asked
I have a Roth IRA that I received from my ex-husband in 2003. I haven't contributed to it since, but I would like to take money out without being penalized. I have a tax record from 2001 showing a conversion from an IRA to a Roth, and I know the amount we paid taxes on during that conversion. Can I use this to prove the basis? My ex-husband no longer has his Roth, so I can't get records from the fund manager for him anymore. How do I figure out the basis (vs distributions) from the initial $13,000 conversion and the $9,000 I received in the divorce settlement? Can I take $8,000 out without penalty?
September 25th, 2024
What are the tax consequences if I sell a house I acquired in 2017 for $270,000 and sold in 2022 for $298,000, having lived in it as my primary residence the entire time?
January 28th, 2024
How much can I deduct for donations in clothing etc. when filing my taxes, and is there a limit?
July 4th, 2023
As a nonprofit organization, do I need to submit a 1099-NEC for independent contractors providing cleaning and lawn care services if each contractor's annual payment exceeds $600?
August 2nd, 2023
I received a 2021 1041 K-1 with entries in Box 11: $300.00 in Box 11A, $200.00 in Box 11B, and $7500.00 in Box 11D. How do I use these totals on my 1040, and can the balance in Box 11D be used to offset other income like interest if no Capital Gains are available?
July 3rd, 2023
What are the tax benefits of establishing a Grantor Trust for real estate, and is it used to shield the asset from nursing homes? Additionally, what is the look-back period for the transfer to effectively protect the asset from a lien if the couple resides in Queens, NY?
March 2nd, 2024