Question 1

Definition of 59 1/2

Accepted Answer

What is the IRS definition of age 59 1/2?  I'm specifically asking about the age where I can access IRA funds/earnings without paying a penalty.  Is it literally the day of my birthday plus six months, or is it January 1 of the year in which I turn 59 1/2, or is there some other definition?

Question 2

Wife lends  to husband - tax effects...

Accepted Answer

Hi All, Can someone advise on this scenario.... Wife lends 1,000 to husband to fund a new business Business pays interest to wife Wife declares interest income on tax return and so pays tax on it at her marginal rate. Husband declares interest cost on his return (business is sole trader) and so obtains tax relief Is this what would happen in practice or does the fact that they are married affect things at all ? Ta

Question 3

IRS return handling

Accepted Answer

Mailed to the proper address in mid April an amended return (1040-X, which apparently can't be electronically filed), and when checking return status online reply is there is no return.I have read the notice that comes up every time one checks into  as to the severe delays (i.e., 16 weeks) to process paper returns, but I thought that meant PROCESSING data therein, not entering the return id into their files.Should I re-mail a copy or wait until mid August to check status and act accordingly? The phone they urge one to call for further information is overwhelmed and a recording so notes.Thank you.

Question 4

SSN / Name mismatch

Accepted Answer

HiI had to send my 2019 return by mail (in July).When I checked "Where's my Refund", it now says:+ We have not processed your refund because the Social Security Number,+ or the IRS Individual Taxpayer Identification Number, and/or name+ shown on your tax return does not match our records or those of the+ Social Security Administration...+ Please mention reference number 1441 to the IRS Customer Service+ Representative.I think I know why this happened. I previously used Taxact and itwas able to fill my name in full (first name: "Shankar Prasad").For 2018 and 2019, I switched to H&R Block, and it has truncatedmy first name "Shankar Pras" - the software just does not let me typein the full name. The last name is also long, but fit within whatH&R Block allowed.The 2018 return had no problem even though the first name was truncated,possibly because I owed money and the name mismatch was not flagged.But, for 2019, I am getting a refund and this likely triggered the name mismatch.I called IRS...

Frequently Asked Questions

SSN / Name mismatch

Definition of 59 1/2

Wife lends to husband - tax effects...

IRS return handling