asked
My wife and I are retired. I am 65, she is 62. I draw Social Security (no tax withheld) and she receives 2 small pensions (no tax withheld). We have been drawing on an inheritance this year to supplement our income. We have 401ks, IRAs, Roth IRAs, a money market account, and other cash reserves. Our objective is to pay as little income tax as possible. Should we mix taxable monies for the remainder of 2012, and if so, what guidelines would you suggest?
December 1st, 2024
A taxpayer has a K-1 with ordinary income of $1,356,547 and wages of $243,000. She is single and filing as head of household. Her business is direct sales, which qualifies as a qualified business. Does she qualify for the Qualified Business Income Deduction (QBID) since her income is above the phase-in amount of $207,500? If so, how much QBID is she entitled to, and does her high income affect her eligibility?
May 20th, 2023
I have an employee who lives in Maryland but works in Pennsylvania. We withhold Pennsylvania Income Tax from his check due to a reciprocal agreement between the states. What tax forms does he need to file for 2019?
April 23rd, 2023
I need to change my phone number. I tried to get a loan, but they require proof of my monthly income, and they say the phone number on file is not the one I currently have. What should I do?
April 19th, 2024
Do I need to file a tax return if I have $1,600 in interest, $2,100 in IRA withdrawal, $320 in capital gains from a mutual fund acquired in January 2020 for $5,000, and receive $25,600 in SSI, being over age 65 with no dependents?
May 22nd, 2023
My bank accidentally deposited pre-tax money into a Roth IRA. Will I be taxed now on that or taxed at retirement?
May 24th, 2023