Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
Question for lane: on the traditional ira and roth there are
question for lane: on the traditional ira and roth there are agi limits thresholds. so lets say one year you make 500k. does this mean you can not contribute the 6500 into an ira or the contribution c… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,604 satisfied customers
I am the sole shareholder of an s-corp, which contributed
I am the sole shareholder of an s-corp, which contributed 25% of my annual salary to my Sep Ira. Can I open and contribute the maximum to a traditional IRA as well?… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,289 satisfied customers
If employee salary $70,000 and S corp make SEP contribution
If employee salary $70,000 and S corp make SEP contribution $10,000 before S corp tax year end, if SEP account allow other type traditional IRA, how much does employee (age 50+) make non-SEP IRA contr… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,291 satisfied customers
Question on opening an IRA to reduce my current 2017 tax
Question on opening an IRA to reduce my current 2017 tax obligation. I owe about 800 federal, looks like I can open an IRA and if I put in around 3000 it will take my tax liability to zero. Does that … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
If both spouses work, but only 1 employer offers 401k, can
If both spouses work, but only 1 employer offers 401k, can that spouse contribute $36k? How can we maximize our retirement contributions and reduce our taxable income if we make $240k?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,291 satisfied customers
Im retired and have no earned income but my wife does. To
I'm retired and have no earned income but my wife does. To open a spousal IRA for me would the finds have to physically be drawn from her account or could I redeem taxable Mutual funds that are under … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I made an IRA contribution this year of $6,000 (Im 63). Im
I made an IRA contribution this year of $6,000 (I'm 63). I'm a government employee and plan to open a 457 account and contribute the maximum allowable from my payroll contributions commencing immediat… read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
570 satisfied customers
I retired May 1,2011. I receive a union pension . A monthly
I retired May 1,2011. I receive a union pension . A monthly defined benefit. I do not have any other retirement accounts. Can I open up a Roth IRA and fund it from the wages I earned from January -Apr… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,291 satisfied customers
I just took a retirement package from a major corporation. I
I just took a retirement package from a major corporation. I paid almost $93K in Federal taxes and $33K in California taxes. Do you know of any safe investments, such as oil drilling, etc., where I co… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,291 satisfied customers
Hi Steve; Hope you had a safe & happy 4th. Heres my question A
Hi Steve; Hope you had a safe & happy 4th. Here's my question: A Sub S creates a profit sharing plan before 12.31.10. The contribution is paid by the company in 2011. The primary shareholder, a partic… read more
Bill
Bill
Master's Degree
3,132 satisfied customers
I am 63 and employed full time. I ended up owing the IRS $4,700
I am 63 and employed full time. I ended up owing the IRS $4,700 and state about 2 grand( MA ) If I open or deposit $6000.00 in a new or existing IRA will that negate the balance due to IRS… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,291 satisfied customers
We filed a joint return for 2009. I contributed $6000 (I am
We filed a joint return for 2009. I contributed $6000 (I am over 50) to a traditional IRA. One accountant has told me that my IRA contribution for 2009 is not tax deferred (I receive no tax benefit) b… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,291 satisfied customers
IRA Distribution. I am 50 years of age. I opened a traditional
IRA Distribution. I am 50 years of age. I opened a traditional IRA in 2006. I contributed the maximum amount for 2006, 2007 and 2008. All of the contributions were non-deductable after tax dollars. Th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have an old conventional IRA started 30 years ago. I am
I have an old conventional IRA started 30 years ago. I am self employed and have a SEP IRA for my self and my office employees. Can I contribute to both and are there any limitations?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,291 satisfied customers
My wife and I have 401ks through our employers. Our 2008 AGI
My wife and I have 401k's through our employers. Our 2008 AGI was $225k. We also have 2nd income streams thru sole proprietorships. I set up SEP IRA's for each of us because of these 2nd jobs. TurboTa… read more
Bill
Bill
Master's Degree
3,132 satisfied customers
1. Michelle and Troy are a married couple. Michelle is
1. Michelle and Troy are a married couple. Michelle is age 52 and Troy is age 48 in 2008. They have one dependent child, Brooke, age 19 (see #2 below). Michelle is employed by Nostrom, Inc., and will … read more
Bill
Bill
Master's Degree
3,132 satisfied customers
I made my annual $4000 contribution to my IRA and ...
I made my annual $4000 contribution to my IRA and took the deduction but is was disallowed because I have had a separate account for years that had accumulated $400 in it. That separate account was sp… read more
Bill
Bill
Master's Degree
3,132 satisfied customers
my wife worked two employer,one had 401k plan made of ...
my wife worked two employer,one had 401k plan made of $40000 a yr and the other doesn''t it made of $30000 . so on w -2 form box 13 one with x and the other without x,can we still put some money for h… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,291 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