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Are you a CPA? Not sure if that is good enough. Someone I

are you a CPA?JA: No. I'm the Accountant's Assistant.Customer: Not sure if that is good enough. Someone I care about bought a house. Cashed in her 401K. They told her they were taking out and withholding enough for taxes and early withdraw penalties. Went to do her taxes and said she owed 20,000.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: She is not eligible for help she make 80 k a year. Not sure anyone can help. And she will just have to pay the full amount.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,924 satisfied customers
How much % should I save in my 401K for Roth IRA & pre-tax

How much % should I save in my 401K for Roth IRA & pre-tax if I'm making $130K + per year to have the most efficient tax break?I also have a house which I can deduct the interest rate.

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
How do I include 2016 5498 form into 2016 tax return? My

How do I include 2016 5498 form into 2016 tax return?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My broker took out double RMD and return one RMD within 30 days by12/31/2016. I received a 5498 form for information only. I was told to put on line 15a the double RMD and on line 15b RMD as a rollover. Which would then show that I received the 1 RMD since 1 RMD was returned to my IRA.JA: Is there anything else the Accountant should be aware of?Customer: The broker let the IRS know, the 1099 show double distribution and the form 5498 will be available after taxes are filed.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
When someone has an annuity and they turn 70 1/2, what % do

Hi! When someone has an annuity and they turn 70 1/2 , what % do I have to start taking out each year. Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
In the event of bankruptcy, can I lose my 408K Sep-Ira or my

In the event of bankruptcy, can I lose my 408K Sep-Ira or my rollover money from 401K that is in a CD today?I am 47 in AZ, and my understanding is I can't touch that money until my retirement age.

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
The company I work for is about to get bought out. I have a

the company I work for is about to get bought out. I have a large amount in my employee stock purchase plan as well as a large amount in my 401K. I am worried first about my stock purchase plan. I am assuming one the purchase goes thru, my current stock is done and the amount will not drop or lose anything at the time of the buyout? I have more questions but this is a starting point.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: just my 401K will be diverted to a State Street Target fund.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
I have a small car dealer shop I need Indiana and I was an

I have a small car dealer shop I need Indiana and I was an SCORP FOR 11 months and a C Corp starting in December. I was told by my 401k planner that I would 2 tax returns. One for 11 months as scorp and 0ne for 1 month as a c Corp. How do I separate them?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: we opened a self directed IRA in November. That is y I had to change to a c corp

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PDtax

Owner

Master's Degree

7,476 satisfied customers
I am curious in investing with my Roth IRA. I have a few

I am curious in investing with my Roth IRA. I have a few questions.* I will need to set up a Roth IRA llc account, which depending on the state pay those state fees. Along with a bank account in that LLC name?* If a property's cost is (purchase price, rehab, and closing fees) more than what is in my Roth can I bring in other investors (roth llc accounts). Who is limited in investing in this property. Note most properties will be purchased from a third party that is not related to any of the investors?* same question as above but the property is owned by myself or a direct relative of mine?

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
I have a Sep IRA and would like to know how many

I have a Sep IRA and would like to know how many trustee-to-trustee transfers am I allowed in a calendar year?

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
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