My mother-in-law passed away in 2023 in Illinois. She had a traditional IRA for 9 years but did not take any RMDs. We would like to make a catch-up distribution for the missed RMDs, as well as an additional one for the current year RMD while filing multiple 5329s and 1040-Xs for the missed years. I want to understand the implications to the 4 beneficiaries. Does the estate make the RMD or is it the beneficiaries? If the beneficiaries, how is 2023 handled and is there a 10% penalty assessed on them since the distribution was for more than the RMD and they are not 59 1/2, even though the distribution was to make up for past missed RMDs?

June 2nd, 2024

I am an Etsy seller who started my business in September 2022. I did not qualify for a 1099 from Etsy for the 2022 year, and I live in Michigan. My total profit for 2022 was $1600, but this doesn't account for the cost of merchandise. Do I still need to file a tax return?

April 9th, 2024

If I sell my primary residence in Texas, which I bought in 2007 for $200,000 and is now worth $1,000,000, how much in taxes would I pay, considering I am married and filing jointly?

December 16th, 2024

I'm trying to retrieve my IP PIN number so I can file my taxes. I am located in Greenwood, MS, 58 years old, single, and made about $30,000 last year. I haven't received a CP01A Notice and I've tried everything to get my IP PIN but still haven't received it. What should I do?

May 21st, 2023

I opened a rental car company and am in the process of purchasing vehicles from an auction. They are requiring me to complete a tax exemption form, but I'm unsure how to fill it out. Additionally, I received the articles of formation but no business license. What steps should I take to obtain a business license and correctly fill out the tax exemption form?

April 27th, 2023