I just retired at 73 and have a pension of $30K. I plan to take the lump sum and need to know the required withholding for state (Minnesota) and federal taxes. I will be living on Social Security only, which is $2456 monthly before Medicare and insurance deductions.
November 23rd, 2024
Is there a problem with an S corp shareholder converting his debt to preferred stock ($250,000) but selling stock to his employees for a much lower price per share?
December 8th, 2023
My father passed away in December, and I am doing his taxes. In October, I had to access his traditional IRA to pay for his long-term care facility. I withdrew $22,000, and when I entered this withdrawal into his tax return, it appears that he was taxed almost 30% on this amount. Is this correct?
July 27th, 2024
I do not have my password to get into my TurboTax account. I am located in Oklahoma, 71 years old, single, and made $47,000 this year. How can I regain access to my account?
February 28th, 2023
My sister, who has been disabled since 2011 and receives $1,469 per month in SSD, has a financial situation where her rent is $1,960 per month. She owes me a significant amount of money and also has a large federal tax debt from prior years. She has a 401k plan with $70k, which is her only asset for retirement. Will the IRS want to take her 401k plan? Should she pay me back from the 401k plan before I reach out to the IRS?
November 6th, 2023
I'm working full-time and want to start a business on the side using my current income to make relevant purchases and pay appropriate expenses as I start developing the business. What are the tax ramifications of this? Would I be at risk of double paying my taxes from my income and from the business?
November 13th, 2023