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My wife's father died and left 190,000 in a traditional ira

my wife's father died and left 190,000 in a traditional ira for my wife and her sister. her sister was the sole benefiicary and has elected to to take keep the half the money in the ira and take out just the required minimums (about 3,000 a year). her sister has request my wife take out her half ( 95,000) which will bump her up a tax bracket and pay the extra taxes she will incur. wouldn't it make more sense to take out my wife's half of 95,000 over multiple tax years to reduce the tax bill and not have to pay her extra taxes from bumping her up a tax bracket? her sister and husband are in the 25 percent federal tax bracket and make combined around 100k a year.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
I invested in a company that is developing land/resort in

I invested in a company that is developing land/resort in Costa Rica. The company is a US Corporation (not publicly traded) that was formed in Delaware. They are soon going to issue me shares in the corporation that represents my ownership. Then in the future the corporation is going to merge with a company that is currently publicly traded with the purpose of becoming publicly traded.Questions:1. When I receive shares from the Corporation (prior to becoming public), will I immediately have any tax liability related to those shares? If so, please explain.2. When the corporation does go public and my shares become publicly traded, what will my tax liability be at that point?3. I have been advised to form a corporation in Costa Rica, and have the shares issued to this Costa Rica corporation instead of me personally. This was recommended as a way to reduce tax liability. Does this make any sense? If I did this would my tax liability be reduced or eliminated?

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Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
Just found this. what does it cost? $5 deposit, but what

just found this. what does it cost?JA: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: $5 deposit, but what will it cost? has measured?JA: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason. The Accountant will know how to help. Please tell me more, so we can help you best.Customer: just this: Selling house later this year. Can I get a 2nd mortgage temporarily to reduce Cap Gain?JA: Is there anything else the Accountant should be aware of?Customer: don't think so.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,132 satisfied customers
I am getting a lump sum payout of 11 000 Dollars because I

I am getting a lump sum payout of 11 000 Dollars because I am separating from my employer in May but they took money out for the summerJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: our payroll office told me that I will end up being taxed at 33%, a higher tax rate for this one payout. If I change my allowances to 10 (currently it is at 3 , for single) would avoid paying a lot of taxesJA: Is there anything else the Accountant should be aware of?Customer: no, it is just a quick question

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Robin D.

Vocational, Technical or Trade School

25,324 satisfied customers
I have a question regarding my retirement plan, I was

I have a question regarding my retirement planJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I was wondering what kind of or how much tax penalties I will get if I withdraw my money before the pre-set age.JA: Is there anything else important you think the Accountant should know?Customer: No

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Robin D.

Vocational, Technical or Trade School

25,324 satisfied customers
This question is in regard to the alternative minimum tax ()

This question is in regard to the alternative minimum tax (AMT) and filling out form 6251.Please assume the following, MFJ taxpayer with total income of $450k ($350k is Sch C, $100k W-2). Taxpayer has $13k of self employed health insurance deduction on Line 29 and SEP contribution of $20k on line 28.Now, on Form 6251, there is a spot on line 27 for "Other Adjustments". Drilling down into it there is a line for "Self-employed health insurance" and another line for "Self-employed SEP, SIMPLE, plans".Question: So on Form 6251 should the $13k and the $20k be included in the "other adjustments"?Thinking out loud, it doesn't even make it worth contributing to a SEP if you get a deduction on line 28 but then have to give it right back in AMT. There wasn't an AMT due until inputting the SEP contribution.Thanks much!

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Dr. Fiona Chen

President

Ph.D.

1,036 satisfied customers
I filed bankruptcy chapter 13 - just recently was discharged

I filed bankruptcy chapter 13 - just recently was discharged - included were RI taxes - just received a tax bill for 2006 - wasn't the state required to submit taxes owed to the court during filing? Do I owe this now? Not sure if it was in the filing.

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Charles Markham

Principal

Masters Science Taxation

770 satisfied customers
I withdrew $5000 from my Tax Sheltered 403B 457 Deferred

I withdrew $5000 from my Tax Sheltered 403B 457 Deferred compensation Plan in Jan. of 2016. I received a 1099R for the taxable amount. Where I do enter this on my 1040 form? I also received teacher retirement from the state of GA. Do I add the two together?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,132 satisfied customers
Now aged 75, an American, I was injured in a plane crash in

Now aged 75, an American, I was injured in a plane crash in Canada, am classified as totally disabled and receive a CAD$ British Columbia pension equivalent to USD$2980.00 per month. Does this disqualify me from receiving SS and/or Medicare?

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Dr. Fiona Chen

President

Ph.D.

1,036 satisfied customers
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