asked
I was laid off 5 months ago and am a single mom with children in college. I have no savings and only $11,000 in a 401(k) from my previous job. I've been working as a Realtor full-time since being laid off, but my income hasn't picked up as quickly as I hoped. If I withdraw my 401(k) money to help get me through for a few months, can I use a hardship exception by writing a letter of explanation to the IRS? Additionally, if I withdraw all the funds for a rollover to a Roth IRA, how many days do I have to transfer that into another account, and if I don't have the full amount, can I then use the hardship waiver with the IRS?
November 19th, 2023
How much income tax do I have to pay on a partial surrender of a life insurance policy? I am going to receive a partial surrender amount of $11,000 and my income is around $30,000. Should taxes be withheld now, and if so, at what percentage?
March 29th, 2024
My estranged wife filed as Head of Household (HoH) claiming herself and our kids, even though I pay all household expenses and child support under a restraining order. We are not divorced, and I believe she may not have been eligible to file as HoH. What are my rights to address this matter, and how can I file my taxes correctly?
January 21st, 2024
I had to take an early distribution from an IRA to help pay a lawsuit. Would this be considered a loss, or will it just be added to my taxable income?
September 18th, 2023
I inherited 25% of a closed IRA this year. If I put this money into my own IRA, can I avoid paying tax on it?
May 20th, 2023
This is my first year filing tax return for my business. I'm set up as an LLC and need to file an extension. Do I need to file an extension before March 15th or can I wait until April 15th? I will be seeking tax advice to see how I should treat my filing status (sole vs. Corporation).
July 11th, 2023