I have a question regarding Spousal IRAs and SEP IRAs. The IRS allows contributions to an IRA for a spouse without taxable compensation if filing a joint return, as long as the other spouse has enough earned income. However, TurboTax states that excess contributions to a spouse's plan may result in penalties. Additionally, if my spouse and I are running a business as a joint venture and received a single 1099 form under my social security number, how should we report this income on our taxes?

April 12th, 2024

I have a Form 1040-V and want to pay with a credit card. There's no place on the form for the card number. Where do I put the credit card information?

May 28th, 2024

My husband died in December 2014. I was told to file jointly for 2014 and 2015. Now, as I'm filling out my taxes, I want to confirm the correct filing status.

April 13th, 2024

I'm curious about my options for filing taxes as married but separate. I was on strike from my company from February to July 2015 and took distributions from my IRA account. I also had loans from my employer's 401k account that defaulted due to an accelerated amortization schedule I couldn't pay. I'm aware of the tax on early distributions from retirement accounts, which are considered income. Should I file married but separate? My wife's tax obligation is smaller than mine, but if we file jointly, it would increase. Looking for advice.

August 17th, 2024

For a sole proprietor, what are the top ways to reduce the amount of taxes I have to pay each year?

November 13th, 2024