What needs to be included on a C-corporation dissolution plan to the IRS when filing the final corporate tax return?

May 10th, 2023

How do I calculate Part V (Distributions From and Dispositions of Stock of a Section 1291 Fund) of Form 8621 for my situation? I am a US permanent resident with a 2013 tax status as a non-resident and a 2014 tax status as a resident. In 2014, I sold all foreign stocks that I had bought through a trading account while in India. I bought several lots of a specific stock (ABC) over time before 2013 and sold them all on the same day in 2014.

May 2nd, 2024

If a person wins a large sum of money, does the IRS take the tax out immediately or do they wait until April or do they make arrangements for payments monthly? This is a hypothetical question. I am in a contest where the winner will win a great deal of money to be paid out weekly for their lifetime and then their beneficiary will continue when the original person passes on. I have not won, but I am hopeful like a million other people. I am just curious.

April 18th, 2023

How will my tax return look if I have an income of $23,000 from salary, $3,150 from unemployment, $26,660 from disability pension, $18,062 from Social Security, $14,500 in disbursements, and deductions including $4,458 in federal tax, $461 in Medicare, $285 in SDI, $1,192 in state taxes, $1,969 in Social Security, $329 in dental, $1,247 in Kaiser, $7,361 in 401K, and $1,309 in a loan? Additionally, I bought a home this year and paid $9,100 in mortgage interest and $4,200 in property taxes. Can I get an additional $10,000 this year from my IRA? I have one dependent, my father who passed away in January, and I am married filing jointly.

May 18th, 2024

The IRS says I owe them $7,000 for capital gains on my 2013 taxes even though the gains were reinvested and I never received any funds. Do I owe this money?

September 27th, 2024