A client of mine donated $15,000 directly from his IRA distribution of $60,000. Should I show $60,000 on line 15a of Form 1040 and $45,000 on line 15b? If so, do I have to manually adjust the taxable amount for the charity?

April 13th, 2024

My 18-year-old son has lived with me for approximately 39 weeks of the year. However, his mother (divorced) has filed him as a dependent on her taxes. Our divorce agreement was odd years until my son turned 18 on June 21. He permanently moved back with me the next day. Who has the legal right to file him on the tax form as a dependent for the tax year 2017?

November 3rd, 2024

I purchased a new house this year and normally file an EZ Form since I have very few deductions. What additional steps should I take to have the new home help with my taxes, and are there additional forms now needed? Do I have to file standard tax forms rather than the "EZ"?

December 18th, 2023

I switched all my investment accounts mid-year from American Funds to Charles Schwab, including IRA rollover, Roth, and individual investment accounts. I received a 1099 from Schwab but nothing from American Funds. For my individual investment accounts, I am wondering if I need to declare capital gains with American Funds. I found a year-end statement online but no tax forms. The statement shows short-term capital gains and long-term gains (which are 0.00 for each). What should I do?

September 16th, 2024

What other information do you need to determine if I have a domicile in California? I am a merchant seaman who spends half the year working onboard a commercial vessel. My company is headquartered in Florida, and my paychecks come from Florida. I rent a house in California but do not own any property. Is there any type of part-time resident status available that I might legally claim to reduce my state tax bill?

October 7th, 2023