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Recent Tax Liability questions

I have a 1099 R and I am under 59 1/2. I got the money out

I have a 1099 R and I am under 59 1/2. I got the money out of my 401K early. In box 4 (federal income tax withheld) there is an amount. There is also an amount withheld in box 12 for state tax. Does this mean that I am entitled to a refund of any sort? And where would I enter this information on my tax return?

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Robin D.

Vocational, Technical or Trade School

23,140 satisfied customers
I received my 1098-T statement from my school. Is it

I received my 1098-T statement from my school. Is it possible to receive a return if I did not have an income last year?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am currently a graduate student.JA: Is there anything else the Accountant should be aware of?Customer: I am filing as Single, and I was a full-ime student last year

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Lev

Retired

Bachelor's Degree Equivalent

24,314 satisfied customers
Tax question. I am 57 and my wife is 48. My wife and I each

Tax question. I am 57 and my wife is 48. My wife and I each have a Roth and a regular IRA. The Roth was funded 100% with after tax money. The regular IRA with pre-tax money or transferred 401-k funds. For the first time, I noticed a gain-loss tax form for each from my brokerage company. Is this something I need to do my taxes? Would I owe any taxes now? It just seemed odd to me as I have never reported any gains or losses for either of these accounts. Can you help me understand the tax purpose of the gain loss tax forms?

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39,048 satisfied customers
If a partnership has a foreign partner (Canadian) but posts

If a partnership has a foreign partner (Canadian) but posts no profit for the year, is the partnership required to file 8805's for the foreign partner?

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Lev

Retired

Bachelor's Degree Equivalent

24,314 satisfied customers
I have two w2 jobs full time & part time. This year I no

Hi,I have two w2 jobs full time & part time. This year I no longer own a home I'm renting instead. So that means I will no longerhave the interest from the mortgage to deduct. The tax return for this past year 2016 I already owe 5k and I am trying to avoid it from going higher next year.Out of the options below what is best route to go or will right away be the most effective?-Quiet my 2nd job and become self-employed?-Asked my 2nd job to change me to a 1099 so I maybe able to deduct more home expenses?-Invest more on my 401k and increase the tax with holdings? (What's the best way to calculate this?)-Stop renting and buy another home?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Hi are you there?JA: No. I'm the Accountant's Assistant.Customer: So when I can reach the accountant ?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,840 satisfied customers
My wife and I have assets with a fair value of $1,400,000.

my wife and I have assets with a fair value of $1,400,000. my wife passes away intestate leaving me $350,000 and each of her daughters $175,000. assume it's all W-2 type earnings. will these inheritances be taxed as ordinary income?

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39,048 satisfied customers
I'm considering a job offer right now and I need to know if

I'm considering a job offer right now and I need to know if it is financially viable. I live in NYC, but the job is based in New Jersey. Untaxed, my monthly salary will be around $4,100 per month. What can I really expect to take home in monthly earnings?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I think that's all the details.

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Mark Taylor

Certified Public Accountant

Masters

3,298 satisfied customers
I am a French citizen who came on a J1 visa for 60 days in

Hi thereI am a French citizen who came on a J1 visa for 60 days in the USA for an internship. My taxes were withheld correctly by the company I interned at for my internship salary.However, after my visa ended and I left US soil (having stayed 60 days in total in 2016 in the US), I received asigning bonus from the same company as I accepted a job offer from them.From what I understood, as I am a non-resident alien (I am French, I live in the UK, I stayed only 60 days in the US in 2016 and I have no visa or green card), I should not have to pay taxes on the bonus in the US as they were paid under those non resident alien conditions. (but in the UK instead)However, the bonus (received after I left the US, and outside of my visa) was included in my total wages on my W2 form. I contacted the employer to let them know about the mistake but they said that it is correct which means that I will have to pay taxes in the US on it when I file my tax return.Do I have to pay the taxes on the bonus in the US although I am not a fiscal resident, nor American, nor under any visa? If not, should it be under the total wage line on my W2 form? How to claim tax exemption on it?Thank you

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Lev

Retired

Bachelor's Degree Equivalent

24,314 satisfied customers
I need help filling out my W4, Basically, I feel like I have

I need help filling out my W4JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Basically, I feel like I have too much coming out per check. We got a great return last year, but I'd rather have the money in my pocket and break even at the end of the year. I'm married with 2 kids, but not sure what allowances I should claim etc. The form is straight forward but trickyJA: Is there anything else important you think the Accountant should know?Customer: no

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Mark Taylor

Certified Public Accountant

Masters

3,298 satisfied customers
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