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I'm a 33 years old man living in New Jersey. My Roth IRA had

Hi, I'm a 33 years old man living in New Jersey. My Roth IRA had $35,231 in it. On 6/6/2016, Merrill Lynch (the company it was with) had decided to terminate it & distribute the funds ($31,613) back to me. They penalized me $100 for an early account termination fee, and withheld (subtracted) $3,518 to be sent to the IRS given the premature termination of the Roth IRA.I was overseas while it all happened, and that caught me by surprise, as I had no desire nor intention to terminate the Roth IRA account. I've opened a new Roth IRA account with another firm and now wish to "reverse the process" by re-depositing the funds.My questions:(1) What must I do with the check ($31,613) I had received from Merrill Lynch? May I go ahead and simply deposit it in my regular checking account?(2) I now have a new Roth IRA account open with another firm. As I'm well within the allowed 60 days period, I'd like to "reverse the process" by re-depositing the funds I had at the original Roth IRA. What amount shall I deposit at the new Roth IRA account for it to be considered a 'roll over' of the previous Roth IRA I've had? note that as of now, I do not plan on contributing any new money to the Roth account for 2016.(3) Must I fund the new Roth IRA account in any specific way (say, using the check I've gotten from Merrill Lynch), or may I use any desirable way (wire the money from my personal checking account, write out a new personal check etc)?(4) Since I had no intention to distribute/terminate my Roth IRA, how will I get back the $3,518 withheld by Merrill Lynch and given to the IRS?Thanks in advance for your help. I appreciate it.

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Lane

JD, MBA, CFP, CRPS

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A person over 80 has one traditional IRA account, say

A person over 80 has one traditional IRA account, say $160,000. He/she purchases a SPIA, 5 year period certain with equal monthly payments for an $80,000 premium, using the qualified money. The company that provides the SPIA does not provide the FMV at year's end.Question 1- Is it true that the IRS considers the monthly payout from the SPIA as sufficient to satisfy its RMD, but they require that a RMD be withdrawn from the traditional IRA based on its FMV and the person's age. This is the law even though the amount of the monthly payments from the SPIA are larger than the RMD required for the combined total of FMV on the traditional IRA and any conservative NPV estimate for FMV of the remaining monthly payments from the SPIA at year's end?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
Thanks my question. I have a case where a US citizen lives

Hi,Thanks for taking my question.I have a case where a US citizen lives in Israel, owns and operates a sole proprietor business (not a corporation) in Israel. The business doesn't operate in the USA at all and the tax payer doesn't stays in Israel for more than 350 days.The US citizen pays all of the necessary taxes in Israel and file taxes in the US to comply with the worldwide income rule.My question is: does he need to pay self-employed taxes in the USA? If yes, is there a way around it such as a tax treaty or Totalization agreements?Does Totalization agreements apply for self employed or only for employees?Could you please advise.

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Robin D.

Vocational, Technical or Trade School

 
20,340 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

 
20,340 satisfied customers
The Carryover of Unallowed Expenses is from form

The Carryover of Unallowed Expenses is from form 8829....from line 42 operating expenses. Also on line 43 of same form is another amount of excess casulty losses and depreciation... Does this also go to the current tax year? Or just line 42 that is carried over to line 21 as a negative # ***** current year forms?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
If there is an amount shown as a Carryover of unalloyed

If there is an amount shown as a Carryover of unalloyed expenses from a prior year, where do u list that amount on current tax year form?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
I have a BVI company that invest in US start-up companies by

I have a BVI company that invest in US start-up companies by owning their preferred/common shares directly under my BVI company. I'm not a US citizen/green card holder and I do not reside in the US. My BVI company is 100% owned by me and used as an investment vehicle and doest not have a permanent establishment in the US. Would the BVI entity or myself be subject to any US taxes for capital gain?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
My mother, an 88 yr old widow, is looking to distribute

My mother, an 88 yr old widow, is looking to distribute approx $150,000 equally among her 4 children now as opposed to leaving it asan inheritance. This is because 2 of her children have serious illnesses and she is concerned she may survive them. However, she is also concerned about any tax liabilities this may leave upon herself and/or her children by doing so. Can you help? If there is a taxobligation is there a way todo this which would exempt any taxes due?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,384 satisfied customers
If I want to give a gift of 100k due I have to pay gift tax

If I want to give a gift of 100k due I have to pay gift tax on it or can I file a gift form on my tax return and have it applied to the unified tax credit?

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Robin D.

Vocational, Technical or Trade School

 
20,340 satisfied customers
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