I have a Roth IRA that I received from my ex-husband in 2003. I haven't contributed to it since, but I would like to take money out without being penalized. I have a tax record from 2001 showing a conversion from an IRA to a Roth, and I know the amount we paid taxes on during that conversion. Can I use this to prove the basis? My ex-husband no longer has his Roth, so I can't get records from the fund manager for him anymore. How do I figure out the basis (vs distributions) from the initial $13,000 conversion and the $9,000 I received in the divorce settlement? Can I take $8,000 out without penalty?

September 25th, 2024

What are the tax consequences if I sell a house I acquired in 2017 for $270,000 and sold in 2022 for $298,000, having lived in it as my primary residence the entire time?

January 28th, 2024

How much can I deduct for donations in clothing etc. when filing my taxes, and is there a limit?

July 4th, 2023

As a nonprofit organization, do I need to submit a 1099-NEC for independent contractors providing cleaning and lawn care services if each contractor's annual payment exceeds $600?

August 2nd, 2023

I received a 2021 1041 K-1 with entries in Box 11: $300.00 in Box 11A, $200.00 in Box 11B, and $7500.00 in Box 11D. How do I use these totals on my 1040, and can the balance in Box 11D be used to offset other income like interest if no Capital Gains are available?

July 3rd, 2023