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My sister had a 401K with her previous employer which included both cash and employer stock. She just transferred the 401K to her bank, splitting the cash into a traditional IRA and the stocks into a brokerage account. She needs to pay off some debt and is now planning on selling off the stocks. I am trying to help her determine both the ordinary income tax she will have to pay in addition to the capital gains tax she will have to pay. How is the ordinary income tax calculated? How is the capital gains tax calculated using NUA?
September 15th, 2024
If you place an order with an FTD florist in South Carolina for a person in Georgia, which florist will collect the sales tax?
October 6th, 2024
I am a full-time professional RN who also writes as a weekend author. I write at home on weekends and have an online webpage where people can access my stories. Is this classified as a business, and can I deduct a percentage of my home expenses?
October 18th, 2023
I need help obtaining a tax account transcript from the IRS. My tax return was done in error, and I'm facing penalties. How can I request a tax account transcript, and what are my options if I can't do it online?
February 16th, 2024
I have my online Forex Trading account statement and I need to input all sell-purchase of currency pairs transactions over a year shown in my online statement into the IRS Form 8949 to file for tax purposes. How can I e-file my return, and will my income from Forex Trading be considered ordinary income or losses, or capital gains or losses? Additionally, what are wash sale transactions in Forex Trading, and do they apply to my situation?
June 7th, 2023
I have a Social Security Disability hearing coming up on Oct. 10. It will be my third hearing. Today I received a letter confirming the date and listing a vocational expert and a 'medical expert' who will testify by phone. There has never been a medical expert at my previous hearings. Why would they call one now and what is the purpose of having this 'expert' testify when they have never examined me or interviewed me? Are they there just to try and discredit me? In your experience, does a medical expert work in favor of the claimant or is this a bad thing? I realize not every case is the same, but I'm just trying to get a general idea on if this is typically more adversarial or if this might actually help me.
April 9th, 2024