We bought a new home in October 2022 and sold the old home in February 2023. We used our exemption to avoid capital gains tax for our 2023 taxes. When would we be able to claim exemption on any capital gains tax on real estate again?
We are eligible to make a larger catch-up IRA contribution this year, but won't be able to contribute the full amount. If we make a smaller contribution this year, will we be able to do a catch-up in a later year?
Does nontaxable regular Social Security count towards MAGI for IRMAA purposes? I believe it does not.
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…
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Filed 2023 taxes with FreeTaxUSA and 2210 was included for federal return but not IL-2210 for Illinois return. Because of this, IL DOR assessed underpayment penalty for the 2023 IL tax return even though we paid estimated equal to 110% of the previous year's taxes. Since we are not able to file the IL-2210 when e-filing…
My adult daughter and grandchild live with me in my home that I pay al the bills for . She does not pay rent to me . My daughter works part-time and has custody Can I file as head of house hold ? If so , how do that affect my daughter's filing ?
where will I file a 403b that I cashed out in 2024
I am recently retired. I receive Annually approximately $23,000 in Social Security, and a Small Pension of approximately $12,000. I want to take money from an IRA account that I set up after transferring funds from my 401k plan. I am single and plan to take the Standard Deduction Exemption on my taxes. What is the maximum…
Hi, We’ve recently bought a house in CA and are thinking of paying property tax before year-end and deduct it from our CA taxes. We won’t have enough to itemize Federal taxes, but the amount will be above CA standard deduction. Two questions: 1. Can we still itemize CA deductions even though we’re taking standard Federal…
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