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Recent tax computation questions

I checked my Rhode Island refund status and it stated the

I checked my Rhode Island refund status and it stated the following: There was an issue with the Schedule W or your W2s required with your return. Please provide a completed Schedule W with W-2(s) and/or 1099(s) attached.What does this mean? I didn't attach a copy of my SSA 1099 with my mailed tax return. Could this be the reason for the request?

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Robin D.

Vocational, Technical or Trade School

25,318 satisfied customers
Ok, I understand, "The Line 4 would include the estimate of

Ok, I understand, "The Line 4 would include the estimate of your tax liability before any payments (withholdings and estimated tax payments) were made"., However, what if I have not added my deduction or expenses since I am an independent contractor? I'm not a 100% sure of how much I really owe since I'm estimating without any deductions/ business expenses.

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Brian Michels

Partner

Bachelors of Business Administration

284 satisfied customers
In 2016 I received a lump sum SS payment for an error going

In 2016 I received a lump sum SS payment for an error going back to 1998. The 1099 from SS shows the amount and breaks down the annual amount for 2015, 2014, 2013 and 2012 and then shows the remaining amount being for prior years. How can I get an annual breakdown for those remaining 14 years so I can possibly file an amended tax returnJA: The Retirement Accountant will know how to help. Is there anything else the Retirement Accountant should be aware of?Customer: no

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Dr. Fiona Chen

President

Ph.D.

1,036 satisfied customers
I am a self-employed, if my net earnings are $5,200 and I

I am a self-employed, if my net earnings are $5,200 and I will need to pay $644.80 as social security tax and $150.80 as Medicare tax to earn my yearly maximum of 4 credits. If my net earnings are $10,000 than I will pay $1,240 as SST and $290 as Medicare tax. Is the correct?Thank you

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,130 satisfied customers
I have recently been sent a Inheritance Tax Return analysis

Dear Sir or Madam:I have recently been sent a Inheritance Tax Return analysis from a NJ Tax attorney working on a draft of my Uncle's Estate. I reside outside of New Jersey and listed as a Non-Resident Decedent. My uncle left two small properties, one has a pending signed contract AS_IS ( with liens, mortgage, and back taxes owed) and another property ( liens, mortgage, back taxes owed) to be sold as is with a potential buyer ready to purchase. The amount owed to the state is outrageous especially on two inherited small properties at a rate of 15%. (*The numbers range from tax of $16,650,.$14,250, and a tax of $11,669*)The NJ Attorney says these are the options/ methods available:1) Simplified Tax Computation2)Ratio Tax Using Net Estate3)Ratio Tax Using Gross EstateQuestion:1) Are Non-Resident Inheritance Tax avoidable?2) What questions should I be asking this attorney before committing to any of the above 3 methods/options?3)Do you know of any other other approaches -that come to mind- that can be calculated for this Estate to lessen the cost?(Note, this attorney deals with "high-profile individuals" ...we don't meet this criteria, another story)Thanks for your reply.Al

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,130 satisfied customers
I'm helping my daughter with her taxes. Her 11yo son had a

Hi Pearl, I'm helping my daughter with her taxes. Her 11yo son had a paper route this year and i'm looking up his business code, earned $766. Lives in OR. Not sure if he would file himself or on his own. Don't think he was responsible for collecting $., but did deliver the papers. Thank you,JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No, thank you

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,130 satisfied customers
I am filling out an IRS Form 709 for 2016. I have all of it

I am filling out an IRS Form 709 for 2016. I have all of it done except for one thing: Schedule C. Line 4 of Schedule C relates to the applicable credit on amount in Line 3. Line 3 only relates to exclusions. What are they talking about?

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Robin D.

Vocational, Technical or Trade School

25,318 satisfied customers
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

7,968 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

3,334 satisfied customers
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