Browse J.K.'s Answers by Category

Income

1. Can I make more than one Roth IRA conversion in 2010 in order to time the market and report the lowest income from the conversion?Free
2. I've owned my home for 15 years and plan to retire to Florida. If I sell my home and purchase a retirement home in April 2010, can I claim both the home sale exclusion and the long-time resident homebuyer credit?Free
3. 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
4. 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
5. Is Supplemental Security Income (SSI) received by a disabled person taxable?Free
6. Am I taxed on a payment from my elderly mother to handle her financial affairs?Free
7. I received a legal settlement from a neighbor who cut down my trees. Is this money taxable to me?Free
8. I cashed in some savings bonds and received $500 interest. Do I have to report it?Free
9. 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
10. I am 50 years old and have been unemployed for some time. Can I take money from my IRA without a penalty?Free
11. 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
12. 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
13. 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
14. I received $140,000 in tax-free income from a personal injury suit. If I give 10% to charity, can I deduct it?Free
15. 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
16. If I sell raw land, can I reinvest the proceeds in other raw land to defer any taxes due on the original sale?Free
17. I am 65 years old. Can I use the money in my IRA to make my monthly mortgage payments?Free
18. I receive Social Security benefits on behalf of my minor child because of the death of his father. Are these benefits taxable?Free
19. 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
20. Can a person work for a company and also be an independent contractor for the same company?Free
21. I have a 17-year old daughter living at home who is a high school senior. Can I claim an exemption for her?Free
22. Is my premium under COBRA deductible?Free
23. 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
24. Do I need to notify the IRS when my business fails or just not file a Schedule C?Free
25. I want to make a gift of $15,000. What must I report to the IRS and how?Free