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Recent Federal Tax Rates questions

I'm currently in the process of buying my first home. As

I'm currently in the process of buying my first home. As part of the down payment, I'm planning to withdraw $10,000 from my IRA (since it will be tax/penalty free). My question is this: how should I time the withdrawal given that I'm closing on 1/9/17? If I withdraw the money in 2016, it seems that I would be liable for the taxes since the first-time home purchase won't have happened in 2016.

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Barbara

Enrolled Agent, Paralegal

6,108 satisfied customers
We are a California corporation. It is a family owed

We are a California corporation. It is a family owed corporation. fifty-five per cent is owned by a family trust and the other forty-five per cent is owned by me personally. Our business of forty five years is closed and our only asset is a building. If we dissolve our corporation and transfer the ownership to the individuals what are the tax consequences? I have been told years ago that it would be like a sale from the corporation to individuals and we would have to pay taxes on the basis of a sale of the building.

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Mark Taylor

Certified Public Accountant

Masters

3,302 satisfied customers
Retired. 62 years old. Withdrew $100000 from its to live.

Retired. 62 years old. Withdrew $100000 from its to live. Expected taxes is 15%= $15000. Now withdraw that amount so income now $115000, so new tax at 15%= $17500. Now income is $117500. Is this math in general correct?

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Mark Taylor

Certified Public Accountant

Masters

3,302 satisfied customers
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?

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Robin D.

Vocational, Technical or Trade School

23,356 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.

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Lev

Retired

Bachelor's Degree Equivalent

24,426 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”.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,920 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?

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Lev

Retired

Bachelor's Degree Equivalent

24,426 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.

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Robin D.

Vocational, Technical or Trade School

23,356 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?

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686 satisfied customers
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