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My questions are about form 8606. I started asking questions
My questions are about form 8606. I started asking questions about filing this form on June 15th and I am continuing it here with additional questions. . .ok first question 1) On form 8606, item 3 in … read more
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I have an issue with a corrected RMD from prior year. Is
Hi I have an issue with a corrected RMD from prior year … read more
Lev
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I have a tax question. Filing taxes for mother 92 years old.
Filing taxes for mother 92 years old. She inherited some money /IRA in 2017 from a deceased family member. Her income is from Social Security and has not filed taxes in years. The IRS sent a letter asking why she hasn't filled taxes. We didn't think that the inheritance was income since the taxes were deducted from it when it was transferred.… read more
Lev
Lev
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My husband's has a Pension from Massachusett & retired with
My husband's has a Pension from Massachusett & retired with 40yrs of service. He gets a monthy Check. This year taxes are asking if he did the required minimum distribution. This if the first year the… read more
DK_CPA
DK_CPA
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Master of Science in Accounting & Taxationb
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I am a 68 year old divorced woman. I owe $1900 in federal
I am a 68 year old divorced woman. I owe $1900 in federal taxes (will receive $790 back in State of OH taxes). I took out money from my IRA in June 2017 for home improvement project that was postponed… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Concerned about an inherited IRA. My mother passed in May of
My mother passed in May of 2016. She had an IRA that was my fathers who passed several years prior. I have 4 siblings and we where all equal share beneficiaries. We cashed out the IRA and put it in an estate account. We distributed the funds last year. It just came to mind that I never saw a 1099. Not sure if we where supposed to get one. Really unsure of what we where to do. Now I am concerned that we didn't do something right and we are going to get hit with something from the IRS. … read more
Robin D.
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I have a complicated question about missed RMDs. My mother
I have a complicated question about missed RMDs. My mother had 2 IRAs when she died in 2014. I did not know they were IRAs or that I needed to take RMDs until 2016. I took 3 withdrawals in 2016 into a… read more
Lev
Lev
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Husband and Wife passes in the same year. One in April of
Husband and Wife passes in the same year. One in April of 2016 and the other June of 2016. Ages 80 & 82. The last time they filed a return was in 2013 because of a reportable sale proceeds of property… read more
Mark Taylor
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You answered a question 6 years ago concerning the transfer
You answered a question 6 years ago concerning the transfer of a US IRA account to a UK pension. Has the situation become any easier or clearer since then? … read more
Lane
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Client switched jobs early in 2016. W2's record $4041
Client switched jobs early in 2016. W2's record $4041 pension deferral contribution from employer 1 and full $18,000 deferral from employer 2. Had the client remove $4041 which she now rolled over a p… read more
Lev
Lev
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I have a client who is going thru a divorce. The divorce
I have a client who is going thru a divorce. The divorce decree states that his wife has to receive 1/2 of his pension. He received a 1099 for all of his pension from his pension payer. can he give hi… read more
Robin D.
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Vocational, Technical or Trade School
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I received a CP2000 letter from the IRS for taxes owed in 2012
I received a CP2000 letter from the IRS for taxes owed in 2012 for $8025. For whatever reason, the 1099R for an early withdrawal from my Roth IRA through Wells Fargo never made it to that years return… read more
Anne
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My husband died suddenly in 2009. I recieved a letter from
My husband died suddenly in 2009. I recieved a letter from his union saying money was due me from 3 different funds. 1 would pay me monthly income for 60 months, another was lump sum and the other was… read more
Lawrence D. Gorin
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J.D. (Juris Doctor)
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I am semi-retired and plan on taking distribution of a small
I am semi-retired and plan on taking distribution of a small pension fund when I turn 63. The balance in the plan is $18,000. There are several ways I can take the distribution, and one of them is to … read more
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I was laid off from my job in Janury and recieved a severance
I was laid off from my job in Janury and recieved a severance package of $25,000 (21,000 for years of service and 4,000 to cover Cobra insurance for my family for 3 months). In addition to that I had … read more
CGCPA
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I left a company X in 2007. At the end of 2007 (December 10)
I left a company X in 2007. At the end of 2007 (December 10) I received by mail a check for $16000 from $20000 of my 401K. $4000 were taken as a tax. On January 17 I opened IRA with Fidelity and sent … read more
Lev
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Bachelor's Degree Equivalent
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My wife inherited about $50,000 of stocks, bonds, cash, etc.
My wife inherited about $50,000 of stocks, bonds, cash, etc. when her dad passed away in 2007. We filed our 2007 return on time last year and I thought that we didn't have to pay tax on this amount. W… read more
Marvin,EA
Marvin,EA
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Bachelor's Degree
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I put money into in IRA in 2005 from an annuity that should
I put money into in IRA in 2005 from an annuity that should not have been put into the IRA. When I realized this in June 2006 I submited paper work and had it removed. Now i have received a 1099 sayin… read more
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