asked
I took a distribution from my IRA to purchase a home. The distribution was taken on 4/6/22 and returned on 4/25/22. It was meant to be an indirect rollover but was reported to me as a 'normal' distribution combined with my RMD on Form 1099-R. Is this proper, and how do I report the return to the IRA on my Form 1040?
June 25th, 2023
I live in Arizona and expect to make $150,000 to $200,000 this year from one of my businesses. I'm considering setting up an S Corp and paying myself a salary of $40,000 with the rest as distributions. How much tax savings will I get on the distributions compared to other business structures?
January 23rd, 2024
I received a letter from the IRS requesting my W-2, 1099, and W-2G forms, and I noticed missing information on my tax return. I loaded all the info when I filed. What should I do about this notice?
June 8th, 2024
For a married couple filing separately for student loan income-based repayment purposes, who received $2500 pre-tax deductions each for Dependent Care FSA contributions spent on childcare services for their daughter, are the dependent care benefits (the pre-tax deductions) added back into their taxable income when they file their tax returns, given that they are ineligible for the dependent care credit?
May 25th, 2024
Is there still an earned income credit available, and if so, how do I determine if I qualify? My filing status is single, I am 67 years old, and my AGI is $14,700. I have no dependents, and my investment income is $10,000 or less.
April 27th, 2024
I need copies of my 2021, 2020, and 2019 state tax returns. I have never paid NY State tax before as I am retired and my source of income is my New Jersey state pensions and social security. Why am I now paying tax?
October 4th, 2024