I inherited a 401k from my brother who died in 2021. My brother and I were named as beneficiaries and chose a 5-year payout. I have been claiming this income on my tax return for the past 2 years. Now, I received a notice from New Jersey stating I owe 11% of my half of the inheritance. The estate is still not cleared by NJ, and my brother died without a will. What are the tax implications, and how should I handle this situation?
May 24th, 2024
I haven't filed my tax returns for the past five years and want to know if I owe any back taxes. How can I find out and what should I do?
May 24th, 2024
I cannot afford what I owe. I am 56 years old, married filing separately, and made approximately $115,000 this year due to withdrawing from my 401k. My withholding from employment was $6,500 short. I am already on a payment plan for less than $3,000 and paying monthly. After doing my taxes, I found out I owe $11,450. I've filed for an extension to have my taxes done, but I'm unsure if I can get another payment plan since I already owe more than $10,000 and am on an existing payment plan. What are my options for handling this large tax bill, especially given my high debt and limited resources?
April 26th, 2024
I receive a 1099-MISC for Natural Gas Royalty on unimproved land in Virginia. Royalty income is listed in Box 2, but Rents are also listed in Box 1. I own 50% of the land, but receive a 1099-MISC with only my part of the income. How should I report this on my tax return?
September 20th, 2024
I need to talk to a person live on the phone. My taxes keep getting rejected despite paying all required fees. I am 66 years old, live in Illinois, and file jointly with my husband. My gross income from last year is correct according to our records, but the system keeps rejecting it. How can I ensure my gross income is exactly right and avoid penalties?
April 13th, 2024
The mother of my child and I are not together. He primarily lives with her but she's on SSDI, has no income, and does not file taxes. He has Texas Chip insurance with her. If I file him as a dependent in my federal taxes, will that affect his insurance?
July 18th, 2024