Lori L. asked
How much federal tax will I owe for 2016 if I am 65 years old, no longer working, and started drawing Social Security benefits in January 2016? My total monthly Social Security benefits for 2016 are $25,956 (less $1,248 Medicare premiums), monthly pension payments are $2,628, and taxable IRA withdrawals are either $25,000 or possibly $30,000.
November 27th, 2023
Angela N. answered
If you took a $30,000 IRA distribution, your federal taxes would be just above $4,000. If you only h...
November 27th, 2023
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I had to use retirement savings to live on during 2016 because I was unable to work. I was just granted social security disability. Will I have to pay a penalty and taxes on the $12,000 I borrowed from my retirement fund? I also had $3,000 in alimony and about $4,000 in self-employment wages.
April 3rd, 2024
I am a widow and my husband had a pension. I received a lump sum plus a small monthly payment. Do I file an estimated income tax for the amount received, or do I count it as income on next year's taxes?
March 5th, 2023
In making a 481(a) adjustment for an S Corp that has always been an S Corp and has just reached $10,000,000 in gross receipts, forcing a switch from cash to accrual basis, how do you account for the difference in retained earnings?
December 18th, 2023
I am a tax professional and received a payoff calculator from the IRS practitioner line showing my client owes taxes from 2000-2004. I asked the phone person at IRS if this would include the date tax assessed, but the information provided did not include this. Since these are beyond the statute of limitations, this seems important. What form gives this data, an accounts record?
October 6th, 2024
Where is the best place to report health insurance premiums paid by a >2% S Corp owner, which were not included in his W2 (100% owner)? He also has Schedule C income, and the premiums were paid by the S-corp. He's a conservative client.
June 6th, 2023
