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Recent tax computation questions

FACTS: I have the following types of IRA's ROTH I know I do

FACTS:I have the following types of IRA'sROTH I know I do not have to pay any taxes on this accountBeneficiary Currently required to take a RMDSEP Contributions reduced my AGIRollover Never paid taxes on contributionsTraditional I have a Form 8606 (Non-deductible IRA's) which total $31,260So that total did not reduce my AGI over the years and taxes on that amount were paid.Balance of contributions reduced my AGIQuestion:How do I compute the amount of tax I owe on a non RMD distribution I take from my SEP, Traditional or Rollover IRA or any combination thereof?

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PDtax

Owner

Master's Degree

6,972 satisfied customers
I need help in filling out IRS Form 709 Gift Tax Return. My

I need help in filling out IRS Form 709 Gift Tax Return.My son bought a property from me and I gifted him the remaining equity in the property in the amount of $800,000.On Part 2 of Page One so far I have:Line 1: $800,000Line 2: 0Line 3: $800,000 (total of line 1 +2)Line 4: 267,800 (tax computed for line 3)Line 5: 0 (tax for line 2)Line 6: 267,800 (total of line 4+5)I am stuck as to what value I have to put for Line 7.Please help me fill out the remainder of the form.Thank You.

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Anne

Master Tax Preparer

3,138 satisfied customers
My accountant just sent me my tax return says i owe 85000

hi my accountant just sent me my tax return says i owe 85000 personal i have an s corp my business does around the number every year i asked her she said she eating dinner i wanted too throw up somethings not right and i dont fell like talking too her any more can i have someone else redo my returns they where electronicly filed already

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
I am completing a Form 709 and am uncertain as to what to put

I am completing a Form 709 and am uncertain as to what to put on Line 7 of Part 2-Tax computation

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Robin D.

Vocational, Technical or Trade School

21,184 satisfied customers
My husband had to repay 10k of this 2014 retirement which was

My husband had to repay 10k of this 2014 retirement which was received in error. Im completing the tax computation worksgeet, but unsure how much of the 10k gets reported on line 44 of the 1040.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: our taxable income is 108KJA: Is there anything else the Accountant should be aware of?Customer: Yes. he was also issued an amended 2014 1099-R and not sure if we need to amend 2014. or if it isn't necessary since we are taking the credit this year in 2015JA: 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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R. Klein, EA

Tax Advisor

Master's Degree

4,668 satisfied customers
I need some help and advice regarding my taxes owed

Hello,I need some help and advice regarding my taxes owed on the sale of a property that I rented out and claimed annual depreciation on. The cost basis was 345k and the depreciation I claimed was 12.5k per year for 14 years. After sales expenses, I sold the house for 695k. Unless I have made a mistake in computing my taxes, it looks like I owe over 250k in taxes this year. Does this sound like I made a simple mistake in computing my taxes – or does this sound like I am within 10k of the right answer? It looks like I am paying a 20% tax on the capital gains as capital gains and a 39.6% tax on the capital gains as ordinary income.If the tax computation is correct, is there any way I could do a retroactive 1031 exchange on the property? I sold it on 08/05/15.Would it be possible to refile all my taxes going back to the beginning of my rental business, not claim depreciation, and pay the difference in my annual taxes at a significantly lower tax bracket?Any other suggestions?

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100 satisfied customers
Need help filing out i709 form JA: The Accountant will know

need help filing out i709 formJA: The Accountant will know how to help. Please tell me more so we can help you best.Customer: Bascially, I gave a house FMV of 300,000 to my son; I am now trying to fill out the i709 form to disclose to the IRS.JA: Anything else I can tell the Accountant before I connect you two?Customer: noJA: 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 connect you two.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I have a CPA question regarding my tax filing and my

I have a CPA question regarding my tax filing for 2014 and my upcoming filing for 2015. On my 2014 taxes. In 2014, I started a business which never materialized because of a breach of contract issue. I allowed my CPA to file 2014 taxes with a schedule C deduction of approximately 12k which didn't really offset my losses or reduce my tax burden very much because of my very low income that year. In 2015, I won a settlement for the breach of contract issue. My CPA told me at settlement time I could file an amended return and bring those expenses forward to offset my income, however, now he is telling me that it is NOT possible. My question is this... Is it possible and or legal for me to file an amended 2014 return to remove those expenses, and use the deduction in 2015 instead? What other options are possible? And what are the Pro's and Con's?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
I received income from the exercise of non-qualified

I received income from the exercise of non-qualified incentive stock options. The net income was reported on my W-2 statement and will be included in my normal tax computation. My question is do I also have to include this income in my AMT calculation, or can I deduct/exclude this income from my AMT calculation?

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Jason M. Tyra, CPA

Principal

Master's Degree

362 satisfied customers
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