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Recent Tax Burden questions

My house and family are in NC. I worked and paid taxes in

My house and family are in NC. I worked and paid taxes in Michigan. I paid in over 8K total State taxes between both states and NC says I still owe them 4K. I don't think that is fair.

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Mark Taylor

Certified Public Accountant

Masters

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320 satisfied customers
I have qualified money that I'm going to take out in lump

I have qualified money that I'm going to take out in lump sum and pay the tax, because i want to leave it to my son and don't want him to have the tax burden. I am risk adverse so I'm putting it into a fixed annuity with a 5% return.My question is, if I roll the money into a ROTH (still investing in the annuity), i know the rules are I then can't take any of the money for 5 years (being a ROTH), but what happens when it passes on to my son? does he have to wait 5 years before taking the money without penalty or tax consequence? The annuity is structured such that he will have the option to take lump sum cash or equal payments for 5 years, with the latter being more money. So if it's wrapped in a ROTH and he chooses the latter, he may, potentially, be faces with fees being a ROTH.

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
If I rent out my home via airbnb for $8,000 a month months,

If I rent out my home via airbnb for $8,000 a month for three months, and I acquire a temporary residence for those three months and pay $2,000 per month for that temporary residence, is this $2,000 per month expense deductible as it relates to this $8,000 per month in income?

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
I have a client who has a large tax debt. She wants me to

I have a client who has a large tax debt.She wants me to review her taxes and do them correctly.How many years back can she amend and lower her tax burden?I know IRS does not give refunds back more than 3 years.But can the amount of debt be owed be lowered for earlier years?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,720 satisfied customers
We have a very large term capital gain . Does this push our

hi...we have a very large long term capital gain for 2016. Does this push our regular income tax into a higher bracket?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we have a long term capital gain of $330,000 for the 2016 tax year. My wife and I have combined income of about $180.000 and file married jointly. Will the regular income of $180,000 be taxed at the high or highest rates of 35% and 39.5% respectively?JA: Is there anything else important you think the Accountant should know?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Megan C

Master's Degree

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29,942 satisfied customers
I have an unusual situation. I'm a Permanent Resident that

I have an unusual situation. I'm a Permanent Resident that got divorced in August of 2012 from my wife of 28 years. She is an American citizen who is now living in Canada. One of the QDROs that the Utah court approved gave her all of my Saskatchewan Public Employee Pension Plan. At the time, Saskatchewan law did not allow any withdrawls from the Plan or to transfer the whole Plan over to her. The law has recently changed and as I have lived outside of Canada for more than two years, I can withdraw this as a lump sum, subject to a 25% withholding tax. My former wife is interested in this option, however, I'm concerned about the tax implications for me. I believe the withdrawl would need to treated as income to me and the 25% withholding may not be sufficient to cover it.What is the best way to withdraw this with the minimum tax burden to me and transfer this to my former wife, either into her back account and she can deal with it as she sees fit or directly into her IRA.

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
What's the tax burden following conditions? 1. Gross annual

What's the tax burden for the following conditions?1. Gross annual income $130,0002. House sale for $1,600,000 with $285,000 previous purchase price, $200,000 mortgage balance, 6% realtor's commission3. Divorce five years ago, ex-wife has occupied house since then (with possession structured as joint tenancy). Proceeds of house sale to be divided 50-50 between ex-spouses.

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 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

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16,712 satisfied customers
I'm planning to file statutory conversion in Delaware to

I'm planning to file for a statutory conversion in Delaware to convert my LLC into a C Corporation. I'm late on the IRS corporate tax return for 2015 and I didn't file for an extension. My LLC has no assets and no revenue. We essentially had no activity. If my LLC is going to dissolved, do I still need to file a federal tax return for the LLC? Do I need to pay the late fine for filing the tax return late?Does this status have any impact on my new C Corporation, which should be considered a new entity under a different organization name?

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Mark Anderson

Attorney

Doctoral Degree

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476 satisfied customers
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