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Re: Non-deductible IRA and 8606
Hello, Brian. This is a good observation. So, there is a screen where you will need to show that you have a basis in your Traditional IRA as of December 31. When you contribute after tax money to a T…1 · -
HI EVERYONE
HELLO,I'M LOOKING FORWARD TO BE PART OF THE COMMUNITY TOO😊2 · -
Re: How do you report surrogacy income on a tax return?
Thank you for your perspective. My answer above was very general and I have taken more time to find specifics. I will start with a tax source, Publication 17. In the chapter for Other Income, I found…1 · -
Re: Got married this year, should we file jointly?
Hi ToyotaDriver, Congrats on getting married! Woohoo!!! Since you're married in 2024, you'll have the option of filing married filing jointly or married filing separately. You may choose whichever fi…1 · -
Re: ira rmd
Hi mikey49, That's a great question! Thanks for writing in to our Community. The tax impact of a Required Minimum Distribution (RMD) depends on a number of factors, including other income, your filin…1 · -
Re: How do I address the IRS with a payment they never applied to my debt owed?
Hi Babydahlz88, it sounds like it would be a good idea to speak with the IRS to get this cleared up. You can try calling the IRS (1-800-829-1040) and explaining the situation over the phone, but it m…1 · -
Re: IRS Form 8949 completion for 2022 tax return
Hello, Lainey! Great question. Generally, cash received as part of an inheritance is not taxable to the recipient. If that's all that happened, you likely don't need to report that in your taxes. If …1 · -
Re: Does a QDRO qualify as a taxable event?
Hi Renee, Thanks for joining our Live Event today! A QDRO, or Qualified Domestic Relations Order, is not a taxable event to your tax return. Most often a QDRO involves a transfer of retirement money.…1 · -
Re: SEP IRA tax savings
Any contribution to your SEP IRA would be limited to 25% of your compensation for the year or a minimum of $40,000 in self-employed income. Your taxable income would be reduced by $10,000, in this ex…1 · -
Re: Income producing properties
If you and your wife are both members of the LLC, you have technically created a partnership and should file a biz partnership return, form 1065. Most people would have a CPA or qulaified Tax Prepare…1 ·
