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I had a life insurance policy with Country Financial for $35,000. I had two loans on the policy totaling $5,269.33 and a net death benefit of $17,xxx roughly. I received a 1099-R showing a 2016 Taxable Income of $1,675.68 with $0 interest withheld for Federal or State. Do I have to claim this as income? If the policy has lapsed can I still make payments on the loan...
Submitted Feb 13, 2017
I own a small e-commerce business run out of my home. I want transfer operations of it to my son. Do I have to place a value on it for tax purposes and if so, how do I go about it? Thanks for any information you can give me.
Submitted Feb 24, 2017
I'm 56 yrs old, invested $250K in a 5yr fix annuity without knowing that I could not withdraw the funds before age 59 1/2 without penalty. Will I have to pay taxes when I start to withdraw the principal?
Submitted Feb 5, 2017
Well I guess I'm just looking for advice on taxes with the llc I formed. The business is in the social work field. I filed for the LLC with infile which gave me a free tax consultation. The CPA I spoke to suggested I use and S corporation and I wanted to verify that is the correct choice for my business. Or if you could point me in the direction of a good CPA or...
Submitted Feb 17, 2017
My daughter who is under 16 worked in 2016 and earned $1400. Her W2 form shows no deduction for federal and state tax which is correct. But the HR personnel told her that her social security and medicare can be refunded. I used turbo tax 1040EZ to do her tax return, but it shows zero return. There must be a way to get all the paid SST and medicare and FICA back...
Submitted Feb 23, 2017
unemployed cant pay my credit card(15%). The credit union offered a lower rate but I can never get a visa account there again (3%). How adversely will this affect my credit? Can I obtain a Visa elsewhere? Or Am I better off trying to payoff @ current rate?
Submitted Feb 23, 2017
I've spent the past couple years recovering from being stupid in my 20s: time for my tax mess. I owe around $2k in back taxes, haven't filed a return in years. I have my past two W2 forms. Quite simply, where do I start?
Submitted Feb 18, 2017
Submitted Feb 12, 2017
My Mom is 78 yrs old. She still works because she couldn't afford to retire on SS. She's going to sell her house and move into an apt. Her intension is to use a portion of the sale of her home to pay her rent for as long as she can. She wants to put some of the money in an annuity so she can get a monthly payment. However, we're not talking about a lot of...
Submitted Feb 10, 2017
Which personal assets can be transferred to a grantor trust(living)? Can any savings account, retirement account or other bank account with a beneficiary be transferred to the grantor trust? Can personally owned land be deeded to the grantor trust? Can one's interest in a home owned jointly with spouse be transferred to the grantor trust? What do...
Submitted Feb 4, 2017