asked
I have a large tax credit for 2022 and want to use it to move some of my IRA assets to a Roth IRA, taking advantage of the tax credit. How much can I move while balancing the federal income tax savings with the impact on NC income tax? My AGI for 2021 was $42,453, based on $21,797 (wages from deferred compensation plan), $926 in dividends, and $13,290 in taxable social security income (gross social security was $46,392). My filing status was Married filing jointly, and I paid a $202,500 entry fee to move into a qualified Continuous Care Retirement Community (CCRC), of which 48.7% qualifies for a one-time tax deduction of $98,617. I should receive an additional $11,397 in tax credit for the monthly fees, totaling $110,014 in tax credit.
January 9th, 2024
I sold my house for 1.45 million and bought a new one for 1.4 million. The original house was purchased for 705k 7 years ago. Is there any way to avoid capital gains tax?
July 30th, 2023
Can the IRS take money from a Roth or IRA to pay back taxes? Or can they take it at distribution?
March 27th, 2024
I purchased a rental property (Property A) last August 2021 using cash. I did a cash-out refinance from another property (Property B) in March 2022. Can I claim the interest deduction on my Schedule E for Property A, arguing that the cash-out refinance amount from Property B was used to purchase Property A through interest tracing?
September 30th, 2024
How much in penalties and interest would be owed for a $4,300 personal debt that has not been paid 5 months after the due date?
May 7th, 2023
I'm trying to verify my status on the IRS, specifically for validation on paying taxes.
September 10th, 2024