I had taken a loan on my 401k at my prior employer. I plan on doing a rollover to my new employer's 401k. I don't have the total amount available to pay the loan back and my old employer's plan won't accept partial payment. That means that the whole outstanding loan amount will be taxable as a premature distribution. I have about half the money and can have the balance within 45 days. Is there a way to consider the distribution as a 60 day rollover and deposit the distribution amount via personal check and classify it as a 60 day rollover? If so, how do I do it to make sure it is accepted by IRS?

October 27th, 2023

How should the basis of a home (50/50 personal/business use) be adjusted for a flood-related casualty loss, improvements made as a condition of sale, and how to report the sale considering the mixed-use status and depreciation? Additionally, what should be considered regarding advertising expenses incurred during the sale process?

October 14th, 2024

I am a volunteer for a non-profit organization and also serve as the Secretary/Treasurer, performing accounting and secretarial work among other tasks. Since I do similar work at my paid job, can I take a tax deduction for the time and services I provide to the non-profit?

August 6th, 2024

I need to make my quarterly payment on September 15, 2017, but I don't have the form to send with it. My tax person, HR Block, did not include it when my tax was completed for this year. I know how much I need to send. What should I do?

May 12th, 2024

I have a savings bond account with approximately $80,000 in undeclared interest, with 30 bonds maturing in 2030, resulting in a tax bill of $43,000 for accumulated interest. I will be 70 1/2 next year and will start making mandatory withdrawals from my IRA, which will be $14,000 next year. What should I do regarding these financial obligations and potential tax implications?

February 7th, 2024