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I left a previous company earlier this year and had about

I left a previous company earlier this year and had about $1200 in my 401k. I rolled that over into a Traditional IRA rollover. I have been since contributing to that rollover, and have not exceeded $5500. Am I able to continue to contribute to that rollover and still get tax benefits at the end of the year (as its a traditional IRA)? My new company offers a 401k but I have yet to contribute, not until next year as I chose a traditional as we are purchasing a home this year and do not want to contribute more than 5500 anyways. Will I get dinged because I had a 401k but rolled it over and and could contribute to my current companies 401k? So in simple I had a 401k, rolled it over to a traditional rollover IRA, contribute post-tax monies there and want to know if I will get dinged. I make $122.5k a year and live in California.

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Dr. Fiona Chen

President

Ph.D.

244 satisfied customers
Thanks help yesterday. Another question: We're home shopping

Hi Mark,Thanks for your help yesterday.Another question:We're home shopping and are trying to get a 100% clear understanding of what total monthly loan costs would be for an $800,000 single family home purchase price in California using these terms.Terms: 360 monthsMortgage Rate: 3.875%Down payment: $75,000Here's the math from our spreadsheet:$800,000 purchase price - $75,000 down = $725,000 Loan.At 3.875% Loan:($725,000 * .03875) = $28,093.75 annually / 12 months = $2341 per month.But when we enter those same data points into this online calculator, they return $3407 per month. We're trying to understand why our monthly figure ($2341) doesn't match online calculator ($3407)http://www.bankrate.com/calculators/mortgages/mortgage-calculator-v2?homePrice=800000&loanAmount=725000&percentAmount=75000&perc=9.37&years=30&terms=360&interestRate=3.87&prods=1&loanStartDate=July+16+2016&monthlyAdditionalAmount=0&yearlyAdditionalAmount=0&yearlyPaymentMonth=+July+&oneTimeAdditionalPayment=0&oneTimeAdditionalPaymentInMY=+August+2016&ic_id=mtg_calc_v2_calculate_btn&brshowextra=noThank you.

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Mark Taylor

Certified Public Accountant

Masters

862 satisfied customers
My son left off s college tuition that on s tax return. I

My son left off his college tuition that on his tax return. I think he would have received a larger refund if he had used that. Can he amend his tax return?

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Robin D.

Vocational, Technical or Trade School

20,922 satisfied customers
I am a the single owner and employee of an S corp. I have an

I am a the single owner and employee of an S corp. I have an established salary, and my accountant provides the service of paying my FICA/payroll tax on a monthly basis. However, he does not do any Federal income tax withholding for my monthly salary, and says that I can just do quarterly estimated tax payments. Is this correct?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
I am getting married in September. I expect to make about

I am getting married in September. I expect to make about $250,000 during our first year of marriage, and my wife should make only about $20,000. All of our income is W2 income...at least for now.How much can I expect to save in federal taxes when filing married jointly, as opposed to what I have been paying as a single guy?Are there any strategies you would recommend for maximizing our tax savings? We do not intend to buy a house for a couple years. We are currently apartment renters.

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Robin D.

Vocational, Technical or Trade School

20,922 satisfied customers
In Canada, as an only owner of a corporation that does about

In Canada, as an only owner of a corporation that does about 600k in revenue, and paying myself 80k per year, what is the most tax effective way for me to withdraw 25k from the business for my own purposes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
Which scenario would be more feasible tax wise: Pulling

Which scenario would be more feasible tax wise: Pulling $11,000 a month from an annuity to pay for nursing home cost or cashing $11,000 in EE bonds? My dad lives in NJ and my mom is a resident in a Nursing Home since March of this year.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I'm starting an online business. I live in Maryland. Can I

I'm starting an online business. I live in Maryland. Can I incorporate an LLC in Nevada?Also, what kind of structure should I form? LLC or S-Corp?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
I am becoming an Uber driver. do I want to be:

I am becoming an Uber driver. For taxes do I want to be:Individual/sole proprietorC CorpS CorpPartnershipLimited liability s CorpLimited liability C CorpOr. Limited liability partnershipI don't want anyone to be able to sue meSo what should I be? Thanks. and how do I do it.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
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