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The client hasn't filed for 20 years. They want to get a
The client hasn't filed for 20 years. They want to get a refund for 2015-2017. I am not sure whether they would have a balance due for other years and the IRS has not done an SFR. Will the irs give th… read more
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I need to file current and back taxes for someone who
I need to file current and back taxes for someone who experienced a catastrophic accident in 2011 and incurred some pretty high medical expenses (over 200k) since then. Specifically, I have three years of back taxes (2014, 2015, and 2016) to file and 2017 taxes. I did not worry much about 2014 & 2015 taxes being overdue because, given the high amount of medical expenses paid to health care facilities, I knew a refund was due for 2014 and 2015. However, 2016 is not as straight forward because those expense were for home health care. In addition, in 2017, a settlement was received, and my understanding is that the full amounts that were already deducted for medical expenses in 2012 and 2013 must now be included as income on this years taxes since there is no allocation for the settlement. Here's what is unclear to me: (1) when the back taxes for 2014 and 2015 are filed, can the medical expenses still be deducted for those years since the settlement wasn't received until 2017, as that would ensure a refund would be due for those years and penalties could be avoided? (2) Even if some of the home health expenses can't be deducted for 2016 and taxes are owed, if refunds are due from 2014 and 2015, would that reduce the amount considered overdue for 2016, thereby reducing the amount on which penalties are calculated? (3) Assuming 1 and 2 above are possible, must the entire amount deducted for medical expenses from 2012 - 2016 be included as income on 2017? Note: By "entire amount," I'm referring specifically to medical expenses related to the settlement, I'm assuming other medical expenses that aren't related to the accident do not need to be repaid. Please correct me if I am wrong. … read more
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Hello, I am a 50% beneficiary of an annuity, the other 50% goes to the Estate. I'm also the the executrix. I would like to know how many percent to withhold of my share if I took it as lump sum, to no… read more
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My mother who is 77 took $30,000 out of her 401K this year.
My mother who is 77 took $30,000 out of her 401K this year. This was the first withdrawal over her required withdrawal amount. She paid off all of her debt because she became home bound and had other … read more
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Owned a corporation from 2006-2008 in California. Filed and paid the taxes for 2007 and 2008 both in April of 2009. Since the company did not make any money for 2007 and 2008, the min tax paid was $80… read more
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Hi I have a few tax questions and I dont know what to do. First the bad one, My wife and I were going through some stuff last year and we did not file our taxes. We figured them out ourselves and we b… read more
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