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The most recent discussions

401(k) after retiring


July 11, 2017, 4:08 am

Just speaking hypothetically -- Someone has been contributing $2K per monthly paycheck to his 401(k), which would total $24K for the year. But in August, being 68 years old, he retires. Can h... Read more »

When are 403b withdrawals required?


July 9, 2017, 3:49 am

I have a small 403b, but it pays 4.5% interest, so I figure I should leave it alone for as long as possible. As I read it, i hae to start withdrawals the year following my 70.5 birthday. Is that co... Read more »

Avoiding 99% of Texas franchise tax


July 8, 2017, 2:33 pm

I have a llc registered in New York. It is a family owned business started in 2011. My son like all my nephews own a small 2% of the stock. But play no active role in the business. He moved to Texas ... Read more »

Time to reverse IRA distro?


June 28, 2017, 3:49 pm

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?


June 20, 2017, 4:57 pm

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 »

Estimated Taxes


June 18, 2017, 12:52 am

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 »

Capital Gains/Losses  question


June 13, 2017, 6:39 am

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 »

Info to calculate RMDs


June 7, 2017, 4:24 pm

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 »

Suppose I appear on Judge Mathis' TV courtroom?


June 5, 2017, 2:20 pm

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 »

Question on K-1s


June 2, 2017, 2:22 pm

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 »

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The best rated discussions

Is interest from 13th mortgage payment deductible? rating: 5

I made a 13th mortgage payment in December of 2008, with the intent of getting the interest applied to my 2008 taxes. Since I always pay my mortgage at least two weeks early, it was actually the paym... Read more »

Gain/Loss on rental property rating: 5

Just checking here... I purchased a condo for about $180,000 five years ago. Lived in it for a year and a half, then converted it to a rental. Did not live in it for two years. Current market valu... Read more »

A question on home sales rating: 5

A friend had his house sold (or so he thought), but it fell through. The person backed out and my friend kept the earnest money. Is that income? Does it impact on the tax basis of the house? Anyt... Read more »

joint return, order of names, husband deceased rating: 5

I know the general rule is that the same filing names and order should be maintained from year to year. Does this hold when the husband has been listed first for years in a joint return but he dies... Read more »

FICA withholding question rating: 5

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I own a company in which I earn well over the SS limit. If I pay myself salary in a second company, can I be exempt from withhold SS if I don't draw any salary until after I'm over the limit in compa... Read more »

Put Education Expenses Where? rating: 5

Publication 970 clearly states that I can deduct education expenses as part of being self-employed. Does this cost go on Schedule C as a business expense or Schedule A as a deduction? Thanks Read more »

Market Discount Accretion for bonds bought at market discount rating: 5

Market discount accretion generally requires reporting a portion of the market discount annually as additional interest and increase the basis by the same amount. I the bond defaults or stops paying... Read more »

Hawaii nonresident income tax rating: 5

If one owns a vacation rental condo in Hawaii (and that is all), a Hawaii state income tax return is required, regardless of whether there is any taxable income or not. The instructions say: Electi... Read more »

Statute of Limitations on State IRS tax rating: 5

AZ just sent me a bill for $158 (w/ Late File penalty and interest- $240), for the Tax year 2004. No explanation or accounting. I thought that after 3 years they can't bill me or is that just the... Read more »

Sold stock on Dec 31, settlement date is 2011, when is tax date rating: 5

I sold stock on Dec 31, in a brokerage account. The settlement date is in 2011. Since I had the $$ available for trading in my account in 2010, I plan on taking Dec 31, 2010, as the selling date an... Read more »

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