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My wife's grandmother passed away and she had a life insurance policy out on my wife. Her mother is the executive of her estate, or will, not totally sure, any who, we never really where looking for anything, but we asked for the policy since it was in my wife's name, and was promptly told that her grandmother let the policy lapse, but that other grandchildren...
Submitted Mar 3, 2017
I am Active Duty Army, stationed in Minnesota on Recruiter Duty. My wife and I filed taxes jointly for 2016. After filing we received a Certificate of Rent Paid. Our home of record is Florida, but I read that permanent residents of other states may still be able to claim Renters Property Tax Refund. We've only been living in MN for 120 days, the info booklet I found...
Submitted Jan 23, 2017
My wife has large company 401 k plan which she rec'd as part of her divorce settlement (QDRO) from her first husband. The assets (contributions) in the plan include three categories of funds: a) Befpre Tax b) After Tax c) Company Match (pre-tax) Two Questions: 1) My wife is 70 1/2 this year......when the required minimum distribution is calculated by the plan...
Submitted Jan 24, 2017
Does the benefit of having an RMD given directly to a 501 organization in order to avoid tax on the RMD amount apply also to a second owner of the IRA who is in his 40`s or 50`s?
Submitted Feb 13, 2017
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