I am 70 years old and withdrew my entire traditional IRA of $46,000 last year for home repairs. I did not withhold taxes on the withdrawal. Must I pay taxes on the entire $46,000 as income this year?
January 26th, 2024
I am preparing a tax return that includes reimbursed moving expenses. I am trying to fill out form 3903-Moving expenses worksheet, but the wording is confusing to me. I would like to chat with someone who is experienced with reimbursed moving expenses that were added to the employees wages (including the taxes that were paid to a third party(Fed,Fica,Med,Mass). The only item in box 12 Code P I was told was for meals. I think I know how this should be recorded, but the 3903 worksheet does is not giving me the numbers I would expect.
December 16th, 2023
I just realized I was not able to report one W2. I am supposed to get a refund. Should I amend my tax return now or should I wait for IRS's notice?
February 17th, 2023
How do I change the bank account my wife's social security check gets deposited into from a savings account to a checking account?
October 25th, 2023
I had $150,000 in a China bank account 2 years ago and forgot to include this in my last year's tax return. I lost $50,000 in the past two years. Do I get a penalty for not reporting this asset on my last year's tax return, and can I get a tax deduction for the investment loss incurred in this account?
November 9th, 2023
My mom passed away in Feb 2012, and my sister was the executor of her estate. Her final assets total about $82,000 for each of us. My sister took a lump sum last year, but I took $25,000 in 2013 and left the remainder in the investment (NY Life annuity). Do I need to fill out any paperwork or tax forms regarding getting this money, and do I owe any inheritance tax on this amount? Also, does the state of PA (where I live) get involved in any forms or taxes? Is it different if I rolled the remaining money ($57K) into an IRA?
April 22nd, 2024