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Recent Married Filing Jointly questions

My wife and I are separated and reside in different states

My wife and I are separated and reside in different states (I am a New Mexico resident, she is a South Carolina resident). Can we still file a joint Federal return and seperate state returns?

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Robin D.

Vocational, Technical or Trade School

22,424 satisfied customers
I owe alot of med. bills. I am disabled if my wife claims me

I owe alot of med. bills. I am disabled if my wife claims me as a dependent can they keep her refund due to that withholding lawJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I live in south carolinaJA: Is there anything else important you think the Accountant should know?Customer: no just that i owe alt of med bills and i"m disabled

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
Considering tax implications ( business deductions) like a

Considering tax implications ( business deductions) like a rental property is it better to invest in a rental or money market?

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Mark Taylor

Certified Public Accountant

Masters

2,666 satisfied customers
My husband paased away on 1/7/16. What is my filing status

My husband paased away on 1/7/16. What is my filing status for my 2016 taxes? I have no dependents.Also, my employer has me as "Married" for federal and state payroll taxes withheld. Do I now have to change to "Single"?

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Robin D.

Vocational, Technical or Trade School

22,424 satisfied customers
I'm married, filed jointly and am a real estate agent.

I'm married, filed jointly and am a real estate agent. Between my husband and I, we make approximately $235k so I exceed the limits to contribute to a small Roth IRA that I have. Current balance in the Roth IRA is $2k. I've been reading about conversions between traditional IRAs and Roth IRAs to avoid the limit restriction and have read about the taxes imposed on the conversion.My question is this: If I open a traditional IRA and fund only the Settlement Fund (therefore not investing in funds, etc.) but only hold in the account as cash, can I convert these funds to my Roth IRA and avoid being taxed because there's been no earnings on the cash? And, how many conversions in a year can one do? Can I convert to my existing Roth IRA which is held at the same brokerage firm as the traditional?

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ABC Accounting Group

Bachelor's Degree

530 satisfied customers
Filing jointly or separate with my wife; 1. Do we have a

Filing jointly or separate with my wife;1. Do we have a choice?2. If so, what are the pros and cons of filing separate vs. jointly?3. If filing separately, can we file at different times?4. Can a separate filing for my wife now, be later changed to a joint filing?The reasons why I ask have to to with lack of clarity whether I should file in Canada or USA. Further elaboration of this reason can be provided if needed.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
Robin, The probate referee appraised a house at day of death

Hi Robin,The probate referee appraised a house at day of death at $200,000. After probate, the house was sold by the heir for $250,000 net of closing costs. What, if any, is the capital gains rate paid by the heir?

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Robin D.

Vocational, Technical or Trade School

22,424 satisfied customers
We have a son who is in college fulltime, ans had earning of

We have a son who is in college fulltime, ans had earning of his own less than $10,000 during 2016, we the parents paid for his tuition and living expenses. We are not claiming him on our tax return as we are not filing for 2016. Does he need to file his own return? can he claim his tuition as an expense? what determines that?Thanks!

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,942 satisfied customers
Looking for how much to put aside to pay fed taxes for 2017

Looking for how much to put aside to pay fed taxes for 2017 onSSDI$1500/ month. 18000 annually wife age 55SSI $2350/month. 28200. Me age 65 12/18/1951Pension $683/month 8196 mePension $983/month 11796 me66192401k withdrawal $15kTotal 81192Married filing jointly

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Robin D.

Vocational, Technical or Trade School

22,424 satisfied customers
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