I had taken a loan on my 401k at my prior employer. I plan
I had taken a loan on my 401k at my prior employer. I plan on doing a rollover to my new employer's 401k. I don't have the total amount available to pay the loan back and my old employer's plan won't accept partial payment. That means that the whole outstanding loan amount will be taxable as a premature distribution. I have about half the money and can have the balance within 45 days. Is there a way to consider the distribution as a 60 day rollover and deposit the distribution amount via personal check and classify it as a 60 day rollover? If so, how do I do it to make sure it is accepted by IRS?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no that is all.
JD, MBA, CFP, CRPS
A client came to me on 60th day with his indirect ira
A client came to me on 60th day with his indirect ira rollover. We filled out annuity application and overnighted money and ira annuity application to insurance company. Did he meet 60 day requirement when he gave me check and application or is he going to be late because insurance company received on day 61.?JA: What confuses you?Customer: Need a tax expert to help answerJA: The Expert will know what to do. Is there anything else the Expert should be aware of?Customer: No
Tax advisor and Enrolled Agent
I have read your opinion (about a year ago) for a UK citizen
I have read your opinion (about a year ago) for a UK citizen receiving a State Pension as well as USA Social Security benefits.JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.Customer: I have read Lane's opinion (about a year ago) for a UK citizen receiving a State Pension as well as USA Social Security benefits. I have a similar situation because I am entitled to Social Security benefits as well as a UK State Pension and CPP, both of which require residence/citizenship to qualify. However, I do not receive any PRIVATE pension from UK, Canada or USA. Based on Judge Robert E. Blackburn's ruling in the JOSE G. RABANAL case am I subject to WEP?JA: Is there anything else the Retirement Accountant should be aware of?Customer: I do not know but I will provide any further information that you require.
How can i determine the expiration date of my irs debt? I am
How can i determine the expiration date of my irs debt? I am aware of the tolling from an oic and bankruptcy & the several other things. I want to know the actual date the irs is using. I got my transcripts but it does not give the date.I know the date the returns were assessed which is when the clock starts. I know the start & denial dates of of the oic---there are no other tolling issues.I add the tolling time to the statute time & figure what should be the proper date. I have asked the irs 3 times by phone & have gotten 3 different dates & none are the same as mine.Where does the buck stop--? How can I find out definitively that I can count on?
I was advise incorrectly to file form 8832 to change my
Hi PearlJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I was advise incorrectly to file form 8832 to change my election on my llc to be taxed as a corportation 2014 I just correct it with FTB to change it back to a partnership which is should have been but my question is how to i make the change with the IRS to i fill out the 8832 form again changing it back to a parntership?JA: Is there anything else important you think the Accountant should know?Customer: I had the LLC since 2019 but haven't use it until 2014. When it was change to a corportation. The LLC is a real estate investment company and i have one rental property under the LLC i tihnk that's it think*
I received a 1099Q in only my name. Since divorced my X
I received a 1099Q in only my name. Since divorced my X added by courts so became a joint account holder. Our son decided to cash out tuiton account. So check sent to my X house and we both signed back of check. My X said would put in sons bank account but never did. She deposited in her bank account and keep the funds. How can I change this 1099Q since only in my name to her name? How do I get her as the beneficiary since she did not give funds to my son whom is listed as beneficiary? Also will my son be on the hook since doing his own taxes for 2016 and he was the beneficiary listed on the account, as box 6 was checked on 1099Q?Thanks Michael
Vocational, Technical or Trade School
Lane, Is there any checklist available that i can give my
Hello Lane ,Is there any checklist available that i can give my client to see if the Exit tax is applicable to them? I know how much they have here but i dont know how much they have in his country? also this is only on asset that is under his personal name , because he has 2 LLC as well. Just by the look of what you send me , he doesnt have more than 2 million and he didnt have a 139K tax liabiliaty in the pass 5 years.
JD, MBA, CFP, CRPS
This question relates to "-to-market" election under IRS
This question relates to "mark-to-market" election under IRS code section 475. To make the election for the 2016 tax year, you must attach an election statement to your 2015 return filed by 4/18/16 (or to an extension request Form 4868 filed by 4/18/16). Is it possible to file 1040X amendments for 2015, 2014, and 2013 to make the election for the applicable year?