Join the 9 million people who found a smarter way to get Expert help

Recent tax questions

I want to know what the best steps would be to request that:

I want to know what the best steps would be to request that: 1. late fees/penalties be decreased when taxes are overdue in the case of hardship and 2. how to get on a realistic payment schedule.

Read more

Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
I have a tax question, my spouse and I are no longer

Hi I have a tax question, my spouse and I are no longer together we sat down with his lawyer and mine. I have a legal agreement saying he is giving me 500 a week child support until my seven year old is 21. And a additional 1200 a week until it adds up to 8hundred thousand dollars. . Our lawyers wrote the 1200 a week was assets distribution. I took this deal instead of making him sell our properties . I get a check every week out of his buisness Even though we signed the papers it never went to court. My lawyer said it would hold up in court if he ever stopped payments even though we are legally married ,but not together . My question is. Do we have to by law show that asset distribution on a tax form I was told it is non taxable. He pays me out of his business so the question is to make sure we both are ok legally in our future.

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
Prior to 2006, I accumulated contributed both pre-tax and

Prior to 2006, I accumulated contributed both pre-tax and after-tax funds to a 401k. At the time I stopped making contributions to this plan when I left that employer, I had contributed $20,000 after-tax.In 2006, I rolled over this 401k to an IRA. I have a statement from the 401k administrator that shows that, on the day of the transfer, the plan contained $20,000 in “tax-free” funds.Today, I still have that roll-over IRA plus a second 401k plan into which I can roll-over new funds even though I am no longer employed by the company that sponsors that fund. I have made no contributions into the roll-over fund. I have no other IRA except one that I inherited from my father. This second 401k plan also contains about $25,000 in after-tax contributions made between 2000 and 2015My goal is to move all the tax-free fund in the IRA and the 401k to a Roth IRA and the taxable funds to a traditional IRA.My plan is1. Roll-over the taxable funds from the IRA to the second 401k using a trustee-to-trustee transfer.2. Roll-over the tax-free funds from the IRA ($20,000) to a Roth IRA.3. After transaction (1) clears, roll-over taxable funds in the second 401k to a traditional IRA and the tax-free funds to a Roth IRA.Questions:It is my understanding that transaction #1 is tax-free only if because the destination is a “qualifier retirement plan”, i.e., the second 401k.; in other words that moving the taxable funds to the 401k is required to avoid any taxes I might otherwise incur with transaction #2. Is this correct or is there an easier way to accomplish my goal?It is my understanding that while certain types of roll-overs between IRAs are limited to one per year, this limit does not apply to trustee-to-trustee transactions or to transactions between an IRA and a 401k. Is this correct or do I need to wait twelve months between transaction #1 and transaction #3?

Read more

 
37,548 satisfied customers
I am the executor uncles estate and s house was secured with

I am the executor for my uncles estate and his house was secured with a no recourse reverse mortgage. we abandoned the house and received a 1099-A with the balance outstanding being 53,000 and the FMV being 160,000. Can I show this as a capital loss of 107,000 on his estate income tax return (1041) and the beneficiaries K-1s?

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
Getting a second opinion on this question, as I have

Getting a second opinion on this question, as I have received conflicting information.I have a federal tax lien, and I am about to set up payment arrangements with the IRS. The tax lien is keeping me from getting additional capital for my business, so in order to run my business, if I do not get the lien released, it will cause me some difficulty obviously. Am I better to set up thepayment arrangements myself first, then file to get the lien released, or request the lien be released while I negotiate the payment terms at the same time. The amount of the lien is $17,000from tax year 2014. I would like the payments to be monthly, set for 72 months to keep the payment low, but I can pay double payments. Thanks for your response

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
Darren here. I have some $1300 stuck in a dependent care FSA

Hi Pearl, Darren here. I have some $1300 stuck in a dependent care FSA because I contributed not knowing the cut off age for dependent care expenses was age 13. My daughter is 14 now. Anything I can do to recover the funds?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I think that's it.JA: OK got it. Last thing - Accountants generally expect a deposit of about $38 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I want to count my mother as a dependent 2016 tax year. She

I want to count my mother as a dependent for the 2016 tax year. She is married, but will be living separately from my father shortly and by the end of the year. She will be receiving $348/month from SS for the remainder of the year. I understand that some of her SS benefits could be taxed because she would be filing separately even though she will have lived with my father for part of the year (please confirm).How much do I need her to support her to be able to claim her as a dependent and get the head of household benefit. I understand that I need to provide half of her household expenses to qualify.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
TAX and LAW - Single man buys a 2 family house for $140,000.

TAX and LAW - Single man buys a 2 family house for $140,000. Gets married. Couple lives in Unit 1 and rents out Unit 2. Years later the couple divorces. Pursuant to the divorce, two condos are created and Unit 1 is given to wife, free and clear. Husband moves into Unit 2 and lives there for less than a year and decides to sell. Is the cost basis based on a portion of the $140,000 (plus/minus adjustments) or fair value when the condo was legally created? Any chance of a portion of the $250K exclusion applying?

Read more

Robin D.

Vocational, Technical or Trade School

 
20,252 satisfied customers
If I receive a 300,000 Dollar loan to buy a house from a

If I receive a 300,000 Dollar loan to buy a house from a relative. Would I file this as a Loan on my taxes or a gift?? I will be paying it back on a monthly basis. Thank you very much for any help in advance. Robert

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
View more tax questions

How JustAnswer Works

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Pay nothing to your Expert if you're not satisfied.

In The News