If I make an early withdrawal on my 501K, will I pay 20% in taxes and another 10% in fees, and will I have to pay income taxes again on the remaining 80%?
January 22nd, 2024
I received a CP2000 from the IRS stating I did not report all of my income. My 1099-R from 2013 shows in box 1-$14,399, box 2-$4,399, and box 5-$10,000 with a distribution code 4. Is the $4,399 the taxable amount or the whole $14,399? Thank you.
June 22nd, 2023
Does my tax obligation change when I am 80 years of age? I am 80, married, and presently living with my daughter. During 2014, we were living with our son in Utah, and I worked part-time earning $7,861.36 along with about $25,000 in social security income. I also have two pensions totaling $3,192 and military disability of $1,560.
November 19th, 2023
I work in NY but live in NJ. My employer provided a W-2 showing NY wages in box 16. When doing my NJ tax return, do I have to add back any items to figure NJ taxable income? I understand that I should start with Gross Pay, back out 401K contributions, but not medical premiums to arrive at NJ wages.
February 11th, 2024
I owe more on my house than it is worth. Can I get a tax deduction for that?
August 23rd, 2024
Where do I list the net sale of land and what form do I use to determine the net gain/loss from that sale, including original cost, taxes, depreciation, improvements, and broker costs?
June 11th, 2024