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Recent Taxable Income questions

A 94 year old female has medical expenses over 300,000. And

A 94 year old female has medical expenses over 300,000. And an income of around 200,000. An ira distribution of 45,000 and is being advised to send the whole amount to a charitable originization to avoid paying taxes. Is a this right≥. She is on medicare

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
Like to get my inheritance money from india to us (around

like to get my inheritance money from india to us (around $300,000), is it taxable?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: property will be sold this yearJA: Is there anything else important you think the Accountant should know?Customer: i am us citizen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
2014 Tax question. I am a US citizen working as an

2014 Tax question. I am a US citizen working as an expatriate. I also had a LLC I was running and had a great deal of business expenses.My Question is, how can I avoid overpaying taxes?What can I write off, how can I recoup some of the taxes I have paid?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
My husband's estate received $18,000 from the State of South

My husband's estate received $18,000 from the State of South Carolina's unclaimed funds. After the money was deposited into the estate account, as my husband's only heir, I transferred the money into my personal account. Do I have to pay income tax on the money or does my husband's estate pay the taxes?JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: South CarolinaJA: Has anything been filed or reported?Customer: No. I got an extension on my 2015 taxes, but have to file by October 2015. So not sure if need to report it on my income tax or the estate tax filing.JA: Anything else you want the lawyer to know before I connect you?Customer: My husband's estate has not been closed yet. Has to be closed by Jan. 2017.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,018 satisfied customers
I havent filed a state tax in about 10 years and want to

I havent filed a state tax in about 10 years and want to file this year ...will this trigger an audit for back returns?

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Mark Taylor

Certified Public Accountant

Masters

1,250 satisfied customers
My adjusted gross income is 62,000.00. How much should I

My adjusted gross income is 62,000.00. How much should I have taken out of my check so I don't have to pay at the end of the year? I have no deductions so it is a straight 1040. Can you tell me approximately how much I should be paying?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
I sold my half of a Condo in Fl to my brother. He is sole

I sold my half of a Condo in Fl to my brother. He is sole owner now. Will I have to pay tax of any kind when I fill out my income tax.I have been claiming 1/2 for over ten years. On income tax, our accountant has used depreciated value.After paying off Mortgage, my half is $40,000

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
My elderly dad has been exempt from paying income taxes

My elderly dad has been exempt from paying income taxes because his earnings were small. He passed away. He did not have investments and made no interest on his only checking account. Do I still have to pay taxes on basically nothing and which form would I have to use to file if I have to?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The only income was less than 15K SSI. He had no retirement, pension, 401K or IRA. Since he was officially exempt from filing taxes, do I still file anyways?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,214 satisfied customers
In 2014, I distributed $10K from my Roth IRA. The account

In 2014, I distributed $10K from my Roth IRA. The account was created in 2010, and all contributions have been after-tax money. The account has generated only $2.60 of earnings which remained in the account. The distribution was just a return of my contributions without gain or loss. The IRS wants me to file a 8606 form, but in part III line 19, I cannot figure out if the amount should be $0 or $10K, as there is no income earning in the 10K distribution. The taxable amount should be $0 but I cannot figure out the proper way to fill in the form 8606 Part 3.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,214 satisfied customers
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