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

Recent tax questions

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

 
24,192 satisfied customers
What is the federal tax rate withdrawal on 401k for

What is the federal tax rate for early withdrawal on 401k for a divorce order?

Read more

Robin D.

Vocational, Technical or Trade School

 
20,226 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

 
8,890 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

 
24,192 satisfied customers
Customer: I'm about to start a job. It's $12 an hour. I'm in

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

 
20,226 satisfied customers
My parents set up a life estate in ny state. My two brothers

My parents set up a life estate in ny state. My two brothers and myself are remainderman. Mom is 89 and i want to sell my 1/3 ownership to my brother. What factors does tge irs use to calculate my capital gains as mom still alive. DAd passed in 2014 at 89. What does ny state say i would owe also. My brother will pay me $34,000. Tge market value according to 2014 oneida county tax tolls is $117,000

Read more

Lev

Retired

Bachelor's Degree Equivalent

 
24,192 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

 
686 satisfied customers
I have an opportunity to do some consulting work and would

I have an opportunity to do some consulting work and would like to know what my tax liabilities would be as a small business before I make a quote.I live in Colorado and would be working on a project in Quebec Canada.What would my state, federal and international tax burden be ?I would like to know what my tax liabilities would be before I quote a price for the consulting work in Quebec, Canada.Thank-you,Gary Malasky

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
I had a company in Afghanistan. The company completed a US

I had a company in Afghanistan. The company completed a US Government project for a US Prime Contractor inside a US Air Base in Afghanistan in Sep 2014. The Prime Contractor has not yet paid a fair amount of our invoices until now, since they have not been paid by the US Gov. (USACE). We are expecting to receive the money in few months' time.I am an Afghanistan citizen, but got my US Legal Residency (Green Card) on 1/18/2015. I registered a company in Texas, USA sometime in July 2014, but hav

Read more

Robin D.

Vocational, Technical or Trade School

 
20,226 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