Can I withdraw from my IRA at age 58 without being retired, and are there any limitations or reasons I can't touch the money if I am willing to pay the 10% penalty and full tax?

August 27th, 2024

Is it true that I must include the $3000 Schedule D loss on line 13 of my 1040 form even if it does not reduce my tax, and if so, why must I give up a $3000 Schedule D loss when taxwise it does me no good?

November 15th, 2023

In November, I withdrew my entire Thrift Saving Plan (TSP) to buy a home, resulting in $78,000 withheld for taxes. My annual salary is $70,000, and the TSP withdrawal was $394,000. My tax accountant calculated that I owe $47,000 in federal taxes and $41,000 in state taxes, putting me in a 39.9% tax bracket. Is this accurate, considering the TSP money was received in November and I won't earn that much again? I invested $315,000 into my home and now lack the resources to pay the taxes.

January 30th, 2024

I was scammed by an investor who took $17,500 from me. He created a fake account showing daily progress in a binary investment company. When it was time to receive my payout, he insisted on upfront commissions. I paid him $17,500, but he never released my payout and has since gone missing. I reported this to the FTC. Can I deduct any of these losses on my taxes, and what documentation do I need to provide for this deduction?

August 3rd, 2024

For an LLC disregarded entity, how can the owner distribute income that was already taxed in the previous year without being taxed again in the subsequent year, especially when the cash flow from the LLC is insufficient to cover the distribution in the same year?

May 16th, 2024