asked
My husband and I sold a condo in Glendale, CA, which he received from his mother's living trust in 2009. We sold it for $343,000. Where should we invest the money to avoid heavy taxes, particularly capital gains tax?
June 16th, 2023
I am signing up for Social Security benefits at age 62.5 and will continue to work per diem as a caregiver. If I need to use money from a rollover money market account that hasn't been taxed, is that included in the amount I can earn in 2018? Also, is the amount I can earn based on actual wages or after 401K deductions? And is that before taxes or actual take-home pay?
April 8th, 2023
A married couple, where one is a US citizen and the other is a Canadian US resident alien, purchases a house as their primary residence. Are there any tax implications beyond the normal tax rules of selling your primary residence that will apply? If the property was a rental property, would there be any additional tax due to the Canadian spouse's US status?
April 29th, 2024
If a taxpayer set up an individual HSA in November 2017, are they allowed to fully fund it with $3,400? If they had an Unqualified plan from January to October and then switched to a Qualified plan in November, does that affect the maximum contribution amount for the 2017 tax year?
July 21st, 2024
When making a 20% withholding payment via EFTPS or DirectPay for an early 401k distribution, which 'Reason for Payment' option should be selected to ensure the payment is correctly linked to the eventual 1099, 1040, and 945 forms?
October 2nd, 2024
I have a client who owes back taxes to the IRS for the years 2014 through 2016 and wants to set up an installment agreement. The returns for these years have been mailed but not yet processed. Should I wait for the returns to be posted before applying for the installment agreement?
October 4th, 2023