Unanswered Tax Questions
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How do inherited IRAs and non-qualified accounts get taxed
I have inherited several accounts from my mother's estate. There are some that are listed as IRAs and some listed as non-qualified accounts. I am wondering how these accounts will be taxed when I withdraw the money from them. How is the percentage to be withheld determined? Is it a fixed inheritance percentage? Is it determined by my most recent filing's tax bracket (AGI)? Are both state and federal taxes in play for these (I live in Massachusetts)? Will any of these count as income for my household when we next file taxes? thank you for any info
Asked Tuesday, March 28, 2023 by Joseph B.Sign in to Answer
Box 14c on K-1 (Form 1065)
Does the amount listed in box 14C of the K-1 on Form 1065 impact the tax I will owe? Or do I only owe on what is in box 14A? (Assuming I'm not using the nonfarm option method - which I'm not 100% sure I understand, but it seems like it's a very narrow criteria and wouldn't apply to most people). This is a business I was actively involved in but have subsequently sold my partnership share (on 12/31/22).
Asked Tuesday, March 28, 2023 by julie b.Sign in to Answer
Sold land for a loss - capital loss carryover
Bought property 01/09/06 for $20000 Sold property 08/15/22 for $19000 Last tax year, accountant had a capital loss carryover of -$87. What forms and amounts do I need to know for this years taxes.
Asked Tuesday, March 28, 2023 by Frank S.Sign in to Answer
Claiming one on w4
If I claim one on my w4 that is not a child are more taxes taken out or less?
Asked Tuesday, March 28, 2023 by Alexa L.Sign in to Answer
Why double taxes?
Working remote for a NYC company but I live in the Bronx. I'm being taxed for Bronx County & NY, why?
Asked Tuesday, March 28, 2023 by Princess G.Sign in to Answer
Can I list an investment property as an asset before it has a tenant in it?
Can an investment property be added to my taxes to deduct mortgage, interest and depreciation before in service? Can we deduct that asset on our taxes before it has a tenant? Also- if not- are we able to at least list that asset on our taxes? Can I list an investment property as an asset before it has a tenant in it?
Asked Tuesday, March 28, 2023 by Sommer W.Sign in to Answer
Better to file MFJ or MFS?
Is it better to file married filing jointly or married filing separately? I make $115k and my wife makes $113k.
Asked Tuesday, March 28, 2023 by John Q.Sign in to Answer
Tax deduction on legal expenses
I paid a settlement amount for the office suite I leased and couldn't afford to complete the lease. I ran an office as an independent contractor, self-employed, selling life insurance and annuities. In order to have a fair amount on the settlement I hired a lawyer to help me out. My question is, will I be able to deduct from my settlement payment and the legal fees from my income? Thank you for your advise.
Asked Monday, March 27, 2023 by James L.Sign in to Answer
Business structure
I am currently working for a company that pays me as a 1099 self employee and I stand to make over 120k per year so am I able to create a llc s-corp from this income?
Asked Monday, March 27, 2023 by Robert H.Sign in to Answer
Backdoor Roth/ Pro Rata rule/8606 form
I put 7000.00 dollars after tax money in an ira at Charles Schwab. 5 days later converted it to a Roth IRA. Thought this is the correct backdoor method. A month later rolled over a pretax 401K form a previous employer into that same IRA. I received a 1099R coded with a G for that rollover. I received another 1099R coded with a N for the 7000.00 back door, which is a recharacterization which I didn't do. I had Charles Schwab recode with a 2. That is what all the articles I read said it had to be. Then I read that you can't have any IRA balance as of 12/31/2022 to do a backdoor. This is called the pro rata rule. I am now confused how to fill out form 8606 and what my tax implications are. I have called Schwab they are no assistance. How do I fix this situation to file my taxes correctly and have the least tax implication this year and in the future.
Asked Monday, March 27, 2023 by Debbie B.Sign in to Answer