Unanswered Tax Questions
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Funds Put into Brokerage Account Instead of Simple IRA
My employer has accidentally been putting funds into an individual brokerage account instead of in a Simple IRA. What is the best way to handle this money? Should I close the brokerage account and withdraw the full amount? Or is there a way to transfer it into a retirement account? I would like to know the best way to avoid a tax implication. I do not want/need the brokerage account, but can keep it if that is best.
Asked Tuesday, July 11, 2023 by Danielle D.Sign in to Answer
Retired
Want to get, $250,000 from TSP, I know it's 20% fed, 13% state withheld. Will the 250,000 put in in a different tax bracket SC, ?
Asked Tuesday, July 11, 2023 by Audrey B.Sign in to Answer
Capital Gains status after acquisition
I have owned stock in VMWare for over 2 years. Broadcom is acquiring VMWare. When (and if) that is complete, I will have an option to either sell the VMWare stock at a set price or have it converted to Broadcom shares at a rate of 0.252 per share. My question is, if I take the share conversion and then sell, would they still be considered long-term gains, or does that clock reset as they are new shares?
Asked Monday, July 10, 2023 by Gregory S.Sign in to Answer
W4
I need help on filling out a W4 correctly
Asked Monday, July 10, 2023 by Sheena G.Sign in to Answer
Minor tax
how much is the interest rate on 150k in california for a minor
Asked Monday, July 10, 2023 by Asaf T.Sign in to Answer
Buyer certification of FIRPTA exemption for estate with Canadian beneficiary?
This question is about FIRPTA withholding for the sale of a US Real Property Interest when the seller is an estate, and the beneficiary of the estate (the heir of the deceased) is Canadian. The buyer / transferee is a married couple, both US citizens. The sale price is less than $300K. The buyer is willing to certify that - buyer is acquiring the property for use as a residence, and - buyer has definite plans to reside at the property for at least 50% of the number of days the property is used by any person during each of the first two 12-month periods following the date of transfer. Would such buyer certification exempt from FIRPTA withholding the transfer to the estate of the net proceeds from the sale? Does the answer depend on whether the estate is domestic (US) or foreign (non-US)?
Asked Sunday, July 09, 2023 by Dan K.Sign in to Answer
Casino winnings
Hi. Im wondering how to file taxes when I have casino winnings. My income is social security, & surviors benefits income check from va. How do I file my win/ loss on that type of income
Asked Sunday, July 09, 2023 by Stacie A.Sign in to Answer
Cashing in annuity while on Social Security
Is a lump sum distribution more tax efficient than annual withdrawals?
Asked Friday, July 07, 2023 by Duane C.Sign in to Answer
Filing mutual fund taxes for last fiscal year
I withdrew quite a bit of money from my mutual fund last fiscal year, and I paid the penalties and taxes each time I withdrew funds, so if I requested 5,000$, I would receive a check for 4,200 or whatever the total would be. I estimated the amount of taxes I paid last fiscal year, and it was conservatively around 40,000$. I'm about to file my taxes for this past fiscal year, and my question is I will get a portion of this back correct? I realize I am in a higher tax bracket and the amount I'll get back won't be as great as a lower bracket, but I will get some of this back won't I?
Asked Friday, July 07, 2023 by Phillip H.Sign in to Answer
Paid for gig but need to pay out others, how much do i set aside for taxes
Hey there-I'm a local musician who plays shows throughout Los Angeles, and I recently played a private show which paid $1500. I filled a w-9 out for the gig, and will receive a 1099 from the person who hired me. I have to pay out 4 other musicians for the gig, and my question is what makes the most sense for going about paying them? Will I end up paying taxes on $1500 or can I pay them out and claim that as payroll and only pay taxes on my portion ($300). Alternatively, should I just get w-9's from them and pay them out their money. Please let me know what makes sense and thank you for your help!
Asked Friday, July 07, 2023 by Henry C.Sign in to Answer