Latest threads in Taxes General Forumshow only best voted threads
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Another Savings Bond Question
This is a different question from the one in my other thread. My mother died back in the 1990s and left a small amount of money (approximately $4500) to my son, who was then 5 years old. My wife and I...
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11 years ago
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Changing from Method 1 to Method 2 on Savings Bond Interest
I have paper EE savings bonds purchased in 1992 which have been accumulating interest every year. The original purchase price was $35,000 and the total accumulated interest through 2012 is roughly...
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11 years ago
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Another Dumb Estimated Tax Question
I know I'm supposed to pay estimated taxes on 4/15, 6/15, 9/15, and 1/15. I get paid monthly. Am I supposed to pay 3 months' worth of taxes on 6/15 even though I only got paid for two months?
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11 years ago
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Are there penalties in letting an annuity mature after the death of owner?
My father had a $100,000 annuity for the term of 5 years. He died the year it was invested. My name is listed as POD but it was with the understanding that it would be divided among his other three...
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11 years ago
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1098-T and W2 for scholarship amount
Our son, a full time student, received a token scholarship to work last summer at UW/Madison for $2,500. It's interesting that we received a 1098-T with the usual tuition boxes, along with the recent...
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11 years ago
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tax treatment of distribution from Country Wide class action litigation
I received $276.41 as a result of a class action suit against Countrywide Financial which was finalized last year. My "recognized claim" was $1090. The "pro-ration Factor" was .2535834977 (if that...
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11 years ago
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Questions on Purchase on a Small Business
I am in the process of buying a few outlets of a franchised business from the franchisor company directly. We had come to an agreement on price. The price was to be split between 1. Fixtures, Fittings...
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11 years ago
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Amending basis on Form 8606 for prior years - 1040X required?
I recently discovered an error on my 8606 for 1994. I erroneously reported a nontaxable distribution of $92 on line 10 of the 8606 even though I didn't receive one. It was my first year using TurboTax...
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11 years ago
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I depreciated the roof replacement on our rental home using the wrong method
I used The MACRS 7 year 200DB method not knowing I needed to use the 27.5 year. I've been doing this for 5 years. What should I do to correct this? Should I start using the correct method?
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11 years ago
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Premium Reimbursement after 20 years.
Client received a check for $10,000 from Aflac. It is a reimbursement of her premiums because she did not made a claim on the policy for 20 years. The premiums were never deducted as medical...
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11 years ago
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Can the $5250 Reimbrusement of tuition be used to pay for employee's that have
Can a company use the $5250 reimbursement of tuition for employees that have already graduated? I can not find the 1996 legislation to see how the the $5250 reimbursement of tuition can be used? It...
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11 years ago
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SEP-IRA and 401K combined limits
I've read several web postings, but I want to make sure I have this right. Here's the specific situation: 1)Worked for Employer A and contributed $1000 to the 401K in 2013. 2)Changed employers during...
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11 years ago
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Question about how much money back
Mark EIC is based on both earned income and AGI. The amount of credit is an inverted-U shaped function. So on the low side of the Inverted-U, EIC is based on the lower of AGI/earned income, and on the...
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11 years ago
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Quick loan from parents - any tax consequences?
It looks like the minimum applicable interest rate for short term notes is .21%. That would come out to $5.25 per month. ___ Stu You can depend on Stuart A. Bronstein | Attorney at Law in San...
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11 years ago
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1099S & IRS Form 8949
I am a California resident and sold an inherited residence in 2012. I received form 1099S that indicates the gross price I received but no indication of expense items related to sale (real estate...
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11 years ago
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