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Recent Married Filing Jointly questions

We purchased a house in 2013 and are selling it now (2017).

We purchased a house in 2013 and are selling it now (2017). As a result of a home inspection, we discovered the need for foundation repairs. The house passed inspection in 2013. Can I claim the foundation repairs as a capital expense, since without them, I can not effectively list my house for sell at market value? (i.e without the repairs, my house is worth less than loan value)JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The house is in GA.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,984 satisfied customers
I am paying for term care Texas qualified plan, can the

I am paying for long term care Texas qualified plan, can the premium be a tax deduction? I do not itemize my return, would this deduction allow to be enough to qualify

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Robin D.

Vocational, Technical or Trade School

25,366 satisfied customers
Yours was the first site that just popped up. How can I be

Yours was the first site that just popped up. How can I be sure this is a legitimate site and that you are truly a Tax Expert?JA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.Customer: I had (2) Annuity Accts. with Fidelity Investments that my Financial Advisor at Wells Fargo Advisors advised me to transfer over to Wells Fargo since I had already moved over some of my IRA's. Long story short, the (2) annuity accts. were transferred. HOWEVER, instead of transferring them over "in-kind", his Asst. (who conveniently is no longer employed there), liquidated the (2) Annuities. Hence, since I am only 58, I had to pay extra taxed ($11k) this year and have to pay a penalty. For some reason they can't seem to figure out the dollar amount of the penalty so I have to ask a Tax Advisor. There were (2) Annuity accts. A. $18,065.12. Fidelity said the taxable amount is $10,945.61. B) $18,450.60, Fidelity advised the taxable amount is $12,014.60. What would be the penalty amount I would have to pay the IRS for Wells Fargo liquidating these (2) accounts early?JA: PayPal, Debitcard or credit card are all fine.Customer: what? What is the fee?JA: You just pay a $5 deposit now and the rest only when you get a reply from the Expert. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: What is "the rest"JA: Is there anything else the Expert should be aware of?Customer: Answer my question please about the fee-

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,984 satisfied customers
My husband and I have always filed taxes as "married, filing

My husband and I have always filed taxes as "married, filing jointly". He is 68 years old, receives Social Security retirement benefits and works part-time. I am 62 years old, work part-time and am considering filing for Social Security early retirement benefit. because of the amount he earns (despite the fact that his earnings are not limited by Social Security), my Social Security seems to be taxable up to 85%, and I will have to pay Social Security about 1/2 of my earnings. We have many eligible deductions, so we itemize.Would we be better off filing as "married, filing singly"?

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Robin D.

Vocational, Technical or Trade School

25,366 satisfied customers
I'm hoping to adjust my W-4 withholdings up so that I reduce

Hi, I'm hoping to adjust my W-4 withholdings up so that I reduce withholdings throughout the year. Goal to have zero liability and significantly less refund at the end of the year.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My gross salary is $115,000, I'm married and she makes $30,000/year. We are pregnant, expecting at the end of the year (not sure 2017 or 2018). We'll file Married Jointly.JA: Is there anything else important you think the Accountant should know?Customer: We will take advantage of student loan and mortgage insurance deductions.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,984 satisfied customers
I have an option to purchase shares in a private company in

I have an option to purchase shares in a private company in Italy. I paid money to the company in exchange for the option to buy the shares multiple years ago, but have not exercised the option to purchase the shares. There is now an individual that is willing to purchase the 'option' from me for a higher amount than what i gave to the company to originally obtain the option.My question is do i just report the sale of the option as a long term capital gain showing the cost & sale price & then would be subject to 15% tax on the gain (assuming income falls in the 15% capital gain bracket)?

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Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
Client married illegal alien August 2013 received ITIN

Client married illegal alien August 2013 received ITIN number in April of 2017. Can they go back and amend tax returns for previous years as married filing joint?

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Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
I'm a regular employed wage earner, and my husband has not

Hi, I'm a regular employed wage earner, and my husband has not been working the past two years due to illness. We have two young kids and we've been getting tax refunds of around $3,000 the past few years. He's just now getting back into work, starting as an Uber driver, and will do that part time (likely around 15-20 hours/week). My question is, given that we always get a large refund and that he will only be working part-time, do we need to pay estimated quarterly taxes for him?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: We do Married Filing Jointly.

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Brian Michels

Partner

Bachelors of Business Administration

286 satisfied customers
My husband and I have 26976 per year in social security and

My husband and I have 26976 per year in social security and I have a pension of 15504 and a salary of 6600 for a total of 49080. What is the taxes we would owe. We file joint and use set deductions.JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?Customer: no

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Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
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