What are the tax implications of transferring a non-qualified annuity to an irrevocable trust, given that a 1099-R was received indicating a taxable amount of $62,993 on a transfer with a cost basis of $100,000 and a total value of $162,993, with no withdrawals made?

July 1st, 2024

My mother is receiving $100,000 from the sale of a house that is in my sister's name. Does she need to pay taxes on this money if she puts it into something other than a bank account, and how does this affect her public aid?

June 5th, 2024

I have about $20K of expenses directly reimbursed by clients, which I include in my Schedule C income totaling $28K. How should I reflect these reimbursed expenses on my Schedule C? Should I create a new category called 'Directly reimbursed client expenses' or add each item into the appropriate category (e.g., travel, lodging, meals, etc.)? Additionally, how do I handle the deduction of meals, where only 50% of non-reimbursed meals can be deducted, but 100% of reimbursed meals can be deducted since I recognized 100% of the reimbursement as income?

April 15th, 2024

A 25-year-old full-time student who lives with his parents and has a capital gain income of almost $13,000 in 2017. Can his parents claim him as a dependent?

March 12th, 2023

I am a single grad student with a total income of $900 in 2017 from wages, no federal or state taxes withheld, and an additional $10 in interest. Do I need to file a tax return?

October 16th, 2024