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Recent Federal Tax questions

Second opinion] I plan to move to California around mid-year

Second opinion] I plan to move to California around mid-year and become a permanent resident of the state. if I make my entire IRA withdrawal for 2017 prior to moving, can I escape paying CA state tax on the entire amount of the withdrawal?

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Chad Caros

Certified Financial Planner(R), Pro

Master's Degree

254 satisfied customers
I have won $52, 451 in casino winnings. No federal tax was

I have won $52, 451 in casino winnings. No federal tax was taken out but state tax was taken out. How much federal tax should I pay on this money?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: I am not sure what you are asking me to do?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I file jointly with my husband and we pay estimated tax quarterly.

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Richard

Owner

Doctoral Degree

49,838 satisfied customers
This is a US Federal Tax question. I now live in Canada as

This is a US Federal Tax question. I now live in Canada as of March 2017. I filed a 2016 US and CA tax return. I earn income from the US as a partner - line 17 on the 1040. I also receive Social Security benefits as well as Canada Pension benefits (dual citizen). I'm classified in British Columbia as "common law" as my partner and I have lived together longer than 12 months. I must declare that fact on my Canadian return. I understand I'll need to file a US return and have been making quarterly payments. When I file my US return do they recognize my common law status in Canada as "married" when I file my US1040 or will I file as "single"?

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Robin D.

Vocational, Technical or Trade School

25,318 satisfied customers
I'm single, 67 and my adjusted income for last year was

I'm single , 67 and my adjusted income for last year was $51,000. I plan on buying a condo for $80,000 cash. I will have to take the money from my retirement account- to pay cash for the condo. How will this withdraw of $80000 impact my taxes?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The condo should generate income- I will not live in it. Income should be 8000 a year

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,732 satisfied customers
I'm considering gifting my son and his wife $105,000 in

I'm considering gifting my son and his wife $105,000 in equity so they may purchase my home. What would be the tax implications for me? I've not gifted $ to date to anyone.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: What type of information do you require?JA: Is there anything else the Accountant should be aware of?Customer: Home sale price is 395000, I purchased it in 2008 for 315000. my annual income is roughly 225000.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

324 satisfied customers
A tax payer formed an LLC in the state of Texas. Can the tax

a tax payer formed an LLC in the state of Texas. Can the tax payer file a schedule C for the federal tax return and retain the LLC status in the state of texas

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Matthew Breecher

President

MBA (Graduate Legal Studies)

324 satisfied customers
I have a NJ state tax question. I'm considering making a

Hi, I have a NJ state tax question. I'm considering making a partial withdrawal from my 401K. I understand that -- because I'm not retired -- I have a 10% penalty plus the money will be taxed as income on my fed taxes. I'm wondering if the whole amount withdrawn will also be considered income on my NJ state taxes?

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Brian Michels

Partner

Bachelors of Business Administration

284 satisfied customers
My husband and I have always filed taxes as "married, filing

My husband and I have always filed taxes as "married, filing jointly". He is 68 years old, receives Social Security retirement benefits and works part-time. I am 62 years old, work part-time and am considering filing for Social Security early retirement benefit. because of the amount he earns (despite the fact that his earnings are not limited by Social Security), my Social Security seems to be taxable up to 85%, and I will have to pay Social Security about 1/2 of my earnings. We have many eligible deductions, so we itemize.Would we be better off filing as "married, filing singly"?

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Robin D.

Vocational, Technical or Trade School

25,318 satisfied customers
I have a massive federal tax debt from 2005 through 2008, in

I have a massive federal tax debt from 2005 through 2008, in excess of $50,000. I was a realtor and simply could not afford to pay the taxes. In addition, the IRS claims that I received an "annuity" of $120,000 in tax year of 2005.... which never happened.Due to the market crash, extensive medical issues, etc. I lost my house, car, and pretty much everything in 2008 and 2009.I did manage to find work, but was making too little to repay they IRS, so they marked my debts a CNC. A little over a year ago, I was able to find a better job, but now the commuting costs (approx. 60 miles there and back), and more medical bills are making it impossible for me to catch up.I noticed today that a large part of the tax lien appears to have dropped off the credit report, except for about $7,500 . However, can the IRS add that back?Is it possible for me to extinguish the tax debt as well as my medical bills in a bankruptcy? I have a 1997 Jeep where I cannot even afford to get the transmission replaced, and am barely able to afford getting to my job with public transportation.In other words, I don't know how to get financially back on track, and have more medical bills coming up.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,922 satisfied customers
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