asked
I have an old 401k from a terminated employer with a balance of $11,737. I am considering withdrawing the money to pay off a $6,300 credit card debt and invest the remaining amount into a Roth IRA. I am 36 years old, file taxes as single, and expect to earn around $69,500 this year. I want to know if it's worth taking the 10% IRS penalty and the resulting taxable income, which would keep me under the $82,400 tax bracket, or if there's a better way to get a tax break or invest in another retirement program.
April 16th, 2024
My official retirement date was May 31, 2019, but I am still covered by my group health insurance plan through September 30, 2019. I am a teacher and am filling out my SS benefits application and applying for Part B Medicare. The question on the application is: 'Are you still employed?' According to STRS, I am not still employed, but I am covered by health insurance through September. The SS application won't allow me to say I am officially retired and still have health coverage through September. Shall I say I am still employed, as I am receiving my summer paycheck and health insurance through August? Am I still 'employed' as far as SS is concerned, even though I am considered 'retired' under STRS? Which do I say?
January 15th, 2024
Should my wife's Social Security benefit be used as income on a Michigan 743 form?
January 3rd, 2023
I have not filed my taxes for this past year. My tax preparer could not give me an appointment, and I will file in August. I had them take $283.00 from my Social Security on May 15th. I am expecting some credits due to the double deduction and mortgage interest deduction, but I do not have the funds and am prepared to file bankruptcy on August 8th. Which tax year is this for, and is there anything else the Accountant should know?
November 10th, 2023
I expect to retire with three income streams amounting to $65,000 gross from the Virginia Retirement System, TIAA-CREF, and Social Security. If I retire to Florida, what combination of federal and state income tax should I expect to pay, and how will these income streams be taxed individually and in total?
March 5th, 2023
In accounting for a multi-member LLC, what is the correct category to put Lyft and Uber charges? This is for a client from Portugal who has made about 200 transactions of Lyft and Uber on the business account in the last 6 months, all related to business travel for a restaurant the LLC owns that is not yet open.
September 5th, 2023