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Recent Tax Bracket questions

I set up a 529b plan for my kids. One of them decided not to

Hi- I set up a 529b plan for my kids. One of them decided not to pursue higher education and would like to use the funds to start a business. Can I transfer ownership of the fund to him?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I'm the current owner of the plan (Nevada origin). My son is 20 years old now.JA: Is there anything else the Accountant should be aware of?Customer: I"m in the highest tax bracket, I think, so I'd like to minimize the tax on the funds and get the funds to my son.

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Lev

Retired

Bachelor's Degree Equivalent

25,380 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

24,938 satisfied customers
I bought my home in 1995 for 143000 and sold it for 340,000

I bought my home in 1995 for 143000 and sold it for 340,000 after paying off mortgage and closing costs I netted 180,000 what is my capital gains tax?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,524 satisfied customers
I have a tax questions regarding captial gains, i need to

i have a tax questions regarding captial gainsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: i need to speak to someone regarding capital gainsJA: Is there anything else the Accountant should be aware of?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,524 satisfied customers
I received a distribution from an LLC where federal but not

I received a distribution from an LLC where federal but not state taxes were paid. They want us to file an extension- how do fill out my taxes without the K1 in order to pay estimated state taxes? I'm in CAJA: PayPal, Debitcard or credit card are all fine. The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I'm filling it out myself- how do I determine the correct taxes to pay

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Lev

Retired

Bachelor's Degree Equivalent

25,380 satisfied customers
My deceased mother left me an annuity and I am filling out

my deceased mother left me an annuity and I am filling out the paperwork and then I realized that I have some back taxes that have not been paid. I talked to a cpa and she said that it is in non collectible status and they are not pursuing me. I am worried that the irs will try to collect the back taxes of nearly 39,000 when i try to collect the benefit.JA: What state are you in? It matters because laws vary by location.Customer: nevadaJA: Has anything been filed or reported?Customer: anything like?JA: Anything else you want the lawyer to know before I connect you?Customer: i haen't filed my taxes yet so how do they determine my tax bracket? can i claim the benefits and pay the taxes later?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,996 satisfied customers
I bought a house in 1995, lived there for 15 years, then the

Hi, I bought a house in 1995, lived there for 15 years, then the last 5 years I rent it out, now I sold the house . Do I have to pay a gain tax? My tax bracket is 15%. ThanksJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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Lev

Retired

Bachelor's Degree Equivalent

25,380 satisfied customers
I am ready to distribute the funds to the beneficiaries as

I am ready to distribute the funds to the beneficiaries as the Executor of my mom's Estate. The Estate has no debts and no earned income (No Interest, No Investments etc..) only the following funds it received;Reimbursement Check from AARP Hospitalization - $280Inheritance Check from another Estate - $17,504.34 (My Mom had a Sister who died before her)US Treasury Check (Social Security for Ins.) - $310.50Teacher's Retirement Check - $6667.00Gross Total Estate Funds - $24,761.84I have 4 basic questionsDoes the Estate owe or Do I pay or deduct any Federal Taxes or Arkansas State Taxes before distribution to the Beneficiaries?Do I only provide Schedule K-1s to the Beneficiaries in 2018 when I file the Form 1041? Or do I have to provide 1099 R to each beneficiary also?If 4 beneficiaries are minors do I have to have their Social Security Numbers and do they get Schedule K-1s?If I using a fiscal year from Oct 2016 to Sept 2017 then the Tax year is still 2017 and reported by April 15, 2018 correct?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,524 satisfied customers
I did my taxes at H&R Block. I contribute to a 401k

I did my taxes at H&R Block. I contribute to a 401k program(TSP) through my job which does not match I get a pension at retirement(55). I did not contribute to the max only about $8,000. My tax preparer said I could open up a traditional IRA, which I did(Vanguard) and put $5500 in it to get a further tax deduction(about $1500) on my taxes.I already put in my $5500 for the 2016 taxes in a ROTH. I was informed when I tried to contribute for 2016 for a traditional that I already maxed out. I was unaware that could not do both a traditional and a Roth can only add up to a total of $5500. I am too young for a catch up, 39 years old and live in CA paying CA state taxes.I called both Vanguard(where my Roth is) and my tax preparer at H&R Block. The preparer said I could convert my Roth into a traditional. Vanguard did not give me much as far as advice.My question is this. What is best? Should I make an amendment to have my tax return corrected? Or should I just have Vanguard convert the 2016 Roth into a traditional. My taxable income is relatively low. I have a rental property and it makes my income about 40k a year. I have had a Roth for a long time and have always been told this is the best option. Then everything else as far as retirement. Once I retire I would most likely roll my TSP into a IRA at Vanguard. But that is about 8-11 years from now.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,556 satisfied customers
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