I had an IRA that I cashed out and deposited into another bank. My tax preparer says I owe $498 for this distribution because she doesn't have Form 5498. My bank says Form 5498 is not issued until May and that the tax preparer should know how to file it without the form. Is Form 5498 necessary, and is there another way to show that the amount was rolled over into a new IRA?

February 3rd, 2024

I am 64 years old, my wife is no longer filing taxes jointly with me due to her expanded international business, and I have an approved LLC since August 2020 that has not started operations due to the COVID-19 pandemic. I have not worked since July 2020. What is the correct filing status for me, how should I handle the IRS debt, and what tax returns do I need to file for the LLC and myself?

October 18th, 2024

I have received two letters from the IRS to confirm my identity for a tax refund. I have tried the IDVerify online and the phone number but with no success. I am the Co-Trustee of my mother-in-law's estate and this is one of the last things I need to complete in order to close the estate and trust. Can I verify my ID here?

December 23rd, 2023

I am an 85-year-old widower in Michigan with no dependents. My wife recently passed away, and I have a revocable family trust with retirement funds (401K, 403B) valued over $500,000. I want to designate my 2 children and 4 grandchildren as beneficiaries with specific percentages (40%, 40%, 5%, 5%, 5%, 5%). Should I make my trust the primary beneficiary, or should I make my heirs the primary beneficiaries to avoid higher taxes?

November 21st, 2024

I mailed paper copies of my federal and state tax returns for the years 2018, 2019, and 2020 in February 2022. I have not heard anything from the IRS or the state of North Carolina. How can I confirm that the IRS and NC state received the mailed paper self-prepared tax forms?

January 4th, 2024