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Recent Tax Bracket questions

Currently, my father in-law pays my wife a salary and takes

Currently, my father in-law pays my wife a salary and takes out taxes, social security etc.We formed a LLC. We are wondering if my father in-law paid the LLC vs. my wife, if there are tax advantages for us or would we have to pay more because of state business tax on that income + state taxes, fed, and social security?

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Mark Taylor

Certified Public Accountant

Masters

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Would it make a difference if the buyer is a farmer and he

Would it make a difference if the buyer is a farmer and he uses the adjacent land for farming?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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G. It is me again. We spoke about my situation in April or

Hello Stephen G. It is me again. We spoke about my situation in April or so and I have not taken the 401(k) deduction because I am still pondering the tax ramifications. So, I want to run the scenario by you and see if I have an understanding or not.If you remember my husband had a health issue and stopped working this year. He did receive some disability, accrued sick and vacation pay but his total income for 2016 will be substantially lower than years past.I have our taxable income figured close to this: My income $57,000, his $33,000 for a total of $90,000 estimated.I want to take $125,000 out of my 401(k) to get rid of our debt. That would take us to income for the year of $215,000.If I understand correctly, it would go something like this: $215,000 minus $25,000 (the 20% penalty from 401(k) deduction) taking it down to $190,000 minus an additional $6,000 of regular yearly deductions, so taxable income for 2016 being $184,000.That will put us up into the 28% tax bracket so I would multiply $184,000 x 28% and the tax I would have to pay with my 2016 return would be $5,152.00.Hopefully I have given you all of the information for your answer. But am I correct and is this what I can reasonably expect to have to pay with the scenario I have presented?Thank you.

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
Due to Southern Company's acquisition of AGL, I received a

Due to Southern Company's acquisition of AGL, I received a check for $2,700 for the shares I had with AGL. what kind of banking account should I deposit the money in to avoid paying taxes on the whole amount?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Lane - You were very helpful with some tax advice last

Hi Lane - You were very helpful with some tax advice last January, and I have another question for you now. I'm inheriting an IRA from my grandma of about $11,000. It's a traditional IRA set up more than five years ago, and I'd like to know the best way to transfer it or liquidate it to avoid tax consequences. A guy from ***** ***** (who is managing her estate) called and explained it needs to be transferred out of the estate to a "beneficiary IRA" first, then I can have it transferred to TD Ameritrade. He mentioned something about possibly having to take "RMDs" over a period of time. Ideally, I would prefer to just liquidate it tax free :). But if that's not possible, we are putting about $45,000 in our retirement accounts this year so if I can just replace $11,000 of those contributions with this, I'd be good with that, too. Our personal IRA's are already maxed out for this year. Is there a way to transfer this inherited IRA to my (or my husband's) 401K and just leave it there without tax consequences?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,736 satisfied customers
I would like to sell a house that is deeded as a life

Hi, I would like to sell a house that is deeded as a life estate. My brother and I are listed as the grantees and my mother, the granter. Mom is still alive and I have lived on the property for the last year. The property was bought for $11,900 in 1953 and should sell for about $350,000. Can I avoid capital gains tax as this is my primary residence?

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Robin D.

Vocational, Technical or Trade School

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I got the answer gains in NY buyout of rent stabilized

I got the answer for capital gains in NY for a buyout of rent stabilized apartment , but what about 1099 misc as a buyout and ordinary income in Florida No state tax, so what are the brackets how much would I have to pay . Right now the Landlord put it under 1099 and not 1099 B and I would have to have it changed if I want it to be capital gains . would the Landlord get a writeoff for payment if he does a capital gain . purchase. ( can he write off a property gain from sale)

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
Per my EDRO, I can start collecting on my ex-husband's

Per my EDRO, I can start collecting on my ex-husband's pension. I am 53 years old. He is vested so the amount I receive will not go up if I wait to collect. My question is: I bought a new home three months ago and made money as my other home was worth more. If I agree to start the payments, will I get hit too hard in taxes? Should I wait a year or more to collect?

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
With regards to Real Estate Law and tax implications, can

With regards ***** ***** Estate Law and tax implications, can you answer a question for me?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,736 satisfied customers
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