asked
I have received two letters from the IRS to confirm my identity for a tax refund. I have tried the IDVerify online and the phone number but with no success. I am the Co-Trustee of my mother-in-law's estate and this is one of the last things I need to complete in order to close the estate and trust. Can I verify my ID here?
December 23rd, 2023
I am an 85-year-old widower in Michigan with no dependents. My wife recently passed away, and I have a revocable family trust with retirement funds (401K, 403B) valued over $500,000. I want to designate my 2 children and 4 grandchildren as beneficiaries with specific percentages (40%, 40%, 5%, 5%, 5%, 5%). Should I make my trust the primary beneficiary, or should I make my heirs the primary beneficiaries to avoid higher taxes?
November 21st, 2024
I mailed paper copies of my federal and state tax returns for the years 2018, 2019, and 2020 in February 2022. I have not heard anything from the IRS or the state of North Carolina. How can I confirm that the IRS and NC state received the mailed paper self-prepared tax forms?
January 4th, 2024
The business I am bookkeeping for received money from family and friends to help start the business. These people are not owners and do not expect the money back. Should this be booked as 'Other Income'?
August 16th, 2024
The company I work for just opened ESOP options for us. I know nothing about stock options. What do I need to know before making my decision?
June 2nd, 2023
I report my income on the 1040 using a K1 from an S corp. Can I deduct my personal health insurance expenses on Schedule 1, page 2, line 17, for self-employed health insurance on the 1040?
June 8th, 2023