Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
I contributed $26,500 to my SEP account. Then just yesterday
Second opinion] I contributed $26,500 to my SEP account. Then just yesterday 5/07/202, I filed my 2020 tax return with SEP contribution of $26,252 (based on my 2020 net income from schedule C minus SE… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,365 satisfied customers
I contributed to self employed sep for 2020 in 2021. 15 days
Second opinion] I contributed to self employed sep for 2020 in 2021. 15 days later I roll-over the entire contribution to a roth solo 401 (k) which counts towards 2021. however, my sep contribution fo… read more
HowardD414
HowardD414
ATTORNEY/CPA
LLM
91 satisfied customers
I contributed to self employed sep for 2020 in 2021. 15 days
I contributed to self employed sep for 2020 in 2021. 15 days later I roll-over the entire contribution to a roth solo 401 (k) which counts towards 2021. however, my sep contribution for 2020 is $248 m… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,513 satisfied customers
Robin, I am doing taxes for 2020. In 2020 we had an HSA with
Hi Robin,I am doing taxes for 2020. In 2020 we had an HSA with high deduct health plan. In 2021 we no longer have high deduct health plan. In 2021, I made a contribution of $130 for tax year 2020. Is … read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,429 satisfied customers
I made several mistakes on my 2020 income taxes. In a
I made several mistakes on my 2020 income taxes. In a nutshell, I accidentally put $6K into my Roth IRA (which triggered an excess contribution since I'm not eligible for 2020) when I meant to put it … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,873 satisfied customers
I have an excess IRA contribution from 2019 I need to
I have an excess IRA contribution from 2019 I need to correct. My understanding is that since I am past the time that I could "undo" it that I do not have to pull out the related income - just the con… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,670 satisfied customers
I deposited money into Roth IRA account directly in 2020
Hi. I deposited money into Roth IRA account directly in 2020 (twice, each of $6000, in March 2020 ), which is not allowed in my income bracket. I realized it later and have my broker move the money in… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,190 satisfied customers
I just received a letter from the IRS with a proposed amount
I just received a letter from the IRS with a proposed amount due of $12k for an income adjustment of +$20k for my 2018 taxes.The situation is this - in 2016 I opened an SEP account and deposited $25k.… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,190 satisfied customers
I over contributed to my spouse and I's Roth IRA. I haven't
I over contributed to my spouse and I's Roth IRA. I haven't filed yet, but the 1099R that will reflect the amount I had to withdrawal will not come until 2021. So to avoid the 6% IRS penalty, what do … read more
Roxanne625
Roxanne625
Master of Accountancy
1,634 satisfied customers
Due to w2G income and 10-99 income, it appears my MAGI will
Due to w2G income and 10-99 income, it appears my MAGI will exceed the limits for ROTH IRA contributions for 2020. Are there any strategies to avoid having to withdraw excess contributions and gains? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,873 satisfied customers
This question is regarding a taxpayer (single member LLC
This question is regarding a taxpayer (single member LLC taxed as S-Corp) that contributed too much to a SEP. Financial advisor told him to contribute $56,000 (in Oct 2019), probably thinking he was s… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
2,943 satisfied customers
My 2019 employer contribution (self employed Sub charter S)
My 2019 employer contribution (self employed Sub charter S) and my 2019 employee contribution to my Profit Sharing Keogh Plan were mistakenly deposited in my SEP-IRA at Fidelity. How do I correct this… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,873 satisfied customers
I am a self employed with schedule C Income, I over
I am a self employed with schedule C Income, I over contributed SEP in 2015 and 2016 return. How can I correct this error? My SEP( is just a savings account) custodian bank said it is too late to corr… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,181 satisfied customers
If owner of LLC (flow through) with one employee setup a SEP
If owner of LLC (flow through) with one employee setup a SEP IRA (new) under the following conditions, please answer a solution.Owner paid self $30,000 and funded a SEP 25% $7500 and his employee was … read more
PDtax
PDtax
Owner
Master's Degree
6,449 satisfied customers
A taxpayer is an owner & employee of 2 businesses. He participates
A taxpayer is an owner & employee of 2 businesses. He participates in business #1's Simple Plan in 2013 & defers 7,800. Unaware that he can not participate in the 401(k) plan of business 2, he signs u… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,873 satisfied customers
I filed my taxes on time, but made a mistake on my Schedule
I filed my taxes on time, but made a mistake on my Schedule C, under reporting the income by ~$7500. Total sales income reported was approximately $55000, and should have been $62500. The reason is th… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,873 satisfied customers
I have exceeded my yearly direct deposit to my HSA account.
I have exceeded my yearly direct deposit to my HSA account. I am subject to a 6% excise tax. I have been advised that I can pull the excess out of the account to avoid this tax. If I do this, I am ass… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,873 satisfied customers
1. Made a contribution to Roth IRA in 2010 of $5000. Just
1. Made a contribution to Roth IRA in 2010 of $5000. Just realized today(3/31/2012) that this was excess contributions due to 2010 AGI of over $176,000 (married filing joint) and my 2011 AGI is also t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,873 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

6,039 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

838 satisfied customers

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

Loren

Loren

Attorney

741 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

23,416 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,667 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

< 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