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Recent Personal Exemptions questions

I live abroad in the UAE and haven't filed in 4 years now.

Hello there, I live abroad in the UAE and haven't filed for taxes in 4 years now. Do I need to pay tax if I earn less than $30k? Are there any penalties that I should be worried about? I can obtain most of my pay stubs to document my earnings.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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My husband is 60 and is retiring in a few months and we plan

My husband is 60 and is retiring in a few months and we plan on moving out of the area. We have found a house and we are contemplating using part of our IRA to purchase the home with cash. We would like to know what percentage of income tax we would get hit with. Yearly income right now for him is about 110,000., 130,000. If including bonuses. So if we cash out a portion of his IRA, it would be about 400,000 for this year's income. Can you tell me approximately what amount of tax we are looking at?

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Mark Taylor

Certified Public Accountant

Masters

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I have a client who has a couple tax liens in her name. They

I have a client who has a couple tax liens in her name. They derive from a corp she owned with her now ex husband, who also has liens..Payroll tax is from the last quarter of 2007 and 1st quarter of 2008, there is a total owed of about 90K for payroll taxes with penatlies and fines and interest.. She ceased to be a principal of company in 2010. Her husband in divorce agreement was supposed to handle these debts, but did not. The debts were later put in uncollectible status.Now, If the IRS statue of limitations is running, when do there fall off?? Does the 2007 debt fall off April 15 2018? And the 2008 debt fall off April 15 2019? This would assume they filed their annual payroll forms then. Or do the quarterly payments count as filing dates? Also, is the SOL something IRS can ignore on payroll taxes? Is this likely?Now, the client is worried IRS might come after her for the money as she is now making enough money she should be collectible. She also moved since filling her 2014 taxes, and has not filed 2015 yet --she has an extension. But the IRS might not have her current address.If the IRS decides she is collectible, will they send her a notice?. What if they decide to garnish? Do they have to send her a warning? If so, how much warning does she get before levy or garnishment? Also, she owns by divorce decree a second house still in her 2nd ex-husband's name. If this levy-able? Is it at all likely IRS will find it? What is the limitation on garnishment--she is a sales person and now makes a 6 figure annual income. What is the limit they can garnish?

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Mark Taylor

Certified Public Accountant

Masters

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346 satisfied customers
G. It is me again. We spoke about my situation in April or

Hello Stephen G. It is me again. We spoke about my situation in April or so and I have not taken the 401(k) deduction because I am still pondering the tax ramifications. So, I want to run the scenario by you and see if I have an understanding or not.If you remember my husband had a health issue and stopped working this year. He did receive some disability, accrued sick and vacation pay but his total income for 2016 will be substantially lower than years past.I have our taxable income figured close to this: My income $57,000, his $33,000 for a total of $90,000 estimated.I want to take $125,000 out of my 401(k) to get rid of our debt. That would take us to income for the year of $215,000.If I understand correctly, it would go something like this: $215,000 minus $25,000 (the 20% penalty from 401(k) deduction) taking it down to $190,000 minus an additional $6,000 of regular yearly deductions, so taxable income for 2016 being $184,000.That will put us up into the 28% tax bracket so I would multiply $184,000 x 28% and the tax I would have to pay with my 2016 return would be $5,152.00.Hopefully I have given you all of the information for your answer. But am I correct and is this what I can reasonably expect to have to pay with the scenario I have presented?Thank you.

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Mark Taylor

Certified Public Accountant

Masters

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346 satisfied customers
Client's dependent son files tax return. Mom claims son and

Client's dependent son files tax return. Mom claims son and has for the first four months of 2015 health insurance thru market place. IRS is requesting a form 8962 for dependent son. Son was covered by mom. Why would IRS need son to complete form 8962JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: not sure what else you may need to knowJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Mark Taylor

Certified Public Accountant

Masters

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346 satisfied customers
I am getting married in September. I expect to make about

I am getting married in September. I expect to make about $250,000 during our first year of marriage, and my wife should make only about $20,000. All of our income is W2 income...at least for now.How much can I expect to save in federal taxes when filing married jointly, as opposed to what I have been paying as a single guy?Are there any strategies you would recommend for maximizing our tax savings? We do not intend to buy a house for a couple years. We are currently apartment renters.

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Robin D.

Vocational, Technical or Trade School

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With regards to Real Estate Law and tax implications, can

With regards ***** ***** Estate Law and tax implications, can you answer a question for me?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,764 satisfied customers
I was my elderly mother's care taker of 2015. I was unable

I was my elderly mother's care taker for all of 2015. I was unable to work anywhere else so she paid me 600.00 a month. I just figured another 600.00 for room and board, although it did not come to that much. Do I have to pay taxes on the room and board.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,764 satisfied customers
I am 90 years old and have drawn the mandatory amount from

HelloI am 90 years old and have drawn the mandatory amount from my IRA since I reached the required age to do so.My wife tells me we have not payed taxes on the 1200 dollar yearly withdrawal.Would greatly appreciate some input regarding this matter.RegardsDick Jensen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,764 satisfied customers
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