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Recent Filing Status questions

Filing status - Taxpayers are married. Spouse has a child

filing status -Taxpayers are married. Spouse has a child from previous marriage that lives with her and she claims as a dependent on her tax return.Taxpayers need to file separate. If one files MFS can the spouse file HOH? and do they both need to claim the same as far as Itemized or Standard?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,180 satisfied customers
How much can I take out of IRA before I pay tax on the

How much can I take out of IRA before I pay tax on the funds. We get just under 36k from Social Security each year. I have an ira consisting of gold and silver coins. The maint. fee is too high so i would like to store them here locally in a safe deposit box. we currently get $37377 from S.S. yearly. the coins are worth $33000, how much tax will we have to pay to do this or is there a better way? we live in texas and are 69 me 66 wife

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,454 satisfied customers
I will be receiving my pension annunity payments of 1100.00

I will be receiving my pension annunity payments of 1100.00 in a month or so. What percentage who I take out for the W4P form?JA: The expert will know how to help. Please tell me more, so we can help you best.Customer: My employers gave me a W4P for tax purposes. My annunity will be approx 1100.00 monthly. How do I calculate the tax to be withheld?JA: Is there anything else important you think the expert should know?Customer: I also receive social security income and I work parttime.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,914 satisfied customers
If I make $100K/year in salary and decide to cash out my

If I make $100K/year in salary and decide to cash out my 401K which has $163K in it, how much would I pay in taxes when I withdraw the 401K money and for the year

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Robin D.

Vocational, Technical or Trade School

25,640 satisfied customers
I have recently sold an investment property and netted about

I have recently sold an investment property and netted about $9k in proceeds. I am looking for ways outside of the 1038 exchange or donation to charity to avoid capital gains tax. Could I invest this in my 401k or Roth? I am interested in learning things that are not readily available via a Google search.

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Robin D.

Vocational, Technical or Trade School

25,640 satisfied customers
I have two questions. First for year 2013. old aqnd, sorry

I have two questions. First for year 2013. I am 69 Years old aqndJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: sorry 69 years and retired. in 2013 i received $15,346.80 social security. And a small annituity.$7009. 72. I was told since I earned under $25,000.00 and with normal deduction I did not have to file. Is this correct?JA: Is there anything else the Accountant should be aware of?Customer: No just the small annuity that I did not have taxes taken out whwn I received it. So I know I have to claim it. but there is a deduction (I have to claim for the total of the two) correct.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,454 satisfied customers
I am a member of an LLC. In 2005 a form was filed with the

I am a member of an LLC. In 2005 a form was filed with the IRS electing an S corp filing status by the accountant I was using at the time. I have always filed as a partnership. Three years ago I was alerted to the problem by the IRS. I have sent explanation letters to them each year since with no reply. I just received a letter from them charging me $3900 for "failure to file" for just one of those years, 2015. I have retired and closed the business and filed the final return (partnership) for 2015. Is there anything I can do?+

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Mark Taylor

Certified Public Accountant

Masters

3,736 satisfied customers
Would increasing my 401(k) contribution increase my tax

Would increasing my 401(k) contribution increase my tax credit next year and is there a formula/equation to determine by how much?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,914 satisfied customers
I am paying for term care Texas qualified plan, can the

I am paying for long term care Texas qualified plan, can the premium be a tax deduction? I do not itemize my return, would this deduction allow to be enough to qualify

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Robin D.

Vocational, Technical or Trade School

25,640 satisfied customers
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