Capital Gains and Losses

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I was filling the info to tax software for the Roth
I was filling the info to tax software for the Roth distribution I took . It asked me enter balance as of december 31 2020 of your roth from form 5498. But I was not issed a 5498 since I had contribut… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,360 satisfied customers
My address may change soon and by that time I may receive a
My address may change soon and by that time I may receive a 1099 with an old address on it (I receive it online). So if I write my new address on the tax return that I will do soon, but the 1099 has m… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,979 satisfied customers
I plan to withdraw some money from my Traditional IRA next
Second opinion] I plan to withdraw some money from my Traditional IRA next month or so. This is something I had entirely converted from a 401k several years ago. What forms do I need to fill out for t… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,979 satisfied customers
I was using a tax software to efile with them but their
I was using a tax software to efile with them but their program shows my Roth income on wrong line and it couldnt be fixed so although I already paid for it, I will not efile with them and I decided t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,360 satisfied customers
In form 1099-R that my broker sent me, for the money i
In form 1099-R that my broker sent me, for the money i withdrew from my roth in 2019, I have box 1: $5000, box 2a: empty, box 2b first box checked, and ox 7 code J. This is a roth i opened in 2012 and… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,979 satisfied customers
Questoin 1) When a US citizen who lives abroad makes less
Questoin 1) When a US citizen who lives abroad makes less than $12000 for the year, since he will not owe any US taxes anyway, it would be redundant to use the foreign income exclusion, or foreign tax… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,979 satisfied customers
I was not working & looking for work this year and still did
I was not working & looking for work this year and still did not find, and had no income, except just several dollars of dividends, and if I have amazon release my approx. one hundred dollars of accum… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,979 satisfied customers
I have large capital losses for stocks on my taxes which I
I have large capital losses for stocks on my taxes which I was writing off 3000 per year which will continue for years to come. With Trumps new 12000 maximum deduction, the write off does not save me … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,504 satisfied customers
I was informed wrong. I rollover my 401k to a Rote IRA
I was informed wrong. I rollover my 401k to a Rote IRA instead of a traditional IRA and I never withdrew any of the funds, I have to pay tax on my 401k... Can I rollover the funds out of Rote Ira to a… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
23,803 satisfied customers
2018 form 1120; sec 1231 of 123k, cap gain from sale of
2018 form 1120; sec 1231 of 123k, cap gain from sale of building looks probable of 850k. Company has 360k of NOLs. Will AMT have any effects on offsetting NOLs against cap gains this 2018 year? … read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
1,341 satisfied customers
I might turn my traditional ira with one bank into a roth
i might turn my traditional ira with one bank into a roth ira. i have another roth IRA in another bank already. is this ok, i mean can we have two roth iras in two different banks? and when i turn the… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
I got a 1099 misc from amazon for royalty income for my
Hello, i got a 1099 misc from amazon for royalty income for my books that sold on their site. amazon is in washington state. i dont have any relation to washington state otherwise. i already show this… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
23,803 satisfied customers
I was wondering if I make $80K a year now and of Household
I was wondering if I make $80K a year now and I am Head of Household single with home and kids, would it be a good idea to move money out of my IRA fund into my ROTH IRA a little bit every year now? I… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
I currently have an on line brokerage account that has a
I currently have an on line brokerage account that has a ROTH account among other accounts, like an IRA, and a Taxable account.Regarding my ROTH account; I have “Closed Positions” for past years which… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,563 satisfied customers
I work somewhere and also did some side activities, and I paid
I work somewhere and also did some side activities, and I paid one time estimated tax last year, - which turned out to be unnecessary – and now I think because of that both from my state and also from… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I have two UNrelated questions: 1-I am taking russian classes
I have two UNrelated questions: 1-I am taking russian classes online. She is Russian but is in the US. We meet on skype and I pay her by paypal. This is how it works. At the end of the year, must I is… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
Hello, I will move back to my native country soon but i am
Hello, I will move back to my native country soon but i am a US citizen so I know I have to report my income worldwide. I know that up to 96 k per year i am exempt from US tax as long as I meet the ab… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I opened a roth IRA recently for the first time, but want to
I opened a roth IRA recently for the first time, but want to make sure I am qualified and also that I am below the 110K modified adjusted gross income limit. Here are my questions: 1- I work in a big … read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
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