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My wife's mother passed away and wife inherited IRA.
My wife's mother passed away and wife inherited IRA. Mother-in-law had taken one Required Minimum Distribution (RMD) and my wife took the next one. Unfortunately, she missed the next few RMD's. So, in… read more
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Business Law I think..Any experts on the penalty filing fee of Form 5500-sf Form for 401 K retirement plans?My secretary filed it late, I'm the only contributor, no employees, can't believe the penalt… read more
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Robin D.
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I'm currently unemployed, I work through June 13th. And
I'm currently unemployed, I work through June 13th. And trI'd insurance sales for 3 months as a 1099 employee. Barely made $1500 over 3 months. I sold my publix stock in the profit sharing plan which … read more
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2/31/2014 my IRAs valued 663541. 2015 I withdrew 30,500
2/31/2014 my IRAs valued 663541. 2015 I withdrew 30,500 Using Table II (my wife and beneficiary is 12 years younger) my Required Minimum Distribution should have been 33177. I could have withdrawn tha… read more
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I am just looking around I do have a specific question
Customer: Hi, I am just looking around I do have a specific question … read more
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Husband's former employer (he was terminated 3/15/15 after
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socrateaser
socrateaser
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My sister, who lives with me, inherited an IRA from our
My sister, who lives with me, inherited an IRA from our mother who died 10 years ago. We just learned in the last month about this. Her husband handled everything in their marriage and she was not awa… read more
Lev
Lev
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I withdrew $3000/- from my traditional IRA last month as part
I withdrew $3000/- from my traditional IRA last month as part of my RMD but unfortunately I should have done this before December 31 ince I am already 80 yrs old as of December 31,2014 / I forgot all … read more
Robin D.
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Since I paid no taxes due to business losses, it was suggested
Since I paid no taxes due to business losses, it was suggested to me that I buy the house with IRA funds and pay the penalty since the 10% will likely not be added to very high tax rate. May I do this… read more
Lane
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I filed my 2009 taxes late (in April 2011). I owed $50,000
I filed my 2009 taxes late (in April 2011). I owed $50,000 to the feds and $10,000 to the state, which I paid in full with the tax returns (using a recent inheritance that I had been waiting on). Now … read more
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I have 4 IRA accounts. In two they automatically deducted the
I have 4 IRA accounts. In two they automatically deducted the 2010 RMD. The other two did not and Iwhen I realized it , the the last dte had just gone. I withdrew the RMDs on both those accounts and w… read more
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socrateaser
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I have a situation for which I am desperately in need of some
I have a situation for which I am desperately in need of some advice. Here's the short version (believe it or not!): I owe the IRS a fairly large amount, about $48,000. Most of this is in Penalties an… read more
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In 2009, I withdrew my entire 401k plan to pay credit card
In 2009, I withdrew my entire 401k plan to pay credit card debt. I had the brokerage company deduct applicable taxes. When my plan money combined with my disability, I had to pay the IRS 8K. This has … read more
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we received a letter requesting addition documentation from
we received a letter requesting addition documentation from the IRS on Tax on Qualified Plans. In 2008 we withdrew $60,000 to keep our home. My husband was disabled for 9 months, I was unemployed etc.… read more
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Hello Ed, My husband and I now owe close to 15K in taxes due
Hello Ed, My husband and I now owe close to 15K in taxes due to wrong information on our income taxes of 2007. We purchased our first home in 2007 with our 401k funds. Unfortunately since my husband h… read more
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Missed withdraing RMDs in 2008. What one should do to correct
Missed withdraing RMD's in 2008. What one should do to correct the problem without incurring heavy penalty?… read more
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I am planning my retirement (18 years hence) and trying to
I am planning my retirement (18 years hence) and trying to figure out what income level I need. Most programs determine that I need 85% of my current income. But when I look at my spending for the las… read more
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If I pay off my car loan, can I claim that on taxes
I am thinking about withdrawing some money from my 401k to pay off the rest of my car loan ($10,000) which currently costs $408.00 a month. I need the additional money per month, but want to make sure… read more
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