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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: QDRO
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 · -
Re: Refund
Hi Redhead! Typically when an amendment is filed it shows the changes and the amount of refund or balance due is the difference between the original received and any changes. On the amendment in our …1 · -
Re: Print before file
Just what I was looking for. Thanks.1 · -
Re: When can I contribute to an IRA?
Hi Outfishing, That is a great question. You have until the filing deadline of April 15, 2025 to make a deductible IRA contribution on your 2024 tax return. Just make sure that the contribution is fo…3 · -
Re: Entering W2, 1st screen asks if there is anything in box 14, next screen asks if there a SDI entry?
ty for the clarification. I was worried I would count it twice, but clearly that isnt the case as you explained! Thanks!1 ·
