I'm self-employed, 65 years old. Last year, I contributed $7K to a Traditional IRA and $10K to a Solo 401K. I later contributed $17K to a SEP IRA, which I wasn't supposed to do. I had the custodian refund me $17K, resulting in a 1099R for $17K coded 'P'. How should I handle this on my tax return, and should I disclose both the contribution and the distribution?

April 29th, 2023

I filed for my original tax return in 2019, but due to COVID-19, the post office where it was supposed to be sent was shut down. I refiled in June 2022 using the IRS website, which indicated that my return was being processed. However, the website has since changed calendar years, and I can no longer access information or assistance for my 2019 return. I am single, unemployed, and trying to recover all my past economic impact payments. What steps should I take to track my refund and ensure I receive the economic impact payments I am owed?

May 16th, 2023

I just opened a business with friends. The business is registered in Washington State, but I am the only one living in the US. There are 4 owners, each from different countries. Do I need to withhold taxes for this business and pay Washington State taxes as a business, or can each of us report it as individuals? If we can report it as individuals, can I not open a business account for it? I need to transfer money from PayPal to my account, so at the end 'I receive all the money' but release funds for each board member. What should I prepare for the next year regarding business taxes?

September 20th, 2023

I mistakenly entered the wrong direct deposit information on my 1040SR tax return form. How can I correct this before my refund is deposited into the wrong account?

April 18th, 2023

What type of 1099 form does a truck driver use and what information is needed to complete it?

September 21st, 2023