I cashed in a 1099-R in the amount of $26,421. I am 79 years old. Will I have to pay more than the regular percentage on these taxes since I withdrew all the funds? The entire amount I received with monthly benefits was $29,733.72, and $496.80 was taken out for Federal taxes and $132.48 for State taxes. They did not take taxes out of the $26,441.00 that I received in a lump sum. I usually got all of what I paid in back as I only have two small retirement checks and Social Security.

February 7th, 2024

I created an LLC in Texas but moved to Virginia. I want to use the LLC for making software from Virginia. Texas imposes a franchise tax of 0.25% to 4%, and Virginia has a personal income tax of 6%. Should I create a new VA LLC or keep the TX LLC for tax purposes? How will the taxes be affected if I use the TX LLC instead of creating a new VA LLC?

December 20th, 2024

I did my girlfriend's taxes about 2 weeks ago through H&R Block. I want to know if her taxes have been processed and sent to the IRS.

September 9th, 2023

Can Schedule C losses be taken 3 out of 5 years since the business started or the previous 5 years if the business has existed for 12 years?

September 13th, 2024

I accidentally reported that I did not receive the second stimulus payment. How will this affect my tax return and how can I fix it?

May 5th, 2024