Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I have an inherited ira. there is aquestion enter the total
I have an inherited ira . there is aquestion enter the total of all nondeductable contributions that were made to my iras in all years prior to 2017 less any withdrawal or distribution in those years … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
I received an after tax partial distribution from my 401k
I received an after tax partial distribution from my 401k that was initially rolled over from Fidelity to Ameriprise, where it was distributed from. I received a form 1099-R from Ameriprise. Line 1. h… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
How much does this service cost? Do they let you know cost
I got a notice from its that they feel I owe more for 2015 due to Ira deduction being disallowed. I got the deduction worksheet for 2015 and it requires your total income number but in order to get total income I need to know the Ira deduction allowed. So stuck between the two figures. I used a software free service to do the filing in 2015 … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,058 satisfied customers
Form 8606 question. My wife inherited an IRA (traditional)
Form 8606 question. My wife inherited an IRA (traditional) from her father in 2013, with no basis. Distributions from the inherited IRA have resulted in disqualification of traditional IRA contributio… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
I have withdrawn $60,000 from my traditional IRA account in
I have withdrawn $60,000 from my traditional IRA account in 2012. My year-end IRA balance was $1,050,237. I made my final Nondeductible IRA contribution in 2007 and filed Form 8606 for 2007 return whe… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
In the early 1990s, I contributed $10,000 ($2000/yr for 5 years)
In the early 1990s, I contributed $10,000 ($2000/yr for 5 years) of after-tax money to a traditional IRA. Over the years, that money has been mixed with pre-tax money within my IRA. Now that need to b… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
I have an IRA opened in 1996 with $2000 after tax money. In
I have an IRA opened in 1996 with $2000 after tax money. In 1997 and 1998 I added $2000 each year. The total contributed in after tax money is $6000. Since then the amount doubled and this year I took… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
I have clients (MFJ) who both performed Traditional IRA to
I have clients (MFJ) who both performed Traditional IRA to Roth IRA conversions in 2010. They both contributed (non-deductible) $5,000 to Traditional IRAs just before converting. The one spouse conver… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
My Mom closed her IRA in 2010. At 89 we were transitioning
My Mom closed her IRA in 2010. At 89 we were transitioning her to Assisted Living from her home and we needed the funds for the transition. This money was originally placed in an IRA in a lump that wa… read more
Jacy
Jacy
Bachelor's Degree
434 satisfied customers
I am converting a Traditional IRA to a Roth IRA. I have funded
I am converting a Traditional IRA to a Roth IRA. I have funded my Traditional IRA with post taxed funds for the most part. Although the Traditional IRA is only worth $21,900 today, over the years I co… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
What is the correct calculation to determine the Total Basis
What is the correct calculation to determine the Total Basis in a Traditional IRA on IRS Form 8606 (Non Deductible IRA), Part 1, Line 2 based upon the following scenario: In 2010: - Converted all of m… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
I have a traditional IRA that includes some nondeductible contribution
I have a traditional IRA that includes some nondeductible contributions giving me some tax basis in that account. I also received a 401(k) plan distribution that was set up in a separate IRA. 1. If th… read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
232 satisfied customers
My husband put 5k in an IRA over 5 years ago. After making
My husband put 5k in an IRA over 5 years ago. After making sure that he left the money for 5 years he withdrew it. He received a 1099-R and the taxable amount is the same as the gross distribution. Th… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
2,158 satisfied customers
I made after-tax contributions of $2000 each to my IRA over
I made "after-tax" contributions of $2000 each to my IRA over a 5 year span in the 1990's. Can I with draw those 5 payments ($10,000) from my IRA without tax or penalty consequence?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
Husband dies in July of 2008. He has an nondeductible IRA
Husband dies in July of 2008. He has an nondeductible IRA and has been filing Form 8606 each year to track his nontaxable distributions and remaining basis. Spouse is beneficiary of the IRA and contin… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
Can I apply by basis in my non-deductibe traditional ...
Can I apply by basis in my non-deductibe traditional IRA's to a distribution I received in an inherited IRA?… read more
Jon Andrews
Jon Andrews
CPA
1,498 satisfied customers
Can my sisters and I receive whatever amount of this IRA remains or do
My father has an IRA worth $400,000. If he dies it will go to my mom who is in a nursing home. When she dies it will go to my two sisters and I. What are the options in terms of distribution and taxat… read more
Jon Andrews
Jon Andrews
CPA
1,498 satisfied customers
question what one of the following statements about
Question #6, What one of the following statements about Nondeductible Traditional IRAs is not true? Is it, A. A contribution must be designated as nondeductible at the time it is made. B. Absent reaso… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 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.

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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

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