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Recent Taxable Income questions

ACA question - If an individual is receiving alimony but the

ACA question - If an individual is receiving alimony but the alimony is not taxable to the person receiving it, does it have to be included when calculating what your income is to figure out what your premium should be.thank youJeannette

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Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
I am looking to sell my home (first timer here!) and have

HI! yes - i am looking to sell my home (first timer here!) and have been researching capital gainsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I purchased the home in 2007, lived there until late 2012, and started renting it in nov. 2012JA: Is there anything else the Accountant should be aware of?Customer: i don't think so.. but IDK! lol

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
I paid $40,000 in back taxes to the city of Philadelphia.

I paid $40,000 in back taxes to the city of Philadelphia. Can I write this off next year on my Federal and State Tax?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: there is no more to tell. If I had paid the tax as required this would have come out of my federal and state taxes as non taxable income. Retroactively can I do this?JA: Is there anything else important you think the Accountant should know?Customer: no

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56 satisfied customers
My Mom is turning 90 years old. She needs to cash out a

my Mom is turning 90 years old. She needs to cash out a annuity policy that has about $67,000 in it. Her social security and pension income are less than $25,000 per year. Somewhere in the low 20's at best. How much Fed and State Tax should she ask them to take out. She lives in NJ. Need an estimated rate for her to use when completing the cash out...JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no. I just want her to fairly reasonable with the tax so that she does not owe much afterward.

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Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
If I receive settlement money from a law suit where my

If I receive settlement money from a law suit where my attorney receives 40% of it, what kind of taxes will be assessed on this money?

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
I would like to confirm that I can recharacterize

Hello, I would like to confirm that I can recharacterize traditional IRA to ROTH IRA. I made traditional IRA contributions since 2013 when I was no longer income-qualified to contribute to a ROTH. However I have recently learned that the IRS has no income limitations on recharacterizing traditional to ROTH contributions. My financial planner is requiring that I seek the advice of a tax professional in order to process the recharacterization. I would like to (1) confirm that I am eligible, (2) understand which years I can still recharacterize, and (3) understand the process I should use moving forward to take advantage of the ROTH conversion. Thank you!

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
Can I purchase my mother's house as part of a 1031 exchange?

Can I purchase my mother's house as part of a 1031 exchange? She will receive approximately $100K from the sale (at fair market value) of her property.Thanks!Kim

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
This one is a little odd. Figuring insolvency to offset

This one is a little odd. Figuring insolvency to offset canceled debt. There is a property for which I received a 1099-A, but not a 1099-C. Since the debt wasn't canceled but the 1099-A is a disposition of the asset, can I claim the liability on the insolvency worksheet and leave off the asset? The 1099-A is dated before the unrelated canceled debt that I am trying to offset.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No, it's an interpretation thing. I have a canceled debt on a 1099-C dated in November. In figuring assets and liabilities, I have a property with a 1099-A in May. Since that May property does not have a 1099-C, I wonder if I can use just the debt for that property in Liabilities, but leave the property itself out of the assets since there was a 1099-A for it.

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PDtax

Owner

Master's Degree

6,864 satisfied customers
I'm married and I am self-employed. My wife makes around

Hi, I'm married and I am self-employed. My wife makes around $17k per year. No kids. We pay a mortgage of around $525 per month.I'm looking at buying a new car, but I want to make sure it's in my budget, so I'm trying to determine two things...1. My self-employment tax2. My federal income tax rate.I'd like to ballpark how much I need to be paying EACH month roughly to cover both #1 and #2 above.I'd guess I make around $2400 a month after business expenses.Is there a way to determine this?I find it very hard to understand and to figure out how to figure them separately.Thank youDayne

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
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