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Recent Taxable Income questions

I want to withdraw money from my traditional IRA for a down

I want to withdraw money from my traditional IRA for a down payment on a home purchase. I believe I am considered a "first-time buyer" - I did purchase a home with my husband when I was married. When we divorced we sold the home in 2013. I've been renting since then. I want to make sure I am not penalized 10% by the IRS on my taxes next year.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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Lev

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Thx. How does capital gain tax work with a co-owned house

Thx. How does capital gain tax work with a co-owned house (4siblings)? A sister is homesteading the home. Looking at sale in 2-5 yrs.

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Lev

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I sued my federal agency for discrimination under the

I sued my federal agency for discrimination under the Rehabilitation Act and settled the case. I was issued a 1099. I read that discrimination claims are not required to pay taxed. But, I have to report the additional income. How do I report it on my taxes but receive the tax benefit? Do I receive a tax benefit because I settled, rather than received a court order? Can I also deduct my attorney fees for the two years I've paid the firm? The settlement was a total amount (lump sum), not itemized.

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Lev

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I have a trust that was set up as a revocable trust. The

I have a trust that was set up as a revocable trust. The individual who the trust was for has died. The questions that I have:1. The trustees want the revocable trust to pay for the federal/state taxes on the distributions, earnings, etc. I see that revocable trust do this though I believe it to be a high tax vs the bennies paying it. The question is if the trust is paying the income taxes, do the bennies even get a K1 when the trust is closed? All the taxes had been paid thru the trust. I wouldn't even need their social sec numbers, etc if all taxes were paid correct?2. I was informed by another that a revocable trust becomes irrevocable at the time of death. If this is so, then how can the "revocable" trust pay the taxes if it is now "irrevocable"?

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Lev

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24,434 satisfied customers
I received a cancellation of debt form 1099C for my late

I received a cancellation of debt form 1099C for my late husbands estate for 2016. He passed away in 2014 and his estate was settled in 2014. Do I need to include this on my taxes?JA: Have you talked to a tax professional about this?Customer: Not yet, i just received it in the mail yesterdayJA: Anything else you want the Accountant to know before I connect you?Customer: No just had this question

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Lev

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24,434 satisfied customers
We have an HSA and my 1099-SA form only shows a distribution

We have an HSA and my 1099-SA form only shows a distribution in box #1, which were all paid directly to providers/pharmacies, etc. No other special activity occurred during the year. Is it an absolute that I need to even include this form in my tax return? I have noticed that H&R Block online filing forces the user to the Deluxe return if you have an HSA. It is the only form beyond what would qualify our situation for the Free return so I would love to not even include it since it really doesn't even matter in the end. What do you think?

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emc011075

Tax advisor and Enrolled Agent

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You were very helpful in the past. I have a question

Hi...you were very helpful in the past. I have a question regarding charitable donations. Working on my 2013 taxes now..( dont ask!!) We had a lot of donations for 2013...cleared out the house ...do I have to take them all for 2013 ...or can I roll some into future years? I think I read that this is acceptable ..true? Do I have to first list them all on 2013 and will it show me how much is deductible for 2013 and what can be rolled over??

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Stephen G.

Sr Financial & Tax Consultant

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I took the loss carry over for 3 straight years, but forgot

I took the loss carry over for 3 straight years, but forgot to take it last year. Can I start up again on the same loss stream?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: What more do you need?JA: Is there anything else the Accountant should be aware of?Customer: No

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Lev

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24,434 satisfied customers
My year end 2016 tax information statement received from

My year end 2016 tax information statement received from Vanguard (holding my cash, stocks & mostly mutual funds.... on form 1099-Div reports 1a $69,385.44 as Total ordinary dividends 1b Qualified dividends $62,796.00 & Total capital gains dist.152,427.91......These are mostly in mutual funds & stay with Vanguard.ARE THE THREE ABOVE TAXABLE FOR 2016?

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Lev

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24,434 satisfied customers
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