I live in NYC and am withdrawing $67,000 from my prior employer's pension plan as a lump sum. They are automatically withholding 20% Federal tax and I can elect for an additional 10% early withdrawal penalty, totaling 30% to the Federal. They are also asking if I want state tax withheld, but I don't know the percentage. Can you help?

May 26th, 2024

I have owned a townhome in Colorado since 1998. I moved to Wyoming in 2015 to help an aging parent and intended to return home. I am told I need to sell my home before 2018 or I will have to pay Capital Gains Tax. Is that true?

November 12th, 2023

My mother is deceased and was a member of the Walmart Class action suit in PA. We received a check made out to her, including wages, settlement award, and interest. The check was reissued to myself and my two sisters as her beneficiaries. When the check was in her name, it included a W2 for the earnings and a 1099INT for the interest. After reissuing, we each received a check without any tax information. Is the $1255.44 we received each taxable income, and if so, do we report the full amount as a 1099 Misc or just the interest portion?

April 12th, 2024

What are the tax and insurance obligations for freelancers in Bulgaria?

December 23rd, 2023

If I have a total of $100,000 in tax-deferred IRA and 401k money, can I convert $25,000 of it to a ROTH IRA, and what are the tax implications?

July 21st, 2023