asked
Our choir director does not wish to receive a salary, so the church is putting his entire salary into the missions fund, per his request. He also requested and received $2700.00 of that salary for a missions trip with his wife. Some say there is no tax liability, but I question that. Should this transaction be reported as salary, and is it wrong to report it to the IRS? What is the correct procedure?
December 7th, 2024
The company I work for received a notice of levy with my ex's name and company's Tax ID, but with my social security number. Can they have my social for his name and company?
September 15th, 2024
I owed Bank of America approximately $610,000 when they agreed to a short sale of my home for $310,000 in 2010. The title company sent me a 1099-S for $310,000, but my tax guy says they should have sent a 1099-C because I received none of the proceeds. The IRS may think I owe taxes on this amount. What should I do?
February 28th, 2024
Can I withdraw from my IRA at age 58 without being retired, and are there any limitations or reasons I can't touch the money if I am willing to pay the 10% penalty and full tax?
August 27th, 2024
Is it true that I must include the $3000 Schedule D loss on line 13 of my 1040 form even if it does not reduce my tax, and if so, why must I give up a $3000 Schedule D loss when taxwise it does me no good?
November 15th, 2023
In November, I withdrew my entire Thrift Saving Plan (TSP) to buy a home, resulting in $78,000 withheld for taxes. My annual salary is $70,000, and the TSP withdrawal was $394,000. My tax accountant calculated that I owe $47,000 in federal taxes and $41,000 in state taxes, putting me in a 39.9% tax bracket. Is this accurate, considering the TSP money was received in November and I won't earn that much again? I invested $315,000 into my home and now lack the resources to pay the taxes.
January 30th, 2024