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I will stop working later this year and my partner will

Hello, I will stop working later this year and my partner will continue working. His salary will pay for our living expenses. Can he claim me as a dependent? If he does, do we have to file taxes jointly? I ask because I'm on the income based repayment plan for student loans, and I need to keep filing separately to lower the monthly payments.

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Robin D.

Vocational, Technical or Trade School

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20,638 satisfied customers
Taxpayer changed her job and went to another firm to work.

Taxpayer changed her job and went to another firm to work. She had a 4019(k) from the previous employer. She rolled over her 401(k) from her previous employer to another brokerage firm. But the brokerage firm sent her about 3300.00 contribution to her 401(k) which she contributed with her AFTER TAX money. 3300.00 does not have any interest or dividend.All of this is her after tax contribution. Is this amount taxable by IRS? Brokerage company said that the amount is not taxable.1099-R indicates code 1. Is this amount taxable? If it is not taxable how does the taxpayer report on her tax return?

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Dr. Fiona Chen

President

Ph.D.

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82 satisfied customers
Followup to previous question re defined benefit plan

Followup to previous question re defined benefit plan for sole proprietor business: If taxpayer is over 70.5 years age, I assume that the minimum required distribution will be required each year (just as it is for a profit sharing sole proprietor 401-K plan), even while still making contributions to the plan? If not in the first year and thereafter, when would MRD's begin?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,784 satisfied customers
A lump sum severance package has pushed our income over

A lump sum severance package has pushed our income over 240K. Now that Im no longer an employee I can't shelter some of it in the company 401K. Should I start a LLC consulting business just to open an individual 401K?

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
My parents purchased their home years ago using my name

My parents purchased their home years ago using my name because they were having a dispute with the IRS at the time. After years of appeals, they're finalizing an "Offer in compromise" with IRS. They have decided to sell current home, which is still under my name. The plan is to sell it and the profit from the sale will go entirely to purchase of a smaller home. There won't be a new loan for the new home. BUT it will have to be under my name again because we don't want to compromise their agreement with the IRS. Is it less liability for me if they buy the new home in cash? Is it an asset if it's paid in full?Original purchase price of home: $1,750,000Remaining balance on original loan: $900,000Probable listing price of home: $2,500,000

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
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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16,784 satisfied customers
I was contacted by Travel Marketing World with a buyer weeks

I was contacted by Travel Marketing World with a buyer for 10 weeks of my timeshare in Cabo San Lucas. Money went into an escrow account at Bancomer in Mex. Colonial Title is handeling the closing but so far I have paid $3500 to resister in Mx as a US citizen receiving money for a real estate transaction. Then I paid $3440 for SAT tax which I was told now needed to be paid up front. Now the are requesting $3500 for a S.R.E. Permit. Each time matching money is put into the escrow account to reimburse these fees by the buyer. Are these fees legit I get a statement showing the money in the escrow each time but i am becoming worried

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Richard

Owner

Doctoral Degree

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46,316 satisfied customers
What needs to be included on a c-corporation dissolution

What needs to be included on a c-corporation dissolution plan to the IRS?From IRS form 966: "Attach a certified copy of the resolution or plan and all amendments or supplements not previously filed." I want to file the final corporate tax return for this entity. Thanks.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,784 satisfied customers
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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404 satisfied customers
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