asked
An IRA of a deceased owner, who had not taken RMD in 2021 prior to death, has 5 non-spouse beneficiaries, one of whom is within 10 years of the owner's age. The beneficiaries need to know: 1. If each beneficiary has to take an RMD this year, and if so, do they each have to take 20% of the original owner's RMD? 2. Is the older beneficiary handled differently? 3. If the IRA is set up as individual Beneficiary IRAs under the beneficiaries' names, will it not count as a distribution by the IRS, or does it need to be titled "[deceased], deceased, FBO [beneficiary]" to avoid being considered a full distribution?
February 27th, 2023
I moved from FL to GA and need to transfer my wedding photography business (no employees) to GA. Most of my weddings will still be in FL and SC, while I try to book weddings in GA. What are the legal requirements and what should I file?
November 21st, 2023
I just sold a rental property and want to give some of the proceeds to a friend’s son. I have not given any money in the past. What are the tax consequences for me?
March 21st, 2023
The IRS made a mistake on my federal refund by not applying premium tax credits for health insurance premiums, resulting in a $1,300 overpayment. I have tried contacting them but the call volume is too high. How do I return this money without being penalized or charged interest?
May 6th, 2023
How can I get a copy of my state and federal tax returns?
April 3rd, 2024
I am a 75-year-old US citizen with an income of $12,720 from Social Security in 2021. My wife, who is Indian and had a Green Card, sold her apartment in India in 2021 and transferred the proceeds of $62,737.21 to our joint account in Bank of America. The sale did not incur a capital gain, and 5% tax was paid to the Indian government. My questions are: 1. Will there be a tax in the USA on the proceeds transferred from India, and if so, what would be the tax? 2. Should I file tax returns this year (before April 2022) since tax has been paid to the Indian government and there is no capital gain? 3. If so, which IRS form should I use and what documents should I submit?
June 19th, 2024