asked
I took out my RMD at Fidelity in March 2020 for $22,725 and paid it back in April. My federal and state taxes were already taken, and I would not get them back until 2021. I converted to a Roth for the same amount, and the tax withheld would be the same. Fidelity's 1099 shows $45,450 on line 1 and taxable $45,450 on line 2. How should I report this on my tax return?
July 19th, 2024
I live and work in Missouri remotely for a company in California as a W2 employee. They are only withholding California state taxes from my paycheck. Shouldn't they be taking Missouri taxes instead?
August 4th, 2023
What do you recommend to prevent property tax reassessment due to CA Proposition 19? My primary residence is currently in a revocable trust, and some have suggested establishing an irrevocable trust or an LLC.
September 3rd, 2024
I want to purchase a new home and use my IRA account for the down payment. The total proceeds are $44,500. I am located in Gainesville, GA, and the new home will be in Summerfield, FL. My husband and I are 76 years old with no dependents. Our annual income is around $76,000, and my individual income is $8,400 per year. Would it be wise to file separately?
March 4th, 2023
I received a notice from the IRS about my 2019 1040SR form. They want to know how I got the figure on line 10, which I obtained from form 8995. I now realize that the deduction was not allowed. How should I respond to the letter?
November 14th, 2023
I have a home I previously lived in, that I now let my sister live in. I still have a mortgage on the home and she pays me a portion of the mortgage each month, while I pay the rest. Do I have to claim this as rental property? I am not making any money on it as I plan to sell it to her for what I owe when she gets her credit score up. She pays everything else, utilities, water, and maintenance on the home.
October 24th, 2024