Latest Taxes General Forum

Subject Author Posted Replies
 
Roth conversion and distribution
Executive summary: Are distributions from Roth _conversions_ (from traditional IRA) free of tax and penalty if the retiree is at least 59½ and first contributed to the Roth at least 5 tax years a...
1 month ago 1
 
Re: How to manage retirement accounts during retirement
I was in that situation a few years ago. I asked friends and co- workers for a financial planner if they were happy with theirs, and one gave me an excellent recommendation. (Strebel Planning G...
1 month ago 1
 
Re: I sell products on the internet and I MUST now pay Sales Tax; Do You?
The basic rule is that you don't have to pay sales tax for things delivered to a state where you have no physical presence - no employees or assets, either temporarily or permanently during...
1 month ago 2
 
Installment Sale - Real Estate Inventory
Hi All - I got a question more appropriate for some of you than for me, and I haven't been able to figure it out. An individual sells real estate as inventory (i.e. not capital gain property...
1 month ago 1
 
California FTB has gone (further) nuts?
Some forms are now only available if you give them your e-mail address so they can e-mail them to you? 2019, 540, Personal Income Tax Booklet This is only available by request. Please prov...
1 month ago 4
 
Fidelity showing bogus(?) wash sale
I had several employee stock plan (ESPP) and restricted stock unit (RSU) events in the first half of 2019. 29 March 2019 - ESPP - Bought 127 sh @ $113.076/sh (FMV = $182.70/sh) ...
1 month ago 5
 
Re: LLC question
The AMBR (authorized member) should be an actual person. Not on the Articles of Organization. That depends. The IRS does not recognize LLCs for tax purposes. As a result you have ...
1 month ago
 
Re: Two IRA questions
You can make a QCD from an Inherited IRA but to make a QCD you need to be at least 70.5 years old and meet all the other QCD requirements. The method for calculating RMDs for Inherited IRAs i...
1 month ago 3
 
Estate Form 1041 "Income Required To Be Distributed Currently"?
-- I am the executor of an estate. I am using Turbotax Business 2019 to complete Form 1041 for the estate (discussed in this forum previously). -- The will lists exactly two beneficiaries: The exec...
1 month ago 6
 
HSA
Re: HSA My husband will be signing up for Medicare in April 2020. He has been a tag along on my HSA for a few years ie contributing $1000 every year. My question is:  Can he contribute the usu...
1 month ago 2
 
Calculating imputed interest on installment sale??????????
12 years ago I sold my 30% interest in a building to the 70% owner. Unfortunately there were environmental problems that needed remediation. I agreed establishing an escrow account to pay for the re...
1 month ago 8
 
What form, sale of depreciated business assets- sole proprietor- closed business
Our business was destroyed by Hurricane Michael in Oct 2018. No business conducted in 2019. We sold about $2,500 of assets from the business in 2019. The business was a sole proprietorship. I h...
1 month ago 8
 
Annual Exemption
Re: Annual Exemption We want to use the annual gift  exemption and give our kids a few dollars. Our children are over 21 years of age. Is there a way we can open an account with their name on th...
2 months ago 11
 
SS-4 Line 10
Hi - I just had a question about SS-4 line 10. If the reason for applying for an EIN is "Started a new business," it then ask for the business type. What do they mean by "type"??? Line 9a a...
2 months ago 4
 
Home Sale Exclusion
Hi All - I got an inquiry about the home sale exclusion. This person left his primary residence 3.5 years ago for a new job in another location - more than 50 miles away. Based on Publication ...
2 months ago 4