Join the 9 million people who found a smarter way to get Expert help

Recent tax questions

This is in regard to an initial year tax return LLC that

This is in regard to an initial year tax return for an LLC that elected to be taxed as an S-Corp.The LLC was taxed as a disregarded entity prior to the S-Corp election.I'm trying to figure out the beginning balance sheet and if any M-2 adjustments need to be made for cash and equipment contributed.The LLC contributed cash, furniture, equipment (all fully depreciated) and a credit card balance. Would the beginning balance sheet (Sch L) include those items on it?Would those items be listed elsewhere such as the M-2 under "other additions"? The plan is to treat them as additional paid in capital (at least the cash would be).Thanks much

Read more

DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
936 satisfied customers
My wife is a U.S. citizen (and living in Illinois). I am a

My wife is a U.S. citizen (and living in Illinois). I am a Non-Resident Alien (with no income in the U.S.). If my wife files (or amends) her tax return as Married Filing Separately, do I really need an ITIN?

Read more

Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
Do I need to "disclose" the value of an

Do I need to "disclose" the value of an intentionally defective grantor trust on Schedule G, of Form 706 even though it is NOT subject to estate tax....similar to reporting an ILIT on Schedule D showing "zero" as the amount subject to estate tax.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
NEW JERSEY RESIDENT DIES AND HAS A MRTL DEDUCTIBLE TRUST SET

NEW JERSEY RESIDENT DIES AND HAS A MRTL DEDUCTIBLE TRUST SET UP FOR WIFEIN 2013. WIFE IS A NJ RESIDENT IN 2013 & 2014. SHE BECOMES A FULL TIME RESIDENTIN SOUTH CALOLINA IN 2015. ASSETS OF TRUST ARE IN WELLS FARGO LLC IN NJ.I FILED A NJ RESIDENT TAX RETURN FOR 2013 & 2014 AND A NJ 1041 TRUST FEDERALAND NEW JERSEY TAX RETURN AND PASSED THE INCOME OF THE TRUST TO THEFEDERAL AND NJ 1040'S. WHAT DO I DO FOR 2015 WHEN THE BENEFICIARY(WIFE)BECOMES A SC RESIDENT. DO I HAVE TO FILE A NJ 1041 FOR THE TRUST AND PAY NJTAXES IN ADDITION TO SC 1040 RESIDENT TAXES FOR THE TRUST INCOME.

Read more

PDtax

Owner

Master's Degree

 
6,668 satisfied customers
I am a recent retiree from VAH and initially ytransferred

I am a recent retiree from VAH and initially ytransferred TSP savings to NWLI for an annuity but before signing policy I changed my decision due to unexpected financial difficulties. The company returned a check to me without retaining taxes. I ant to comply with legal regulatory taxes that apply. My question is if that is payabke when filing in 2017 or now. Please help me with your advice.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
My wife and I have been married very briefly. So brief that

My wife and I have been married very briefly. So brief that we didn't even file a tax return together. Now we are separated and not in speaking terms - also Because I don't have her Social Security number my only option is to file "married filing separately".We live in California and my tax software is asking me if I have any additions or subtractions to my income due to communal property law. I have no idea how to answer that question.My wife does not need to file a return for 2015. The only income was mine. So all I have is a W-2. We don't own any property or vehicles or have a joint savings account or anything of that nature.I noticed that if I subtract to my income when answering the question my refund goes up. Can you please help me understand how to answer this question?

Read more

Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
A fraudulent 2015 tax return was filed in our names. We

A fraudulent 2015 tax return was filed in our names. We contacted tje IRS and was told to file by mail, which we did and enclosed the $2700.00 check. The IRS cashed the check but has no record of the return. How do we refile?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: My husband was active duty military for the entire year of 2015.JA: 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.

Read more

Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
I am self-employed and have set-up a 401-K. I currently have

I am self-employed and have set-up a 401-K. I currently have small loan against it. I am allowed to borrow up to 50% of the 401-K asset value. I have $15,000 that I was going to use to pay down a second mortgage.Question: Can I make a $15,000 contribution to my 401-K for 2016 and then borrow $18,500 in the from the 401-K in the form of a loan? It seems like a no-brainer to get the tax advantage of the $15,000 contribution and then use the proceeds of the 401-K loan to pay down my second mortgage.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,320 satisfied customers
I have a tax question, my spouse and I are no longer

Hi I have a tax question, my spouse and I are no longer together we sat down with his lawyer and mine. I have a legal agreement saying he is giving me 500 a week child support until my seven year old is 21. And a additional 1200 a week until it adds up to 8hundred thousand dollars. . Our lawyers wrote the 1200 a week was assets distribution. I took this deal instead of making him sell our properties . I get a check every week out of his buisness Even though we signed the papers it never went to court. My lawyer said it would hold up in court if he ever stopped payments even though we are legally married ,but not together . My question is. Do we have to by law show that asset distribution on a tax form I was told it is non taxable. He pays me out of his business so the question is to make sure we both are ok legally in our future.

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,534 satisfied customers
View more tax questions

How JustAnswer Works

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Pay nothing to your Expert if you're not satisfied.

In The News