Colleen C. asked
I had to use retirement savings to live on during 2016 because I was unable to work. I was just granted social security disability. Will I have to pay a penalty and taxes on the $12,000 I borrowed from my retirement fund? I also had $3,000 in alimony and about $4,000 in self-employment wages.
April 3rd, 2024
April W. answered
If the $12,000 was a loan from your retirement account, there is no tax on a loan for a 401k or simi...
April 3rd, 2024
Create an account to view answers and interact with the community!
I am a widow and my husband had a pension. I received a lump sum plus a small monthly payment. Do I file an estimated income tax for the amount received, or do I count it as income on next year's taxes?
March 5th, 2023
In making a 481(a) adjustment for an S Corp that has always been an S Corp and has just reached $10,000,000 in gross receipts, forcing a switch from cash to accrual basis, how do you account for the difference in retained earnings?
December 18th, 2023
I am a tax professional and received a payoff calculator from the IRS practitioner line showing my client owes taxes from 2000-2004. I asked the phone person at IRS if this would include the date tax assessed, but the information provided did not include this. Since these are beyond the statute of limitations, this seems important. What form gives this data, an accounts record?
October 6th, 2024
Where is the best place to report health insurance premiums paid by a >2% S Corp owner, which were not included in his W2 (100% owner)? He also has Schedule C income, and the premiums were paid by the S-corp. He's a conservative client.
June 6th, 2023
How do I verify that I'm receiving the maximum Social Security and SSI benefits?
July 10th, 2024
