asked
I moved last year for work and the employer paid for all moving expenses and reported them as income. We received a form from the company that has the total taxable compensation at over $98K which included all the taxes they paid on the move. But under box 1 they have Excludable Expenses at $0 and total Taxable relocation expenses (all other expenses) at $69k. If I paid for all these as income which is my expense, what can I write off?
February 1st, 2024
My son is 19 and a college student in Texas. If I claim him as a dependent on my New Mexico tax return, would that have any effect on his status next year as he attempts to claim himself as a Texas resident and obtain in-state tuition rates then? He is also working while he is in school in Texas this year.
October 22nd, 2023
I made $41K this year and had proper taxes taken out, claiming 0. I also received approximately $15K from my mom's death, some of which was taxed. I withdrew a pension plan for $45K and paid 25% taxes on it, plus a 10% penalty. Do they take the $41K, $45K, and the money from my mom, add it all together, and tax it as if I made over $100K, putting me in a 28% tax bracket overall?
November 8th, 2023
I filed two Form 5329 for not withdrawing the IRA minimum distribution requirement. One for myself and one for my wife. The form for me was in error and should not have been sent with our 1040 return. My wife's form was correct and accurate, and we paid the penalty. However, the IRS gave me the credit for the payment. What should I do?
November 6th, 2023
I owe approximately $4,000 in taxes this year and was planning to pay it with a divorce settlement that I was supposed to receive in January 2012. However, my ex-husband now says he can't pay me until June 2012. How can I pay this money on my taxes?
August 13th, 2023
I have a traditional IRA with a significant loss and would like to convert it to a Roth IRA. Would I have to pay taxes on the transfer to a Roth IRA?
November 22nd, 2024