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Recent Indirect Tax Laws questions

Is there an exception to the premature withdrawal penalty

Is there an exception to the premature withdrawal penalty for paying medical expenses? 44 year old taxpayer withdrew $2,500 from his IRA to pay medical bills. Total medical expenses were over $21,000 and his deductible medical expenses were over $16,000 after the 10% AGI limitation. The 1099-R coded for the distribution was code #1 (for no known exception). Is that taxpayer subject to the 10% penalty (72t) tax? Or is he eligible for some exception to the penalty? If he is eligible, what would the authority for the exception be?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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Need copy of my 2015 return, That's it 2015 Federal return

need copy of my 2015 returnJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: That's it 2015 Federal return Ann SwayzeJA: Is there anything else the Accountant should be aware of?Customer: not that i know of

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,430 satisfied customers
Lane. New question. How does personal property rental

Hi Lane. New question. How does personal property rental depreciation expense "flow to" 1040 line 36. My tax software forces the depreciation into my itemized deductions.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Can health insurance paid for a future ex-spouse during the

Can health insurance paid for a future ex-spouse during the divorce process be considered alimony?Thank you,Fred

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,370 satisfied customers
I have 3 rentals put in use 2012. The depreciation was

I have 3 rentals put in use 2012. The depreciation was computed wrong. I need to file form 3115 for 2014 & 2015. Can you help?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: On the 1040 for 2015. I included 1,526, 1,447 and 1,377. The correct amount should have been 30.000 each.JA: Is there anything else the Accountant should be aware of?Customer: No.

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PDtax

Owner

Master's Degree

7,702 satisfied customers
I would like to find out that im getting divorce, and i had

hi i would like to find out that im getting divorce, and i had no income last year. do i need to file income tax still?JA: Because family law varies from place to place, can you tell me what state this is in?Customer: floridaJA: Has anything been filed or reported?Customer: not yetJA: Anything else you want the lawyer to know before I connect you?Customer: i do not want to do tax with my divorcing husband since i dont want the liability

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Robin D.

Vocational, Technical or Trade School

24,136 satisfied customers
Reverse Mortgage Insurance - I have a deceased client, was a

Reverse Mortgage Insurance -Hello,I have a deceased client, was a CA resident. She had a reverse mortgage on her primary residence and she had paid monthly insurance premiums that was to cover any difference if the house did not sale for the amount to cover the outstanding loan.The house sold for $ 35,000 less than loan payoff. The insurance company covered the difference and sent the client a 1099 for the $ 35,000. Should this be taxable for the deceased client.Thank you,

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PDtax

Owner

Master's Degree

7,702 satisfied customers
I live in Pennsylvania...I need several questions answered

I live in Pennsylvania...I need several questions answered from a tax/divorce perspective, especially tax...is there someone that can help me?

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Robin D.

Vocational, Technical or Trade School

24,136 satisfied customers
I am trying to get IRS pin number for "identity

I am trying to get IRS pin number for "identity theft"protection. When I attempt to provide information, the website will not accept the authorization code provided by IRS to my email. So, I am stuck!

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,430 satisfied customers
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