I cashed out 4 529 plans, one for each child, to invest in another account. I expected to pay a 10% penalty on the earnings, which were $3730. However, when I input the information into the H&R Block software, it reported a $373 penalty but also included the $3730 as income, resulting in a significant tax loss. How should I handle this situation?

April 29th, 2023

Can I claim my child as a dependent if I did not provide more than half of their support, even if the child's other parent is allowing me to claim the child on my taxes?

January 13th, 2023

I am trying to get my AGI number, but I have had issues with viewing my transcript online and receiving incorrect information when I called to order it. What can I do to get my AGI number, and can I guess it?

November 21st, 2023

How can I correct an error in checking box 13 on my W2 form, which prevents me from checking the retirement plan, and what should I do if I cannot find the form in my tax preparation software?

August 25th, 2023

We live in Texas and my husband was deeded a 1/5 undivided interest in a ranch with a value of $1,500,000. The children were unaware of the gift until he died in 2009. The property is being sold now with a value of $2,600,000. What could the tax consequences be for this gift with each child receiving $500,000 from the sale?

October 10th, 2024