Q&A
Asked by an anonymous user
Answered by Jeffrey Schneider, Tax Professional
If you are talking about Federal estate taxes,
depends on the value of the estate. If the
estate happened in 2017, the estate gets a
$5.49 million exclusion or 100% if...
Q&A
Asked by bgggirl
Answered by Michael Karu, CPA/CFF/CGMA in Livingston, NJ
The short answer is no. However, if you
receive interest on the proceeds, the interest
is taxable.
Q&A
Asked by Lee
Answered by Jeffrey Schneider, Tax Professional
You can request a copy of your account
transcripts directly online at www.irs.gov or
go to an Enrolled Agent or CPA and they can do
it for you (and quicker). The trans...
Q&A
Asked by w-lmburris
Answered by Megan Gorman, Tax Professional
Yes, this is specified on the 1099.
Q&A
Asked by an anonymous user
Answered by Michael Karu, CPA/CFF/CGMA in Livingston, NJ
When we prepare tax returns for couples, we
routinely check to determine whether married
filing jointly or separately is more
beneficial. The process is to calculate ...
Q&A
Asked by Mary
Answered by Kim Miller, CFP®PRO+ in Redmond, WA
Hi -
The annual gift tax exclusion allows you
to give $14,000 per year to any one person
without filing a gift tax return. A married
couple who "join" in the gift ca...
Q&A
Asked by an anonymous user
Answered by Mark Haynie, Mortgage Broker in Los Angeles, CA
Unfortunately, the 547 score is a lower score
than any lender will consider. I recommend
that you consult with a professional in the
credit repair business and develo...
Q&A
Asked by victor piediscalzo
Answered by Tracy Scott Burke, CFP®, ChFC® in Harrisburg, PA
Victor,
Thanks for your question. Some
type of a tax-deferred retirement account
would likely be best in your situation in lieu
of bank savings. If you have acces...
Q&A
Asked by Erin
Answered by Prateek Mehrotra, Financial Adviser in Appleton, WI
Erin,
Here is a simple way to do this.
After you sell your stocks you will know the
selling price. Your Capital Gains is equal to
the difference between the Selling...
Q&A
Asked by Katie
Answered by Michael Hoffman, RFC, CLU, ChFCPRO+ in Grass Valley, CA
Katie,
Conversion from a traditional IRA to
a Roth IRA is beneficial when the amount you
are converting allows you to stay in the same
tax bracket and you have time...
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