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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
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.
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?
JD, MBA, CFP, CRPS
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.
Tax advisor and Enrolled Agent
I have an HSA account. When I die, the account transfers toView more tax questions
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?