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Recent Traditional IRA questions

I am self employed and made over $300,000 in 2016. I

I am self employed and made over $300,000 in 2016. I contributed to my IRA and my wife's IRA in December. My wife started a part time job in 2016, but she was not eligible for healthcare or the retirement plan. Yet, her W-2 came in with the retirement plan box 12 checked. My tax program denied the tax deduction completely. Question is the limit on non-deductible IRA contributions the same. In other words, I can leave the contribution in our IRA accounts, but I do not get the tax deduction. We contributed $6,500 for me and $5,500 for my wife ( who is not yet 50 ). Thanks for your help.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
I have a couple of questions on taxes, 1- is commisions paid

good morning i have a couple of questions on taxes, 1- is commisions paid on trades in a traditional ira account tax deductable for the current year , how about profits or losses? 2- i am trying to fill out 1099 forms for non employee compensation on turbo tax they ask for state id (ca) is that same as social or tax id Number. 3- business vehicle , can i use standard deduction on miles in previous years didnt have that deduction on my tax returns.

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TaxRobin

Vocational, Technical or Trade School

22,430 satisfied customers
I would like to fund a portion of my down payment for

I would like to fund a portion of my down payment for purchase of a home in the US. I have a traditional IRA and a Roth IRA.Am I limited to withdrawing $10,000 from each account without tax consequence? Or is it $10,000 from the amount the total of what is in both accounts?My Roth only has $11,535.46 in it. My contributions total $10,537.40. The rest are earnings, dividends, etc. Can I withdraw $10,000 from this account without a tax consequences? This is the first purchase of a home for me.I wouldn't close on the home until Jan 2017, so I assume the tax consequence, if any, would not occur until I file in 2018. Is that correct?Thanks in advance!

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Mark Taylor

Certified Public Accountant

Masters

2,678 satisfied customers
Client turns 70 years old. Can the client withdraw any

Client turns 70 years old. Can the client withdraw any amount of Ira monies over the RMD?Thank you,Fred

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Mark Taylor

Certified Public Accountant

Masters

2,678 satisfied customers
My father passed away this year leaving two accounts to my

My father passed away this year leaving two accounts to my mom (his legal spouse), both from different firms.A. Traditional IRA $52KB. 401K $15KI understand that she can take lump sum distribution of both without a 10% penalty (albeit paying Federal Income Tax).The firm managing the 401K wants to put it under her name before payout. They say that is the only option. We have submitted the death certificate to them.If it is transferred in to her name, will she be subject to the 10% penalty? I assume we will pay the 20-25% tax withholding upfront and then when doing her taxes, we will be presented with an option to show she is exempt from 10% penalty but I want to ensure that the transferring of the account to her name does not cause unintended consequences. Same for the traditional IRA; if the firm requires the same process, I want to ensure there is no unintended consequences.Thanks!

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Mark Taylor

Certified Public Accountant

Masters

2,678 satisfied customers
I inherited a traditional IRA from my mother, so my IRA is a

I inherited a traditional IRA from my mother, so my IRA is a Decedent's IRA. I am 61 yrs old. If I take an on demand withdrawal from the IRA and have the money wired into my business account, at the end of the year, will I be able to take business related expenses as a deduction from the income tax I will pay on the IRA withdrawal? I am self employed.JA: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason. The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: ok that's fine

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TaxRobin

Vocational, Technical or Trade School

22,430 satisfied customers
Recently we were given the opportunity to take a payout from

Good afternoon,Recently we were given the opportunity to take a payout from a retirement plan that was set-up through an employer a number of years ago. We have until the end of October to make a decision on how to handle this opportunity. Frankly we do not have enough knowledge to make a wise decision. We are seeking a financial advisor to help us understand our options and to help guide us through the process of making the most of our retirement funds. We are not “high-net-worth individuals” (unfortunately).We do not know how to find a financial advisor in our area other than just to randomly pick a name/company. What suggests do you have that might help us in finding an advisor?Also should you have any advice in what to do with this payout ........Thank you!

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TaxRobin

Vocational, Technical or Trade School

22,430 satisfied customers
I retired in July, 2015. Since then I have withdrawn approx.

I retired in July, 2015. Since then I have withdrawn approx. $50,000 from my IRA. When I first filed my taxes with my accountant, she told me that I will be getting a refund check. I'm not sure why but she filed for an extension and finally, it's done. However, she now say's I owe $6,000 due to my IRA withdrawals. My question is: I thought this money was already taxed. Since a gross amount is withdrawn and a net amount is deposited that the difference would be to pay my income tax. Who is holding that money and where does it go?

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Mark Taylor

Certified Public Accountant

Masters

2,678 satisfied customers
What are the tax advantages to marriage? My married friends

What are the tax advantages to marriage? My married friends are telling me they actually end up paying more in taxes because their spouse's income is now combined with theirs putting them both in a higher bracket.

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TaxRobin

Vocational, Technical or Trade School

22,430 satisfied customers
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