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The tax experts at J.K. Lasser have answered a lot of your tax preparation questions, ranging from 1040 filing, income tax deductions and credits, self-employment taxes to tax planning for college and retirement, estate and real estate taxes. Ask J.K. a question by filling out the form below. Or browse Ask J.K. answers or use the Search box to see if J.K. has already answered your question.Browse J.K.'s Answers by Category
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- I will be 70½ this year and am still working and contributing to a 403(b) plan. Can I wait until I retire to start taking minimum distributions?Free
- I plan to make some energy improvements to my home. What type of expenses qualifies and how much of a tax break do I get?Free
- I bought my first home on January 16, 2009. How much of a tax credit can I claim?Free
- I understand that as a single person, I’m getting a $400 tax credit. How soon can I expect to receive it?Free
- My home was destroyed in a federally declared disaster area in 2008. The insurance didn't fully compensate me for my loss. Can I deduct the rest of my loss?Free
- I am a self-employed contractor. In an effort to remain competitive, I've had to cut my price for a job from the normal fee of $1,800 to $1,500. Is this a deductible business loss? Free
- I have a loss in my Roth IRA. Can I deduct it?Free
- My child is a college student. How much does she have to earn before she’s required to file a tax return?Free
- I received a $15,000 inheritance from my mother's estate. Am I taxed on this?Free
- Can I file a joint return with my spouse. I've been separated from her since August when she left me; we're in the process of getting a no-fault divorce.Free
- I'm 72 and still working. I forgot to take a required minimum distribution from my IRA for 2008. Am I subject to penalty?Free
- 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
- I lent money to my best friend 3 years ago when she started a business. Now her business has folded and she can’t pay me back. Can I take a deduction for this?Free
- I'm 72 and need to take my required minimum distribution from my IRA by the end of this year. The value of my account is down dramatically. Is there anything I can do to reduce what I might otherwise have been required to withdraw?Free
- I contributed $15,000 to a 529 savings plan several years ago for my child's education. He starts college in February 2009 and the account currently is worth only $13,000. When the funds are withdrawn to pay his tuition, can I take a tax loss?Free
- 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
- 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
- I deposited $15,000 with a builder to construct a new home for me, but lost it when I couldn't sell my old home and didn't go through with the construction. Can I deduct the deposit I lost?Free
- I received $140,000 in tax-free income from a personal injury suit. If I give 10% to charity, can I deduct it?Free
- My mother-in-law is 94 years old and receives income from pensions, CDs, and money market accounts as well as Social Security benefits. Does she need to still file a return at her age?Free
- 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
- My husband and I gave our son-in-law a car worth $24,000. Can we deduct this gift?Free
- If I sell raw land, can I reinvest the proceeds in other raw land to defer any taxes due on the original sale?Free
- I am 65 years old. Can I use the money in my IRA to make my monthly mortgage payments?Free
- I receive Social Security benefits on behalf of my minor child because of the death of his father. Are these benefits taxable?Free

