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Recent Medical Expenses questions

I set up a irrevocable living trust, funded it with tax free

i set up a irrevocable living trust, funded it with tax free munis, question do i have to pick up the interest from the trust, tax free interest, on my personal 1040 .... for AGI purposes for medicare payment amount.... or is this tax free interest just that tax free reflected on a 1041 sch B and thats it

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PDtax

Owner

Master's Degree

6,850 satisfied customers
I recently lost my job after a lengthy illness and surgery.

I recently lost my job after a lengthy illness and surgery. My income for 2016 has been 17,500$. I am in medical debt and trying to recover physically. I do not qualify for disability and am seeking employment now. In the meantime, I am considering pulling 20,000 from my 401 K as a last resort to pay off medical debt and survive until employment is found. I know there is 10% taken out off the top. Isn't there a 25% payment on taxes for my complete income at the end of the year. How do I figure out if this will make me owe taxes? I own a home and have one child under 17 in my home. Thank you....trying to make an informed decision.

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
I received a cash settlement from an auto accident from the

I received a cash settlement from an auto accident from the defendants insurance company. Do I have tax consequences? I'm retired senior and have a military disability pension for which I have no tax obligation. Thank you.

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
I claimed my sister and her son on my taxes they were not

I claimed my sister and her son on my taxesthey were not living with us but I was paying their bills. am I going to be in trouble

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
OK. SAME GUY GOT A 2014 WAGE AND INCOME TRANSCRIPT WITH AN

OK. SAME GUY GOT A 2014 WAGE AND INCOME TRANSCRIPT WITH AN SA-1099 BENEFITS STATEMENT. TRUST FUND INDICATOR DISABILITY. WHERE DO I ENTER THIS INDICATE ON A FORM. DO NOT SEE IT ON WORKSHEET?

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
I don't normally itemize my taxes but I have a car I want to

I don't normally itemize my taxes but I have a car I want to donate, will I have to itemize to claim that credit?

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
I withdrew $48000.00 from my IRA to help out my daughter.

I withdrew $48000.00 from my IRA to help out my daughter. The money was returned about 70 days later. I tried to put it back in My IRA, but I was told I had only 60days to return it. Not only will I have to pay tax on this, but I will lose my health care because it will show I made too much. Is there and case where the IRS will allow the money to be put back in the IRA?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
I own an AFLAC supplemental cancer insurance policy

I own an AFLAC supplemental cancer insurance policy established in 2002. I have paid all of the policy premiums out of my own pocket. I was diagnosed with cancer last year and have just received my benefit this year. Is my benefit taxable income?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,954 satisfied customers
I have an HSA account. When I die, the account transfers to

I have an HSA account. When I die, the account transfers to my beneficiary. Is the beneficiary taxed on that money or can the beneficiary rollover that money into an HSA in their name (use that money for medical expenses) and NOT be taxed?

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
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