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Recent Indirect Tax Laws questions

I became disabled in 2016 permanently and unable to work. I

I became disabled in 2016 permanently and unable to work. I am on SSDI now for income. I moved my 403B money to an IRA to avoid paying a 10% tax penalty. I next cashed out the IRA but did not have to pay 10% penalty because I could prove my disability. At the time of cash out, I did pay to the IRS 18,012 withholding and another 9,006 to the state. When I filed my income taxes the balance to me counted as income and I am now having to pay 23,000 in taxes. I used the money to purchase a home to live in as retired. Since I needed to do this, shouldn't this be viewed as a hardship? Seems grossly unfair to me.JA: The expert will know how to help. Is there anything else the expert should be aware of?Customer: I am making payments now of 500/mo

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Robin D.

Vocational, Technical or Trade School

25,640 satisfied customers
I had to default an oic---could not make the

I had to default an oic---could not make the payments---should I voluntarily contact irs or wait for them to mail me notices?JA: The expert will know how to help. Please tell me more, so we can help you best.Customer: oic accepted by irs in September 2015, I defaulted due to inability to make required payments in November 2016---which at that time my area was in a disaster relief area (florida) due to hurricane matthew. I should have continued the payments in april 2017, but could not---not enough funds.JA: Is there anything else important you think the expert should know?Customer: no

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5,018 satisfied customers
I received a 1099-misc from my former employer but it is not

I received a 1099-misc from my former employer but it is not listed on my wages and income transcript. Do I need to worry about it when I file my taxes. I have a w-2 from my current employer. I have filed an extension on my taxes.JA: It's hard to know for sure. The Lawyer will figure it out. Because employment law varies from place to place, can you tell me what state this is in?Customer: MichiganJA: Has anything been filed or reported?Customer: noJA: Anything else you want the lawyer to know before I connect you?Customer: no

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Mark Taylor

Certified Public Accountant

Masters

3,736 satisfied customers
Will the taxpayer qualify for EIC if they have active k-1 S

Will the taxpayer qualify for EIC if they have active k-1 S corp income in about 20k. or in other word, does active 1120S k-1 income consider investment income for EIC purpose?

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Mark Taylor

Certified Public Accountant

Masters

3,736 satisfied customers
I just moved to the US this March and was living in

I just moved to the US this March and was living in Singapore for the last 6.5 years. I am a Filipino Citizen.Upon leaving Singapore, I had to settle taxes for shares that my company has issued to me over the last few years. These shares included those that are vesting in November 2017, November 2018 and November 2019 – and I already paid taxes on those shares based on a deemed income approach applied by Singapore to any foreigner leaving their country.My question is, as more of these shares vest and become mine in November 2018 onwards, is the IRS going to charge me again for taxes on those? If yes, are there any remedies?Thanks.JA: The expert will know how to help. Is there anything else the expert should be aware of?Customer: The shares are issued out of Switzerland.

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Robin D.

Vocational, Technical or Trade School

25,640 satisfied customers
If I take out $70K from my IRA and return it back within 60

Hi,If I take out $70K from my IRA and return it back within 60 days, do I have any tax consequences?

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Robin D.

Vocational, Technical or Trade School

25,640 satisfied customers
Referring to capital gains and inheritance laws in Peru: We

Referring to capital gains and inheritance laws in Peru: We will be inheriting some properties from my mother in Peru which we intend to sell within the year.Since we inherited the property at it's current value, is there any capital gain involved when it's sold?Would taxes be assessed when the property is passed to us, as against when we sell? Since the titles haven't been changed yet, to whom do the properties now belong?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,454 satisfied customers
I just got married and have a private practice. My student

I just got married and have a private practice. My student loan is really high and I am on IBR. My income has increased this year. I am thinking about getting an LLC and holding some of the funds in the LLC or having the company pay the bills. Can I do this? Should I continue to file single?If I do the LLC- what are the benefits for LPCs?Will it protect me from being sued?I know it will save my money in taxes.What is your advice? Is it worth it?

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Mark Taylor

Certified Public Accountant

Masters

3,736 satisfied customers
I want to collect social security benefits but afraid it

I want to collect social security benefits but afraid it will put me in a high tax bracket and not be worth it. I am of full retirement age but make 68k a year so the additional 24k would put me at a very high bracket. Should I not collect my social security benefit because of this?JA: The expert will know how to help. Is there anything else the expert should be aware of?Customer: my parents both died in their 60s and never got to collect any social security benefits at all. I wanted to take advantage of the benefits to pay some credit card bills

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,454 satisfied customers
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