I have a Percentage Allocation Money Management (PAMM) FOREX account where the master trader, who is not a US citizen, takes 40% of the profit minus brokerage commission fees, leaving me with about 55% of the profit. The forex brokerage is based out of Saint Vincent and Grenadines, and I will not receive any IRS forms like 1099-B. As a US citizen, what is my tax liability, and how should I report the profits from this account?

June 6th, 2023

I only have SSA as my income and have inherited an IRA, ~$52,000, from my mother who passed away in Dec/22. I am 67 years old, single, and have no dependents. My typical filing status is single, and I made about $26,000 this year. How should I handle the IRA, and what is the best way to determine the approximate amount of tax I will owe on the inherited IRA?

August 22nd, 2023

I am a Turbo Tax customer. In late 2022, I became a beneficiary of an IRA from my sister who passed away. She was 78 and I am 74. I am concerned about the 10-year exemption and the required RMD. Can Turbo Tax help?

March 28th, 2023

Can a taxpayer who sold their main residence exclude up to $500,000 for married filing jointly from the gain on the sale, and if so, how should the exclusion be identified and reported when the sale is paid in installments over multiple years?

April 13th, 2024

I received a CP60 notice regarding additional tax owed for Tax Year 2018 dated November 28, 2022. I have an existing installment agreement and would like to add this additional amount to my current balance. What steps should I take to do this, and how can I avoid making the same mistake in the future?

September 5th, 2024