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Recent Income Tax questions

Does an estate under $50,000 need to file an estate tax

does an estate under $50,000 need to file an estate tax return and does heir need a K-1 form for under $6000JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We are trying to close estate and would like to know what forms if any are needed. have court closing of estate docs.JA: Is there anything else important you think the Accountant should know?Customer: Their were seven heirs and each one received $563507 each. do they need a k-1

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
I purchased 3 new cars in 2016. Can I deduct the sales tax

I purchased 3 new cars in 2016. Can I deduct the sales tax on the cars? I also bought a new car in 2015 which I did not use on my income tax form for 2015. Can I deduct the sales tax paid on my new car which I did not claim in 2015? I would appreciate your reply. Robert DawsonJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: None. Thanks very much. Robert Dawson

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taxmanrog

Master's Degree

1,032 satisfied customers
I have a question about social security. If my social

i have a question about social security. If my social security is taxable.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I want to know how to calculate my social security benefits to see if I owe taxes on it.JA: Is there anything else important you think the Accountant should know?Customer: I am a gov retiree. I get a pension, and I also get social security.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,962 satisfied customers
My husband is a minister. His church added our housing

My husband is a minister. His church added our housing allowance in with his pay on his w-2. Do we need to fill out a form to fix this or do we just deduct it and put in the correct pay, and input the housing allowance where it belongs?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No

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Robin D.

Vocational, Technical or Trade School

22,442 satisfied customers
I live in New York state and I know I have to joint file my

I live in New York state and I know I have to joint file my income tax because my husband passed on November third while in the VA home but what I don't know I sold are manufactured home to move clser to where he was. Do I have to claim that on my taxes this year?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I did purchase another house.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
I am self employed. The first time I filed as a business was

I am self employed. The first time I filed as a business was April 15 2016. Afterwards I paid quarterly taxes in 2016 for two quarters but haven't paid any since. I'm sure I owe but when am I supposed to file my taxes if I pay quarterly taxes? Jan 15 or April 15?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I was not required to file 2014 which is why I wasn't required to do quarterly taxes in 2015. This year 2016 I am required to pay quarterly taxes.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
I need to know a. what kind of penalties would i be hit with

I need to know a. what kind of penalties would i be hit with if I was to pull the entire amount of my IRA totalling $80k in order to pay my bills as i have no income and am disabled B. Do I need to clean out my account in order to be eligible for disability? C. or can I just pull money out of the IRA to pay bills without penalty? last year i was unable o work due to my disability and was denied because they said that i made $300 more a month than was allowed and had money in an IRA. last year i was awarded $3700 monthly maintenance and $1400 was taken out of that for child support leaving me with an income of exactly $2300 a month. coulod you please give me some advice as to which route is the best way to go in order to avoid as much penalties as possible? thank you!!!!!!!JA: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason. The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: yes. I am only looking into these options as my exhusband stopped my monthly maintenance payments putting him into contempt of court Also, I have a situation where for the year 2015, I resided in the family home for only 7 months out of 12. my exhusband filed a joint return without my knowledge, forged my signature and then deposited all of the state and Federal refunds into his personal account. I also found out that he had been doing this since 2013 with fudging numbers with a crooked accountant to get a maximum return each and everytime again without my knowledge or signature and deposited into his account. This was done just last year when I only resided in the homje for 7 months after I left him, I know I am able to pursue this legally, however, is there a statute of limitations on the past years dating back to 2013? can he be audited or penalized in any way and also what are the consequences for committing tax fraud?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
My husband died 3 years ago, I sold my house in Sept., 2016

My husband died 3 years ago, I sold my house in Sept., 2016 and had to move to a 1 bedroom apt. For the last 3 years told with my husband's social security it was not enough to file tax return. Now since my house was sold though I owned the bank and paid off re-finance loan, am I now going to pay IRS--live in southwest Florida.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: not that I can think off, thank you!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
I have 15,000 dollars in a rollover ira thru Fidelity and I

I have 15,000 dollars in a rollover ira thru Fidelity and I need to know how much taxes and penalties I would have to pay if I withdrawed the money outJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Thats it what else do you neeedJA: Is there anything else the Accountant should be aware of?Customer: like what

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Robin D.

Vocational, Technical or Trade School

22,442 satisfied customers
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