asked
We closed out a UTMA account and rolled over the proceeds to an educational trust, and the IRS wants our granddaughter to file a Schedule D with her return, but we do not know how to file it and show that the proceeds were never received by her. What steps should we take to report this correctly and satisfy the IRS?
April 13th, 2024
I haven't filed my taxes for the past 5 years due to personal problems. I haven't heard from the IRS about not filing. Should I just file this year and ignore the previous years until I hear from the IRS?
May 22nd, 2023
How do I report the loss of a stock due to bankruptcy as a sale without proceeds?
August 12th, 2024
Can I list my 34-year-old daughter as a dependent if she is my qualifying person when I file as head of household, and she files as head of household with her daughter as her dependent? They both reside in my home all year, and my granddaughter is on my health insurance policy.
October 12th, 2024
We had a banner year in 2017 and a lean year in 2016. I remember years ago you could average three years to lower your tax burden in a windfall year. An online tax program says we owe $26,000 additional taxes for 2018. Gross income was around $250K, all earned while on assignment in another state (MA). Is there a way to average income to lower our tax burden, and what should we do if we can't figure this out before the tax deadline?
January 19th, 2023
We moved my father to a nursing home last year. His only income is annual social security of $14,328 and annual dividends from an insurance policy of $2,939. We sold his house for a profit of $110,000. Based on what I’ve read, he should not have to file a return. Can you confirm that?
August 30th, 2023