I am considering a $100,000 withdrawal and would like to know if income averaging will help. Is it possible in this case? What is the best option? My company allows up to 3 years to pay the taxes, and I can also recontribute during these 3 years to reduce the amount of taxable withdrawn money. Should I choose to defer my tax payment until then?

September 14th, 2024

If I receive a $150,000 bonus and make $80,000 per year, what percentage of federal tax would be withheld from the bonus, and how much more can I make before I get into a higher tax bracket?

February 14th, 2023

I helped my son's friend file his taxes, but his refund was denied because the IRS said he owed money from previous years where he had drawn unemployment benefits. The problem is the boy was in high school and only 16 or 17 at that time. I later learned that his dad is the one who claimed these benefits and should be the one paying this back. The IRS won't talk to me, and the boy's parents won't take care of this matter. I gave the boy his refund early, and now I'm out about $500. They won't pay me back. What can I do?

April 11th, 2023

Since 1913, have changes in the tax laws always increased individual tax rates, never decreased them?

July 16th, 2024

Can my dad claim me on his taxes if I don't want him to and I'm over the age of 18?

May 4th, 2023