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I file a very simple tax return every year, receive a refund

I file a very simple tax return every year, receive a refund of about $500. I just recently found out that I had a pension account with a company I worked for over 20 years ago. I am going to take the lump sum payment to pay off my remaining debt. My question is, even though they will deduct 20% in federal taxes and an additional 10% penalty since I am under 59 1/2, I would like to know how this will affect my tax filing? Will I have to pay instead of receiving a refund?

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Robin D.

Vocational, Technical or Trade School

21,190 satisfied customers
For accts What tax would I have to pay if I sold my

for acctsWhat tax would I have to pay if I sold my brownstone to my 2 daughters and their husbands? I would need to give a gift of equity of 750k , Can that be not taxed and used instead as part of my estate tax write-off if I have room? I Also have a capital gain of one million. I'm in the 33% tax bracket

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,694 satisfied customers
I have a question about extension filing status. For 2015,

Hi Pearl, I have a question about extension filing status. For 2015, my now ex-husband and I filed an extension with both of our names on it (jointly). However, we have since then gotten divorced and we are coming up on the due date for the extension. I would like to go ahead and file my own return as "Married Filing Seperate". Can I do this? Is there any special form that I need to do with this? Thank you!JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: We had a tax liability that we paid with the extension if that makes any difference.

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Robin D.

Vocational, Technical or Trade School

21,190 satisfied customers
Question....being paid 40k for mural job....expenses are

Question....being paid 40k for mural job....expenses are approximately 15k....what is tax is due federal and state..reside in nj

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,694 satisfied customers
I have a question regarding the sale of property. CA. No.

I have a question regarding the sale of property.JA: What state are you in? It matters because laws vary by location.Customer: CA.JA: Has anything been filed or reported?Customer: No. Currenlty, this is only an offer.JA: Anything else you want the lawyer to know before I connect you?Customer: No, mostly I just want to know what I can do with the proceeds. I want to reduce my tax liability and use the money for particular purposes.

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Robin D.

Vocational, Technical or Trade School

21,190 satisfied customers
The IRS seems to have some contradictory information on

The IRS seems to have some contradictory information on their website regarding the American Opportunity Tax Credit.https://www.irs.gov/publications/p970/ch02.htmlRegarding dependents, this link says:"Who Can't Claim the Credit?You can't claim the American opportunity credit for 2015 if any of the following apply.You are claimed as a dependent on another person's tax return, such as your parent's return. See Who Can Claim a Dependent's Expenses , later."This seems to say that if you are claimed as a dependent on someone else's tax return, you can't claim the credit. However, if you click the link in that entry, which says "Who can claim a dependent's expenses", this is the result:"Who Can Claim a Dependent's Expenses?If there are qualified education expenses for your dependent during a tax year, either you or your dependent, but not both of you, can claim an American opportunity credit for your dependent's expenses for that year."According to this, a dependent can claim the american opportunity credit on their tax return.Which one is accurate? Am I misreading something?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,694 satisfied customers
My ex husband has demanded that I amend my 2014 tax returns

My ex husband has demanded that I amend my 2014 tax returns so that he will benefit from more deductions. He refuses to pay support or sign the MSA unless I do so. I filed as Head of Household in Feb. 2015 because my ex and I were separated, living in separate spaces on our property and paying for our own expenses from Feb. 2014-Dec. 2014. I moved out with my children in October, 2014.My ex was out of state and refused to provide me with any of the tax documentation I needed. The accountant was not able to get him to comply. I had a Feb. deadline for financial aid purposes and had to file.My ex's accountant and lawyer have demanded that I amend my tax returns to file as Married but Separate for 2014. This changes my real and already reported income of $27,000 to an income of $84,000 because his accountant insists that I must claim half of my former husband's income as well as half of the expenses. However, I did not receive any of that income in real life. My ex deposited his paychecks into another account that I didn't have access to at all. He did not share his bonuses or the large rent check that he paid himself from his business for using a building on our property as an office. We both contributed financially to the household and expenses for our 3 children. I don't know if amending my taxes this way in an effort to get the MSA signed is going to be a red flag for the IRS or if there are other repercussions. My accountant was badgered by my ex and his accountant and has conceded that we amend the taxes to show an $84,000 income for me when the truth is that I only made $27,000 and never saw a penny of his income that year. Can you help?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,196 satisfied customers
Our filing status is married filing jointly (2015 tax). I'm

Our filing status is married filing jointly (2015 tax). I'm 65 and receiving SS and Medicare. My husband is 63. He had no health coverage for all of 2015. My question is, line 61. What forms do I need and how do I figure the penalty for him. We live in Texas and the Adjusted Gross Income is $35,449.

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
Mid year 2015 both trustees of trust passed away. EIN was

Mid year 2015 both trustees of trust passed away. EIN was issued Mid September 2015 and stated 1041 to be filed on 12/16/2015. There is an extension on the 1041. Question, is the income divided from beginning of year to day of death and prepare those figures on a 1040 and income & expenses thereafter on a 1041?

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
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