My husband inherited a fund from his mother and he passed away in Nov 2011, and now the fund reverted to me which I sold to pay funeral expenses. I do not think this is income but want to know if I am right and if I have to pay some inheritance tax to my state of Pennsylvania? I have not made enough to pay state taxes in years and now at 65 do I owe because of this - the fund was $10,861?
September 10th, 2023
Can I take money out of my SIMPLE IRA and put it back into the same SIMPLE IRA within 60 days, and have it count as a rollover (NON-taxable event)? I have had the SIMPLE IRA for 20 years.
May 12th, 2024
I am 100% disabled for service-connected illness and receive Social Security, Navy disability, Westinghouse pension, and a disability check. My accountant said it's not worth filing because we only have one deduction, the house. I'm concerned about whether my Social Security is taxable and if I need to file a tax return. What should I do?
March 11th, 2024
I owe back taxes due to unfiled returns, and the IRS has been taking money out of my paycheck. I have contacted them but have been unable to reduce the amount withheld. Can I get any of that money back, and how do I stop the withholding?
January 13th, 2024
My step-grandfather had a remainder non-revocable trust. Wachovia / Wells Fargo was the trust administrator and executor. My step-siblings have now received $50,000 each. (Trust was under $1 million.) To figure out the possible income taxation, is the entire $50,000 taxable? Or is it the gain/loss of the stocks involved?
March 20th, 2023
This is the 1st year I am not claiming my sister who I had custody of since she was 15 and then went on to college. Last year she was not in school but received a 1098-T form with adjustments to tuition and expenses for the prior year. Since I claimed her last year, do I need to add that to my taxes this year and if so, how?
April 24th, 2024