Latest threads in Taxes General Forum | best threads

Subject Author Posted Replies
 
Is this considered a single member LLC or Multi Member LLC?
1. I made a mistake when I applied for an EIN number on the IRS site. I opted for a single member LLC. I need to change the LLC tax ID to a multi member LLC. (husband + Wife - 2...
6 months ago 3
 
Officer Salary
Scenario: An individual owns 100% of S-Corp A and draws no salary during the year Same individual owns 51% of S-Corp B and draws weekly salary (annual salary exceeds the social security earnings...
6 months ago 1
 
Home Office Deduction
This is the first year daughter-in-law qualifies for home office deduction because she never had an area that was used exclusively for her business. When reporting value of home do I use cost of home...
6 months ago 4
 
Which tax form to use?
Which tax form to use? I had applied online to the IRS for a tax ID number for an LLC. I don't remember if I indicated multi member or single member on the IRS form. I lost the pdf print out. I have...
6 months ago 1
 
Wash sales and dividend reinvestment
A recent thread asked about triggering the wash-sale rule by selling a mutual fund or ETF that was enrolled in dividend reinvestment. I'm in that situation too. The money impact isn't that great --15%...
7 months ago 7
 
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 ago,...
7 months ago 1
 
I sell products on the internet and I MUST now pay Sales Tax; Do You?
I sell products on the internet and I MUST now pay Sales Tax. The Supreme Court of the United States (SCOTUS); in June of 2018 said that, ?I must pay sales tax because I sell on the internet?. Do you...
7 months ago 1
 
How to manage retirement accounts during retirement
I have retirement savings in a few different accounts which include 401k, IRA and a few pension accounts from previous employers. I would like to find someone in front of whom I could put all my...
7 months ago 1
 
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), but...
7 months 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 provide your...
7 months 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) - $8,8425 W-2 income 02...
7 months ago 5
 
Amended return questions
Taxpayer is facing the question of amending their 2018 returns due to an error, the error having been entering a value for Schedule 1, Line 28 (Adjustment to Income - Qualified Plan Contributions),...
7 months ago 5
 
LLC question
We are creating a new LLC in FL. We have a simple Family revocable trust. Our attorneys says the LLC should be in the name of the Trust to avoid probate. My husband and I are the only 2 trustees of...
7 months ago 1
 
Two IRA questions
1) I have two inherited IRA's, one traditional and one Roth. Fidelity gave me an RMD figure for 2020, which seems right for the two accounts combined. Do I have to take RMD's separately, or can I take...
7 months 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...
7 months ago 6