I took a (traditianal) IRA distribution in January. Since then, I've learned that a stock I own (actually, a PTP) will be subject to a forced sale. AIUI, this will count as income, substantially ... Read more »
How long do I have to keep my records for the IRS? I had a capital loss 2 years ago ( tax year 2015) which I recorded in my tax return when I filed my federal taxes (1040). I filed the retur... Read more »
Hi, My wife has recently started working. This will be her first job in the USA. This job is not withholding taxes from her pay. I have to do estimated taxes. I am not sure how to do estimated taxe... Read more »
Re: Capital Gains/Losses question I have accumulated capital losses over a few years. I am doing a 1031 exchange. If the sales proceeds are more than what I invest in the replacement property the... Read more »
After a little googling, I find I have no need to find out how much I have contributed to my IRAs and SEPs, I just do the calculations with the total amount. One reference said to calculate the a... Read more »
I was rear-ended in a traffic accident that caused structural damage to my car. While the other party's insurance fixed my car, my car has a tarnished record of being in an $5500 accident. It has i... Read more »
As an individual filing annual tax returns to the IRS, like W2's, does one have to submit K-1s with a 1040 tax return? -- Read more »
This question is specifically asking about the technical definition, regardless of how unlikely it may be for the IRS to ever find out or care. Person A owns and lives in a condo unit. Person A's... Read more »
I recently changed insurers (and insurance agent) for 2 policies. One of the policies is a landlord homeowners policy on a rental property; the other policy is a personal auto policy. The landlor... Read more »
(Tables below are in fixed-pitch font, which works fine in Free Agent. If this is a problem for other viewers, I can try posting from a browser.) The scenario is a publicly-traded partnership (PTP... Read more »
I'm concerned about my three grandchildren's education so I want to set up a trust fund to cover that. I want to fund it on occasion when I have excess cash that I know my wife will not need. When ... Read more »
dorlockt@hotmail.com writes: No, that doesn't really change anything. In fact, it makes it even more straightforward. Did you file a Section 83(b) election on these shares to treat them as 100% ... Read more »
My daughter and SIL sold a house they owned and rented out for the past 8 years. In filling out form 4797, I am assuming they are under the 2nd option in Line 7 referring to Individuals, partners,--... Read more »
Some of my real estate rent income are reported on 1099-MISC. Does this mean that I have to report these payment on Schedule C instead of E (thus subject to potential SE tax)? =======================... Read more »
Looking at my Schedule K-1 for a 1065, there is a distribution on Line 19. But I didn't receive any money from the partnership. I'd expect a direct deposit to show up in my brokerage account, or at... Read more »
Over the years, my wife accumulated 418.619 shares of Nicor, Inc. In December 2011, Nicor was merged into AGL Resources (AGL). Each Nicor share was exchanged for $21.20 in cash plus 0.8382 share o ... Read more »
I'm in a situation where the amount I paid California in 2006 estimated tax payments during 2006 is considerably more than my actual tax liability. Is it possible to not claim the excess amount paid ... Read more »
We had a TCE client yesterday who is a MD resident and the sole beneficiary of a testamentary trust managed in Ohio. The income is all from interest and annuities and is all paid out to the benefici... Read more »
Has anyone seen any details on how the mechanics of the QCD will work? The only thing I've seen is that the gross amount goes on 15a, the taxable (if any) on 15b, and QCD on the dotted line. Nothing ... Read more »
Several 401K plans I have seen allow owners of a business that generates a Schedule K-1 to contribute to 401K based on total compensation which they define as W-2 earnings plus Schedule K-1 earnings.... Read more »
BeanSmart.com is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.
Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.