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I need to file an objection to the tax court, IRS is trying

hi I need to file an objection to the tax courtJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: IRS is trying to get my case dismissed for lack of jurisdictionJA: Is there anything else important you think the Accountant should know?Customer: no it's straight forward objection to their response to dismiss

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I am 67 years old. I contributed to my IRA, $6,500 for year

I am 67 years old. I contributed to my IRA, $6,500 for year 2016n (Jan.5, 2016) and purchased Service Credits from Washington State Retirement by rolling over the IRA. Jan. 28,2016. I realized now (6 months later) that I was not allowed to contribute to the IRA because I was retiring and did not have earned income in Jan. 2016. How do I remove the excess so that I do not have a 6% penalty "until the mistake is corrected"?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: The IRA was "rolled over" from the Ameritrade Account and that account is now closed. I have talked to both AMeritrade and the Washington State Department of Retirement. The Ameritrade IRA account was closed in February by my request and cannot be reopened. Ameritrade says that there is a form that the State should process called an "excess removal". I have the cash in my Savings account to fixed this myself if I am allowed to do this by IRS rules. Just could not find this on IRS site. Also, would like to avoid taking it from the Washington State Retirement account as it will effect my retirement significantly.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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A 94 year old female has medical expenses over 300,000. And

A 94 year old female has medical expenses over 300,000. And an income of around 200,000. An ira distribution of 45,000 and is being advised to send the whole amount to a charitable originization to avoid paying taxes. Is a this right≥. She is on medicare

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
I putting up a condo as collateral and paying a mortgage tax

I putting up a condo as collateral and paying a mortgage tax on it, When I transfer the collateral to a new lender at some point will I have to pay that tax again, when the amount of the collateral is the same, I have in the mortgage that it is assignable but it s does not say a Cema, is the assignment (not a CEMA) enough to transfer the collateral to a new lender without paying the tax again

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
I am being offered a buyout from my medical insurance,

Good morning. I am being offered a buyout from my medical insurance, Aetna. I'm on Long Term Disability and SSDI. The offer is for $25,000.00. My research says because I make monthly premium payments on medical I wouldn't be taxed. Is this true.

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
I have a few questions. I own a unit in a co-op. 1) Can I

Hello. I have a few questions.I own a unit in a co-op.1) Can I deduct the the buildings ( recipient/lender )mortgage interest ( form 1098 ) on my tax return ( itemized deduction - schedule A) as payee/borrower?2) Do I need to include the annual NY real estate tax abatement I receive that is credited towards my monthly maintenance as income on my tax return?3) Do I need to include the annual cooperative real estate tax abatement ( STAR ) rebate that I receive as a credit towards my monthly maintenance as income on my tax return?4) I receive an annual notice from the Corp. with the $ amount per share allowable to shareholders for claiming a deduction for the Corp's real estate tax expense ( i.e. $5.00 per share x 500 shares =$ 2,500. ) Do I deduct the $2,500 on schedule A under real estate taxes?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
We are a S Corp and pay for shareholders med premiums in a

Hi,We are a S Corp and pay for shareholders med premiums in a group policy as with all other employees. As I understand we must include the shareholders' premiums in addition to their income on their W2s and they will be taxed on the premiums and all other employees will not. My question is, must we include their exact premium or can we use average premium? In addition, as I understand, the company cannot take a deduction for their portion of the premiums as well, is this correct? Again I am only referring to shareholders, medical and dental premiums?Thank you

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

3,986 satisfied customers
I am thinking to buy a property in FL which is out of state

I am thinking to buy a property in FL which is out of state for us and open LCC with my husband.Q1. Can I just open LCC online? is it easy to do? Which online site is good to use?Q2. What if I open LCC this year and we could not buy any property this year which is no income, can we still file the tax next year? Can we create LCC and do nothing?Q.3 We would like to use the same name for the other state LCC. Can we use the same name for LCC?Q4. How much do we need to maintain LCC, what is the cost? how much is the tax filing? Can we file with tubotax?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
I havent filed a state tax in about 10 years and want to

I havent filed a state tax in about 10 years and want to file this year ...will this trigger an audit for back returns?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
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