Browse J.K.'s Answers by Category

Income

1. I'll turn 62 years old in February 2010. I want to start receiving Social Security, but I have a part-time job. Will this impact my benefits?Free
2. I'm 57 years old and recently lost my job. My 401(k) is worth $59,000, and I owe roughly $46,000 on my home mortgage. Can I cash out the plan to pay off the mortgage without a tax penalty?Free
3. Is Supplemental Security Income (SSI) received by a disabled person taxable?Free
4. Am I taxed on a payment from my elderly mother to handle her financial affairs?Free
5. I received a legal settlement from a neighbor who cut down my trees. Is this money taxable to me?Free
6. I cashed in some savings bonds and received $500 interest. Do I have to report it?Free
7. I was supposed to receive a considerable inheritance from my friend who died, but there was a problem with his will. After suing, I received a settlement from his estate. Is this taxable?Free
8. I am 50 years old and have been unemployed for some time. Can I take money from my IRA without a penalty?Free
9. I own shares in a stock mutual fund that declined in value this year by nearly 50%. I received a Form 1099-DIV reporting a capital gain distribution. How can this be?Free
10. I purchased commercial property that had a house on it. Can I take a loss for the difference between the appraised value and what I received?Free
11. I had converted my regular IRA to a Roth IRA and paid tax on $25,000. The account is now worth $80,000 and I want to withdraw $20,000 to pay off my credit card debt. Is the withdrawal taxable to me?Free
12. I received $140,000 in tax-free income from a personal injury suit. If I give 10% to charity, can I deduct it?Free
13. I am a legal guardian for someone. I incurred various expenses associated with the guardianship. Do I report my income and expenses on Schedule C?Free
14. If I sell raw land, can I reinvest the proceeds in other raw land to defer any taxes due on the original sale?Free
15. I am 65 years old. Can I use the money in my IRA to make my monthly mortgage payments?Free
16. I receive Social Security benefits on behalf of my minor child because of the death of his father. Are these benefits taxable?Free
17. My partner and I own a home together. We each file as single. How do we deduct the real estate taxes and mortgage interest?Free
18. Can a person work for a company and also be an independent contractor for the same company?Free
19. I have a 17-year old daughter living at home who is a high school senior. Can I claim an exemption for her?Free
20. Is my premium under COBRA deductible?Free
21. Is the rebate check (called a "stimulus payment") that we receive in May under the Economic Stimulus Act taxable income to us? Do we have to report it on our 2008 income tax return?Free
22. Do I need to notify the IRS when my business fails or just not file a Schedule C?Free
23. I want to make a gift of $15,000. What must I report to the IRS and how?Free
24. If we are forced to sell our house because we've changed jobs or faced uncertain circumstances, a portion of our gain is exempt from taxes. Can you please clarify?Free
25. If I claim my grandmother as a dependent, where do I report her Social Security benefits?Free