money into a tax free savings account, will that avoid being taxed?

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
View more tax questions
In The News