asked
A person dies in January 2008. They had a Power of Attorney (POA) prior to dying and a will that appoints a different executor than the POA. Is the POA responsible for the 2007 Federal Tax Returns? Is the Executor only responsible for the 2008 federal tax returns?
March 22nd, 2024
I received stimulus payment forms in the mail for myself and my two daughters. I receive Social Security disability benefits and my daughters receive death benefits. I filed a 1040A with TaxAct.com based on our combined benefits, but I haven't received payment instructions for my daughters yet. I was told to file an amendment form, but I was confused and called the IRS. They said I filled out the form correctly but I might not be entitled to any rebate because our combined income is below the amount allowed to qualify for the rebate. Why am I not entitled to a rebate? My Tax Act account also says my rebate refund is -0-. What am I doing wrong and what should I do?
August 3rd, 2024
After the U.S. Estate Tax has been assessed on the decedent's estate, do beneficiaries who are residents outside the U.S. and file a tax return including Form 2555 and claim Foreign Tax Credits on Form 1116 have to pay any Inheritance Tax on inheritance income they receive as a result of the execution of a decedent's will?
March 31st, 2023
I was recently informed that I needed to refile for homestead after a certain age, which I did not know about. My husband and I are 74 years old and have been paying taxes on our property for years when we did not have to. We are now receiving threats of foreclosure. What can I do about this?
January 3rd, 2024
How do I calculate the estimated taxes due to Federal, California, and South Carolina for 2008, considering I sold farm #1 in South Carolina for a long-term capital gain of $459,000, with South Carolina withholding $30,271, and potentially selling farm #2 in South Carolina for another long-term capital gain of about $220,000?
August 8th, 2023
My husband took a loan against his 401k between 2001 and 2005. He was laid off in 2006 and apparently defaulted on the loan, which he was unaware of until 2010 when the company sent him a tax form reporting the distribution to the IRS. The social security number on the form was incorrect, and his 401k plan had no record of any outstanding balance. We did not report this income in 2010 because we were married and in a higher tax bracket. Now, we received a letter from the IRS about not reporting this income. Can they come after him all these years later? Do we have to pay taxes at the 2010 rates when he would have been in a lower tax bracket 5 to 10 years ago? We live in MA if that's a factor.
January 7th, 2023