On June 9, we had a phone conference regarding closing out an S Corp. I am down to the balance sheet with a $48K loan from the shareholder, $2K in stock, and a $50K negative retained earnings on Page 4 of Form 1120S. What is needed on the Schedule D of Form 1040 for the shareholder, given that the stock was held long term and what amount can be taken as a long-term capital loss?

January 5th, 2024

I received both federal K-1 and a California Schedule K-1 for a family trust for dividends and capital gains that occurred before the estate was equally distributed between my brother and sister. I do not live in California and there are no California source amounts for these dividends and capital gains (amount in column E of the Ca K-1 is $0). Do I need to file for a non-resident or can I ignore the Ca form and do nothing?

April 25th, 2024

How much federal tax will I owe for 2016 if I am 65 years old, no longer working, and started drawing Social Security benefits in January 2016? My total monthly Social Security benefits for 2016 are $25,956 (less $1,248 Medicare premiums), monthly pension payments are $2,628, and taxable IRA withdrawals are either $25,000 or possibly $30,000.

November 27th, 2023

I had to use retirement savings to live on during 2016 because I was unable to work. I was just granted social security disability. Will I have to pay a penalty and taxes on the $12,000 I borrowed from my retirement fund? I also had $3,000 in alimony and about $4,000 in self-employment wages.

April 3rd, 2024

I am a widow and my husband had a pension. I received a lump sum plus a small monthly payment. Do I file an estimated income tax for the amount received, or do I count it as income on next year's taxes?

March 5th, 2023