I filed two Form 5329 for not withdrawing the IRA minimum distribution requirement. One for myself and one for my wife. The form for me was in error and should not have been sent with our 1040 return. My wife's form was correct and accurate, and we paid the penalty. However, the IRS gave me the credit for the payment. What should I do?
November 6th, 2023
I owe approximately $4,000 in taxes this year and was planning to pay it with a divorce settlement that I was supposed to receive in January 2012. However, my ex-husband now says he can't pay me until June 2012. How can I pay this money on my taxes?
August 13th, 2023
I have a traditional IRA with a significant loss and would like to convert it to a Roth IRA. Would I have to pay taxes on the transfer to a Roth IRA?
November 22nd, 2024
As a rental property owner, can I claim my labor in doing repairs after my rental house was trashed by tenants? I spent over 160 hours working for more than two months to replace doors, windows, baseboards, resurface kitchen cabinets, floor tiles, paint, etc. We have over $5,000 in material receipts. Can I include fair market labor?
August 5th, 2023
My husband inherited a fund from his mother and he passed away in Nov 2011, and now the fund reverted to me which I sold to pay funeral expenses. I do not think this is income but want to know if I am right and if I have to pay some inheritance tax to my state of Pennsylvania? I have not made enough to pay state taxes in years and now at 65 do I owe because of this - the fund was $10,861?
September 10th, 2023
Can I take money out of my SIMPLE IRA and put it back into the same SIMPLE IRA within 60 days, and have it count as a rollover (NON-taxable event)? I have had the SIMPLE IRA for 20 years.
May 12th, 2024