In 2017, my wife and I received notice from a third party that her deceased father had an open account after the estate was closed. My wife was the executor for this transaction, and the amount was ~$89,000. We just received a 2017 Form 1099. Recipients ID number is my wife's SSN, and the recipient is US Bank N.A. IRA Custodian for my wife's name ABO father's name. This money was split in thirds among my wife, her brother, and the third party that discovered the account. What are the tax liabilities for me and my wife?

January 6th, 2024

If a couple lives together but is not married, the woman has 2 kids, she goes to school, has not worked all year, and the man works, can he claim them as dependents and claim head of household?

April 27th, 2023

My husband and I only have our Social Security income, totaling $20,400 per year. We also make and sell cutting boards at markets. If we receive a 1099 from a customer, how much can it be for before we have to report it?

December 29th, 2023

Can a police officer deduct meals while on duty?

January 5th, 2023

Received a 1099-DIV box 1a filled out in the amount of $134,000 with nothing else filled out in the other boxes. Added this to my return and it increased my total income to $189,000. Does this seem right? This 1099-DIV was issued from a company I hold shares in and some assets were sold. The C-Corp was not sold. The Accountant for the C-Corp issued all shareholders a DIV. Is there any way to reduce the tax liability on that additional Total Ordinary Dividends?

January 30th, 2024