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Recent tax questions

I have taxes 13 14 15 that all need to be done, We dont owe

I have taxes for 2012 13 14 15 that all need to be done, We dont owe any money, we have so much write off every year we get back every dime my husband pays in. We have had 5 moves, New Jersy, florida, Nevada, Utah, back to Florida, back to nevada.. we Support a Non profit, my Husband has tons of travel expenses, home office epenses, supporting his Mother and father financially, theft of, storage unit, wave runner and trailor in Florida, Motorcycle trailer and golf cart in florida, lost over 80,000 dollars on a house purchace in New Jersey, Damages to our home in Florida, supporting our oldest grandaughter who lived with us 3 yrs. Loss of lots of tax documents from storage theft in Florida, Moving fees, storage fees, work related expenses etc.. Can we get ny money back for 2012 because of these circomstances? I know I can still file for 2013, 14 and 15. But we really need to get our 2012 refund as well, It's way over 28,000 dollars alone.

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Robin D.

Vocational, Technical or Trade School

 
20,248 satisfied customers
Would it be worth itemizing and increasing deductions on my

Would it be worth itemizing and increasing deductions on my paycheck for this year?I have been filing standard.This year...I bought a car 3 months ago... $14,800.. 2.4% loanClosing on a house before Aug. 1... sometime in July... $141,300... 3% loan....Should I just wait till next year to adjust my deductions on my paycheck?I made $39,800 last year

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Which scenario would be more feasible tax wise: Pulling

Which scenario would be more feasible tax wise: Pulling $11,000 a month from an annuity to pay for nursing home cost or cashing $11,000 in EE bonds? My dad lives in NJ and my mom is a resident in a Nursing Home since March of this year.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
If a person marries with prior IRS tax obligations and files

If a person marries with prior IRS tax obligations and files a joint tax return with his spouse, is the spouse immune from any of the previous tax obligations. I understand there is joint and several tax liability going forward.

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Robin D.

Vocational, Technical or Trade School

 
20,248 satisfied customers
I have been receiving SSDI benefits since late 2005. I was

I have been receiving SSDI benefits since late 2005. I was 51 years old when a determination of full disability was made, two years after I first applied for benefits. I turned 59 1/2 years old in March 2014, but have had to draw on my retirement annuity since 2006 to supplement my SSDI.I a penalty for early withdrawal was deducted by the firm managing the retirement fund. That penalty was initially 10% of each withdrawal. I also paid federal and state income taxes on the withdrawals. I often received back most of those taxes paid because of my low adjusted income and associated tax rate.As my age approached 59 1/2 the penalty paid to the fund management firm was reduced by 1% with each passing year. Again, I withheld amounts for Federal and State taxes on each withdrawal, though after the initial years I withheld a smaller % since most of it was coming back to me as a refund. I used tax software (typically TurboTax or TaxCut) to determine my taxes, always indicating that I was disabled and receiving SSDI as my primary income.In 2011 I moved from Minnesota to Wisconsin but the tax implications were minimal other than a loss of certain tax credits that had been available in Minnesota. (Homestead Property tax rebate/refund due to significantly lower income limits in Wisconsin.)In 2012 I purchased a home and withdrew a larger than typical amount from my retirement account to apply toward the down payment on the purchase. I also applied some funds from my IRA toward necessary repairs and energy-saving improvements. Again, I used TurboTax to prepare my tax return, and after applying various credits for energy saving improvements, and deductions for mortgage, property taxes and real-estate transaction fees from the purchase of the house. I paid several hundred dollars in federal and state taxes due.Now in 2016 I have received a letter from the State of Wisconsin Dept of Revenue saying that I owe a 10% federal tax penalty (and an additional 1/3 of the Federal amount for state tax penalties) on the early withdrawals from my IRA in 2012. This surprised me because I hadn't had to pay any additional penalties in previous years (to my knowledge) and I had paid the 2% penalty deducted at time of withdrawal by the fund management firm. I assumed that this was due to my disabled status.I am receiving conflicting information as to whether my disability status eliminates the tax penalty on early withdrawals. The fund management firm tells me that I may have to do so, though they aren't privy to the specifics of my tax return. If so, I don't understand why this liability only arose in my 2012 tax year. I also made a larger lump some withdrawal in 2008 to purchase a used vehicle, and no additional tax penalty was assessed (though I did pay a 6% early withdrawal penalty was deducted from the withdrawal by the fund management firm.)I was/am still confused about this early withdrawal penalty deducted by the fund management firm. I assumed this was related to any federal/state tax obligations, particularly since the tax preparation software didn't indicate any taxes due as an additional tax penalty.Recap: Key Questions1) Does my (full) disability status eliminate my liability for the additional tax penalty on early withdrawals?2) Am I likely to be liable for similar taxes in prior and subsequent tax years until I turned 59 1/2?The amount that I owe for the early withdrawal tax penalty, the late payment penalty and the associated interest is roughly 3x the amount of my total tax liability in any other year since my disability eligibility was determined. How many other "shoes" are likely to drop?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
We are a tax exempt non-profit church. We employ "called

We are a tax exempt non-profit church. We employ "called workers". We just called a new pastor and are advancing him roughly $15,000 of future years pay to be used as a down payment on a home. He will repair this amount (no interest) over a four year period beginning in four years. We are not charging any interest. Since we are not charging any interest I'm assuming that the IRS would view this as a "gift" The Bank making the home loan is having us fill our a "Request for Verification of Gift" form.Questions are:Is there any way to handle this without our pastor paying taxes and social security on it now?Are we correct in our assumption that the IRS would treat this as a gift subject to taxes and social security?Assuming the pastor must pay payroll taxes and social security how do we handle that?Richard YerkeyPresidentEmanuel Lutheran Congregation

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
I am looking to take out money out of an ira to use to

I am looking to take out money out of an ira to use to purchase a house. I know that there is a 10% early withdrawal and then I know I will be taxed the highest tax bracket as well. Is there anything I can do to limit the taxes - like do quarterly taxes or should I just have 49% taken off the top when I withdraw it?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
Good afternoon. I have a non qualified pension plan from

Good afternoon. I have a non qualified pension plan from derived from income earned while working in Pennsylvania. At the time of my employment, Pennsylvania withheld state taxes from the contributions going into this plan. Accordingly, my distributions from this plan are not taxable in Pennsylvania. If I change my primary residence to S. Carolina, will these distributions become taxable?

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Robin D.

Vocational, Technical or Trade School

 
20,248 satisfied customers
I'm starting an online business. I live in Maryland. Can I

I'm starting an online business. I live in Maryland. Can I incorporate an LLC in Nevada?Also, what kind of structure should I form? LLC or S-Corp?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
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