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I am a retired 72 year old with a $178, 000.00 IRA with

I am a retired 72 year old with a $178, 000.00 IRA with current MRD of about $7000.00 a year. I owe $53,000.00 on my children's student loans paying close to $1000.00 a month2015 taxable income (with MRD) $54,890.00, Total Tax $7309.002016 will be about the same as 2015My financial advisor recommended I contact a professional tax advisor and ask this basic question: What would be the Federal tax burden for withdrawing $53,000.00 from the IRA in 2017 instead of the standard MRD? That is, is there an additional penalty over and above the tax for the regular MRD? Knowing that I can determine if the additional tax would be burdensome or whether it would offset sufficiently by the savings of closing the Student loans in one year.Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,754 satisfied customers
I have not been working for a couple of years now, and as a

I have not been working for a couple of years now, and as a result was not obligated to pay any taxes because I did not have any source of income. I have 75K invested with a brokerage in the form of of and IRA/money market account, and it is not generating any significant interest. I want to close this account and transfer the proceeds to my regular bank account, to clean up credit card debt, and use the leftover amount to live on until I find another job. So, I have been wondering if I will be liable for any taxes on the 75K i am about to withdraw, and if there are any taxes, what is the best way to proceed to avoid paying them?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,754 satisfied customers
We bought the house 23 or so years ago for around 180,000.

we bought the house 23 or so years ago for around 180,000. sold last year for 675,000. I'm living on social security (gross about 20,000) which puts me in a low tax bracket. I'm subject to long term capital gains taxation or? we had a 1st and 2nd on the house. what is my capital gains tax obligation.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I did a lot of 'fixing' on the house (floors, windows, remodeling of both bathrooms, remodeling of kitchen, painting), but no documentation.

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Mark Taylor

Certified Public Accountant

Masters

2,658 satisfied customers
A person who is low income with a child files a federal

A person who is low income with a child files a federal return and usually gets a refund of around 3,000. Sharing custody with a doctor with a large income maybe 150,000. Am I right in my thinking that that tax benefit the doctor will see from attaching the child to her reteurn as a dependant will be far less than the benefit the low income disabled person will. I estimated that the doctor might see a reduction in her taxes of $100 or less. Whareas the low income person sees the refund. Is this sound thinkin?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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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,940 satisfied customers
I am retired 65 year old married woman. I receive 2000.00 a

I am retired 65 year old married woman. I receive 2000.00 a month distribution from my retirement IRA's. I am also on Social Security I receive 2073. before part B deductions of 128.00 and 66.60 for my prescription coverage. Our my IRA distributions taxable, and what rate? My base tax rate or capital gains?If the IRA distributions are taxable what forms do I need from my retirement accounts.?

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ABC Accounting Group

Bachelor's Degree

520 satisfied customers
Considering tax implications ( business deductions) like a

Considering tax implications ( business deductions) like a rental property is it better to invest in a rental or money market?

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Mark Taylor

Certified Public Accountant

Masters

2,658 satisfied customers
I traveled overseas and was entitled to per diem for meals

Hi,I traveled overseas and was entitled to per diem for meals and lodging. The amount was almost $300 per day based on the IRS table. In reality, I also used the company credit card to pay for lodging.When preparing my expense report, I subtracted the hotel stay portion from the daily per diem. Since the lodging per diem was higher from the actual hotel cost I requested the rest of the per diem amount on my expense report.For example, the meal per diem amount is $120 and the lodging per diem amount is $180. Both per diem are in accordance with the IRS tables. In reality, the hotel cost was $50 which was paid by the company credit card. Thus, I requested $120+(180-50) per day.My question: Can I receive the amount per day $120+(180-50) as tax free? Or part of it has to be included on my W2?Please help.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,940 satisfied customers
Will i have to pay taxes on money i received from an annuity

will i have to pay taxes on money i received from an annuity with both a lump sum payout or a onthly payout?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: i am the beneficiary on my fathers retirement annuity and he passed away a few months ago . his insurance co has offered me either a lump sum or i continue receiving remaining monthly payments. will i be taxed on bothJA: Is there anything else the Accountant should be aware of?Customer: i guess what i am asking is which choice will cost me less in taxes

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taxmanrog

Master's Degree

1,016 satisfied customers
Robin, The probate referee appraised a house at day of death

Hi Robin,The probate referee appraised a house at day of death at $200,000. After probate, the house was sold by the heir for $250,000 net of closing costs. What, if any, is the capital gains rate paid by the heir?

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Robin D.

Vocational, Technical or Trade School

22,410 satisfied customers
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