Read Past Q&As
Under what circumstances am I not liable for taxes on the cancellation of a Life Policy on which I took loans to pay the premium. Equitable began sending me bills for interest due however they were infrequent at odd intervals and not all were received. This caused the policy to be cancelled against my wishes. In fact, I sent a letter 6 months earlier asking to pay...
Submitted Sep 8, 2016
Hello. I receive alimony from my ex and we both reside in Minnesota. Would moving to a lower tax state help me, or am I forever subject to Minnesota taxes because unless he moves, the source of my income comes from Minnesota?
Submitted Sep 13, 2016
I'm 57, stable job at 98K/yr. wife, 45K/yr. Planning on retirement at 67. Completely debit free now. Cash flowing all college w OT. Question: if any, what percent should I contribute to my company's 401K Roth instead of traditional 401K ? My employer matches first 5.5%. I'm currently investing 14.5% in traditional 401K, w a balance of 255K. Your advice is greatly...
Submitted Aug 26, 2016
A grandfather is interested in paying for part of his grandchild's school tuition (non-college, 6th grade). What is the best way, tax-wise, to do this? Thank you!
Submitted Jun 21, 2016
If I switch employers in the middle of the year after reaching the annual wage limit for the Social Security portion of FICA withholding, does my new employer have to withhold the Social Security portion of FICA?
Submitted Aug 5, 2016
I'm told that my Medicaid coverage will expire next year because I just became eligible for Medicare. Will I still have a guaranteed right to purchase a Medigap policy after Medicaid expires in ten months from now, and since it will be outside the six month open enrollment period when I first became eligible for Medicare, would a Medigap policy cost more than it...
Submitted Aug 6, 2016
Submitted Aug 16, 2016
I live in a condominium and just learned that next year, there will be a $6,000 special assessment to pay for a new roof. My condo is paid off, however I'm retired and my only source of income is my monthly social security of $1,875. The most I can put aside per month is $100. I don't know how I'm going to pay for this, and I'm afraid I'll have no choice but to sell....
Submitted Aug 19, 2016
I am considering selling my property in NY, buying property in NC and starting a real estate business rehabbing homes there. I currently have W2 income and investments but do my own taxes. I would like to determine the best way to finance my deals by leveraging my current assets and what type of entity to form, if at all. Considering that this is probably going to...
Submitted Aug 21, 2016
I've recently left a corporate job to invest in a real estate partnership where I will be drawing a salary. Additionally, my wife will be earning both w-2 and 1099 income in her upcoming new job. We would like good advice on structuring a small company to house our new investment and to effectively/efficiently manage our taxes moving forward. What are our...
Submitted Aug 22, 2016