I have an inherited IRA. My mother passed away in June of 2023. We did take out an RMD in 2023 and settled that. But by the time the estate was settled, I didn't inherit the money until January of 2024. We haven't taken the distribution yet for 2024, we thought we had until 2025. Is there a grace period? Or are we correct…
I read several articles regarding these changes, but I'm still confused as to what actually applies to Tax year 2024. The two changes I am specifically interested in are: (1) Any beneficiary can satisfy a year-of-death RMD that was not yet taken by the deceased for the year they passed, as as opposed to a proportional…
I haven't been accepted yet I'm usually accepted the same day filed on the 12 and nothing yet is my 1st time using free tax USA anyone having the same issue?
The IRS announced it will begin accepting tax returns on Monday, January 27th. Generally, states follow the IRS open date, but not all. FreeTaxUSA gives you the option to file your federal tax return first and later return to file your state tax return if it is not yet available. Check here for state availability and to…
If you were eligible to claim the 2021 Recovery Rebate Credit on your 2021 tax return and didn't, the IRS recently announced it will automatically send the payment, and it should arrive by late January 2025. …"eligible taxpayers will also receive a separate letter notifying them of the payment." "Taxpayers who qualify but…
When requesting to do uncollectible because of unemployment how does the lien process work and will you be able to go into a payment arrangement once you become employed again?
Is RMD required by end of SAME year of death for Inherited Traditional IRA? The FOLLOWING year for Inherited Roth IRA? Much confusion around IRS Notice 2024-35…
Is income the only tax or penalty applicable to liquidating an Inherited Traditional IRA same year of death?
My health insurance is not great and I was thinking of dropping it, will I be penalized by the IRS for not having insurance ?
Please use this IRS website to find state by state or year by year disaster relief information on hurricanes, wildfires, floods and other disaster situations that may affect your federal and/or state tax filing obligations.
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