Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

If anybody is there... I was involved with a foreclosure in

Customer Question
Hello, if anybody is there.....
Hello, if anybody is there... I was involved with a foreclosure in May of 2015. It was a Countrywide Loan back in 2006. I suspect according to a (Forensic Audit) I paid for at Scrutinization Audit Pro, from Calif. Shows the trial of MERS used and Scrutinized to Wall-Street. Thus now Breaking the Chain Of Title. I believe that is now called or referred to a Clouded Title? In any case there was a Quite Title done without my knowledge, now BofA has put the Chain back together again. I was now observed to go Pro Se' to defend my property. Instead well known Attorney's who work with the local Courthouse seemed to have leverage and I was not observed. Suddenly the WRIT was enforced / horrifying. Now left to be homeless, like so many others living in there cars. However I had a 401k retirement / luckily. I bought a small Condo for a roof over our heads. I took out about $100,000.00. $80,000 for the Condo and $20,000 for the IRS penalties. What did this do? A tax adjustable gross income. Now owing the state of Wisconsin and the IRS. I heard about a 72T, but that might be for 55-591/2. Not sure. Regardless there is a horror story that is attached to this whole scenario, trust me. Under the circumstances is it possible to have my taxes amended for any hardship, I believe I was involved in? This is just a taste of what went on in the corruption and disloyalty in the County I lived in for 22 years in Wisconsin. Sincerely.
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 hour by:
8/16/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,334
Experience: Certified Public Accountant
Verified

Hi, ,my name is***** will be happy to help you with your questions. I am sorry that you have gone through this situation. 72T is for a Series of Substantially Equal Payments. This would be based on the size of your 401k and age. There are a three ways to determine the payment.

Ask Your Own Tax Question
Customer reply replied 1 year ago
Hi Mark, what are the three ways? Are you a Certified CPA? I have been duped by predatory lending and have gone through much anguish. This resulted to Wisconsin being not friendly and just as dishonest as the Predatory Lenders. Ever see two movies one / 99 homes? The other the Big Short? If not, please do so. It will explain the horror story much of what I Have been through. Now to rely on my 401k as last option to help, before I have to live in our car at a park 'n ride. I was severely penalized using my 401k, to put a roof over our heads. Would a 72t been the answer? Or any other options I should have known about to help in this crisis? This whole this is bunk... Now I look like the bad guy because of the Countrywide and Bofa. Sincerely, L.B.
Customer reply replied 1 year ago
I'm 63 years old on SSDI, my Wife has intentions of retiring soon, at 63 on SSI. Our gross income will be much less.
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Sorry my prior post was cut off. I apologize about that. Here are the three methods.

The Required Minimum Distribution calculates the specific amount that you must withdraw from your IRA (or other retirement plan) each year. The calculation is based upon your account balance at the end of the previous year, divided by the life expectancy factor from one of the following three tables: the Single Life Expectancy table, the Uniform Lifetime table, or Joint Life and Last Survivor Expectancy table , using the age you have reached (or will reach) for that year. This annual amount will be different each year.

The second method, the Fixed Amortization Method is calculated by determining the annual payment under this method requires that you then create an amortization schedule over a specified number of years. The number of years for your calculation is equal to your life expectancy factor from either the Single Life Expectancy table, the Uniform Lifetime table, or Joint Life and Last Survivor Expectancy table , using the age you have reached (or will reach) for that year.

Ask Your Own Tax Question
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

I have not seen those movies. I will have to try to watch them. Yes, I am a CPA. If you are 63 now, you should have been older than 59 1/2 when the distributions were made. This means that you are not subject to the early distribution penalty.

Ask Your Own Tax Question
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

The IRS distribution would still be taxable but the penalty would not apply. If you are over 59 1/2 you do not need to work about 72T payments.

Ask Your Own Tax Question
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I have been audited for business property taxes for 2016 &
I have been audited for business property taxes for 2016 & 2017. How far back can the auditors go to gather information. Tennessee Sales and Use auditors are restricted to 3 years. These guys are look… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
27 satisfied customers
Does the IRS ever do an audit that results in refunding
Does the IRS ever do an audit that results in refunding money back to the taxpayer AND then taking back any social security credits that might have been earned in error? It's a long story, but I'm sel… read more
socrateaser
socrateaser
1,031 satisfied customers
What are tax implications when docating small IRS to state
What are tax implications when docating small IRS to state university … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Does the IRS ever do an audit that results in refunding
Does the IRS ever do an audit that results in refunding money back to the taxpayer AND then taking back any social security credits that might have been earned in error? It's a long story, but I'm sel… read more
Amanda Russell
Amanda Russell
Accounting Tax & Profit Strategist
Master\u0027s Degree
9 satisfied customers
I need somewone who is knowledagble with IRS Audit, GA, Yes
I need somewone who is knowledagble with IRS Audit … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am retired and own property in 2 states. Is it legal for
I am retired and own property in 2 states. Is it legal for me to live in Indiana for 8 months a year without having to pay Indiana's state income tax while I live in Florida for 4 months a year. I cur… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My relative has an IRS Audit. Her accountant said that he"
My relative has an IRS Audit. Her accountant said that he " procured her tax return account transcripts, and the Wage and Income transcripts that the IRS has to verify your tax return disclosures." Do… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I have an old 457b retirement plan from a county government
I have an old 457b retirement plan from a county government job. I have not worked there in over 14 years. Is it possible to roll the money in it into an existing IRA, or 401k? Dwight, Maricopa, AZ.… read more
Mark Taylor
Mark Taylor
Certified Public Accountant (CPA)
2,334 satisfied customers
Attorney, my ny state tax return was audited. Finally it
Attorney , my ny state tax return was audited . Finally it says the case was closed and a letter will be mailed out . Anyone to access this info… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I have a summary of my retirement plan balances. MGH says
I have a summary of my retirement plan balances. MGH says they do not owe me the money. It doesn't say projected or estimated, it says my balance as of 12/31/13 is 14, 698.00. Don't they owe me this m… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I received a letter from an IRS local office agent saying
I received a letter from an IRS local office agent saying our personal income tax return has been "randomly-selected" for examination giving the reason per Notice 1332. The agent requested I call to s… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Retirement Plans S-Corporation has one shareholder. Through
Retirement PlansS-Corporation has one shareholder. Through 2016, retirement plan was a SEP and the only qualifying employee was the shareholder. As of September 1, 2017 another employee will qualify f… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am trying to find out about a retirement plan Tax code
I am trying to find out about a retirement plan Tax code 702j retirement account? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
Apparently, the IRS did an audit of my 2012 and 2013 taxes.
Apparently, the IRS did an audit of my 2012 and 2013 taxes. But I never received notice because they mailed the notice to an address to which I have not resided at since 2014. Now they have placed a l… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,473 satisfied customers
Generally, 403()9 church retirement plans are not subject to
Generally, 403(b)9 church retirement plans are not subject to SECA taxes on ministerial salary reduction contributions. In other words, ministers will save almost 15 percent in SECA taxes by using a c… read more
Mark Taylor
Mark Taylor
Certified Public Accountant (CPA)
2,334 satisfied customers
I contributed 18000 dollars to my 403b retirement plan by
I contributed 18000 dollars to my 403b retirement plan by June 30, 2017. From July 1, 2017, I am eligible for a matching contribution from my employer upto 5%. Given the annual limit of combined contr… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
In Pennsylvania, a have a retirement plan administered
In Pennsylvania, a have a retirement plan administered through Metlife. On the tax form they ask about classification and if it is qualified. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Have you had any distributions from a retirement plan after
Have you had any distributions from a retirement plan after 2013 and before the due date of your 2016 return?....... the due date is that the deadline of April that they are referring to when asking t… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,300 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x