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I started a life insurance policy worth 600K on September

I started a life insurance policy worth 600K on September 27, 2006. My monthly payment was $400 a month. I paid 28,000 into the policy and stopped paying on it in Jan 2012 when I retired from the military. The policy is still active. I understand my cash value I had from Jan 2012 to current date was paying the premiums to keep my policy in force.My cash surrender value is now at 12,500 to date. My question is: if I cancel (surrender) the policy and cash out, Do I need to pay taxes? From my research, my basis (what I paid 28,000) is higher than my cash out. So, from my understanding, I took a loss and should not have to pay fed or state taxes on my surrender value? I'm I correct to think this? Thanks for you time and assistance.

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Chad Caros

Managing Director

Master's Degree

38 satisfied customers
Are automobile reimbursements taxable? The company I work

Are automobile reimbursements taxable?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The company I work for reimburses me for my auto expenses, but I didn't get a 1099 for the reimbursement, is it taxable?JA: Is there anything else the Accountant should be aware of?Customer: No

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,586 satisfied customers
If the employer contributes the max possible profit share

If the employer contributes the max possible profit share contributions towards employee 401K, does such contributions are tax deductible or not?

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Robin D.

Vocational, Technical or Trade School

25,004 satisfied customers
Tax question. In 2011, I cashed out a 401-k when I left that

Tax question. In 2011, I cashed out a 401-k when I left that job. At that time, I had to pay a 10% penalty on the full amount plus the regular income taxes on that amount too. Quite a penalty. I know this is to deter people from using retirement money early. But can you use it after 59 1/2 if you are not yet retired? If so, is there a limit to what I can withdraw? Are there any reasons you can't touch IRA money if you are Eli g to pay the penalty? This year, I am in need of some extra cash, but I am only 58. Your advice?

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Robin D.

Vocational, Technical or Trade School

25,004 satisfied customers
What is the cost in receiving an answer to a 401K query for

Hi what is the cost in receiving an answer to a 401K query for non US citizen non-resident?

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Chad Caros

Managing Director

Master's Degree

38 satisfied customers
OK from the notification attached The total value is

OK from the notification attached The total value is 35775.62, can you please illustrate for 2017, as I have already paid the 10% withholding fed tax, by opening an IRA today rolling over what $ amount would avoid the penalty?I Only have 21k left?

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Robin D.

Vocational, Technical or Trade School

25,004 satisfied customers
Barb - I just copied and pasted my last Q - let me know if

Hi Barb - I just copied and pasted my last Q - let me know if you need more background or have any questions. (in case you're overloaded with questions - this is a second or new question regarding the trailer we bought in Oregon and moved to Washington)It looks like I may not have to pay this tax until I transfer the title.According to the notice, "We normally receive a copy of the title indicating ownership of the home has transferred" and "Getting the title transferred will be of benefit to you if at some future time you should decide to sell your home, as well as it helps our office to have accurate records."The person I spoke with at the assessor's office told us, "You don't currently own the trailer" - but did not insist we had to transfer the title. We spoke again today and I asked if there was a penalty, and she referred to the title application I was going to fill out. I only learned of this title application when I told her that my wife would not join me today. AFTER I fill out the title application, there "could" be a penalty if I was more than 30 days late from the date of the title application.So my question - again, I will post it as a question if this is in your purview, and of course if you can find out the answer with research, which you should be paid for - is: Can I simply wait until I want to sell without a problem? I get that there may be a small penalty for paying late - but we have zero plans on selling - and 20 years from now when circumstances change, would pay if we need to in order to sell. I'm not looking for legal advice - I'm looking to see if I have a problem if I don't pay now - and what that problem could be. They are not demanding anything - and the wording seems like we could probably simply defer paying this (that part may be a legal opinion - but I'm not asking for your advice on paying - unless it's a definitive, YES - you have to pay now!)Let me know if you can answer - and I'll post for you - or if I should post it as a legal question.Thanks!Jan

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Barbara

Enrolled Agent, Paralegal

6,460 satisfied customers
We are a retired couple who moved into a retirement home.

We are a retired couple who moved into a retirement home. The entrance fee was 120,000 which we could not afford and our son furnished us a no-interest loan for that amount until we could sell our house. Our settlement on the sold house has been set for next week and we would like to pay back our son as soon as possible after we receive proceed on the house sale. How should we handle paying him back so that there are no fees like income tax and similar? He lives in New Mexico and we live in Pennsylvania. We could not have done it without his help.John Stead, Gloria Dei Retirement Home,***** Apt 108, Hatboro, PA 19040***@******.*** (###) ###-####

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Chad Caros

Managing Director

Master's Degree

38 satisfied customers
What is the current inheritance tax rate in Mass.? Is the

What is the current inheritance tax rate in Mass.? Is the minimum still $1million? Is that amount likely to change in the near future? (I heard on the TV today that Trump plans to eliminate the Federal "death tax.")

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Robin D.

Vocational, Technical or Trade School

25,004 satisfied customers
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