Unanswered Tax Questions
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Do ira distributions count towards annual max in regards to retirement benefits
I have recently retired early at 62. My benefit is half of what I was bringing in as earned income. My plan is to take withdrawals from my Ira to supplement my income. Is the Ira distribution figured into my max income for the year as far as messing with my retirement benefit? I'm a resident of ks.
Asked Monday, July 17, 2023 by Cynthia E.Sign in to Answer
Trader's Tax Advantages as a Bona Fide Resident of Puerto Rico
Hello, I'm looking for advice from a tax firm that has expertise in taxation of futures' contracts, as relating to Puerto Rico tax laws. 1. Does a trader who trades futures' contracts for a living, declaring their earnings on a personal income tax, enjoy the federal capital tax gains exemption as a bona fide Puerto Rico resident? 2. If a trader also trades for a firm and gets a 1099 from that firm, will that trader enjoy any federal tax breaks as a bona fide Puerto Rico resident? 3. To enjoy capital gain tax breaks in Puerto Rico, do I need to make a $10,000 annual tax donation there and buy residential real estate within 2 years of moving? Are there any other requirements? 4. What will my local tax rate be for the 1099 earnings? Are they subject to 15% self employment tax in Puerto Rico? 4. Does your firm prepare tax returns for traders in my situation (futures traded under my personal name and a 1099 received from a trading firm)? How long have you been in business and what the estimated cost of my tax return would be? Thank you kindly for your response.
Asked Sunday, July 16, 2023 by MARTA S.Sign in to Answer
Tax break / credit for AC upgrade in 2023.
If I update my home AC unit to a 16 SEER system this year, how much of a Tax break will I recieve? How about for a 14 SEER? I have read the IRS.gov pages about this, but it is not really clear to me what I would recieve... Thank you so much for the information!
Asked Sunday, July 16, 2023 by Vincent T.Sign in to Answer
Advice on how two owners pay themselves from the business
I'm co-owning a business curious on the best way to pay myself and other advice on setting in place a system that helps me get the most taxes breaks.
Asked Friday, July 14, 2023 by Jamie M.Sign in to Answer
inherited stocks JTWROS
My mother passed away in nov22 She had a raymond james brokerage account JTWROS Her and Me (her son). I understand that jtwros will only get a 50% step up in basis however, i thought there was an exception as i am not a spouse and never contributed to the joint account...?
Asked Friday, July 14, 2023 by Granger D.Sign in to Answer
Ev Tax Credit
I am looking into purchasing an electric vehicle and have a question about the $7,500 tax credit. I know that it is a non refundable credit. Does this mean that anyone who would normally receive a refund at the end of the year would not benefit from the credit since we don’t have to pay anything?
Asked Friday, July 14, 2023 by Scott R.Sign in to Answer
Inheritence yax
How much tax on inheritenceoney
Asked Friday, July 14, 2023 by April Y.Sign in to Answer
Selling a jointly owned lake house
My sister and I own a lake house we want to sell. We know we will have to pay long term capital gains. Will we only pay tax on each of our portion of the profit from the sale?
Asked Friday, July 14, 2023 by Debbie K.Sign in to Answer
How do I deduct a $100,000.00 donation to a church from my Traditional IRA Account?
I receive Social Security Benefits of $34,160 annually and normally file my taxes with the standard deduction. The RMD on my IRA this year is approximately $28,000. I want to donate $100,000 to the church I attend to expand the Sanctuary to accommodate more members and allow our church to grow. Is there a way to do this without paying personal income tax on the $100,000? Even when I used itemized deductions I was only to deduct $3,000 per year on a loss of a large amount of money by theft.
Asked Thursday, July 13, 2023 by Carl W.Sign in to Answer
Saving money over retirement per month
If I make over what the retirement plan is if I make $950 more per month can I put that in a 401k or somewhere
Asked Wednesday, July 12, 2023 by Michael T.Sign in to Answer