asked
I was eligible for a subsidy for my health insurance through the health insurance marketplace, but after a raise, I exceeded the income threshold and failed to alert them. How should I handle this on my income taxes?
December 28th, 2024
Does a doctor who turns 70.5 and is still working have to take a Required Minimum Distribution (RMD) from their retirement accounts?
September 6th, 2024
As a theatre professor on sabbatical, I will spend four months in Germany for an intensive language course and observing rehearsals at a professional theatre. The university will pay me 50% of my regular salary. How can I determine what extent I can write off travel, lodging, and tuition for the language course on my taxes?
April 20th, 2024
My wife and I will file 'married filing separately' because I am in the 35% tax bracket and she is in a much lower bracket. Are there rules about how we must split itemized deductions like donations to Goodwill and property taxes, or can we split them as we desire? Do we have to figure out who 'owned' what of the donated items, or prorate property taxes if the house is in both names? We are Florida residents, which is not a community property state.
October 12th, 2023
Would the owner of a scrap metal business be required to generate a 1099 for a transaction in which he purchases more than $600 worth of metal? I understand that the payment is income to the seller and must be claimed, but that isn't the same as requiring a 1099. Also, I have looked at the IRS auditor's guide for scrap metal businesses and it makes no mention of requesting copies of 1099s, at least not in this context. It speaks only in general terms of "adequate substantiation" of purchases, i.e., weight tickets and cash slips.
July 17th, 2024
If a 72-year-old widow who collects social security on her late husband's account gets married to a 75-year-old widower, will she still be able to collect social security on her late husband's account?
September 28th, 2023