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Someone Told Me There Are Some Big Penalties Coming Up On My Tax Return As I Do Not Pay For Obamacare As I Cannot Afford It For My Family...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

For 2015, the penalty for not having coverage is $325 per adult and $162.50 per child or a maximum of $975 OR 2% of household income, whichever is higher. The 2% is calculated on household income above your filing...   Read More
What Kind Of Penalty Will I Pay For Not Having Obamacare? Is It Illegal Not To Have Obamacare?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

It is illegal to not have qualifying health care coverage. If you don't have coverage, you will pay a penalty, unless you meet an exception. For 2015, the penalty for not having coverage is $325 per adult and $162....   Read More
0 0 Obamacare
Is There A Ready Made Domestic Taxes Application Package Which Can Be Used After Minimum Customization?
User Photo Harold Goedde
Tax Professional Level: Tax Enthusiast

Turbo Tax is a good one. Also, various ones are available on IRS.GOV   Read More
What Is The Easiest Way To Report My Rental Income And Expense?
User Photo Harold Goedde
Tax Professional Level: Tax Enthusiast

Use Schedule E for form 1040   Read More
Is The Sale Of Stock Ordinary Income Or Capital Gain?
User Photo Harold Goedde
Tax Professional Level: Tax Enthusiast

capital gain. If held more than one year it is long-term. If held one year or less ,it is short-term. Capital losses offset capital gains first and then ordinary income up to $3,000. Any unused losses can be...   Read More
How Do I Request An Extension Of Time To File My Income Tax Return?
User Photo Harold Goedde
Tax Professional Level: Tax Enthusiast

file form 4868 by April 15. Can be filed electronically. This gives you an automatic six month extension and the IRS will charge interest on any amount due from April 15 to date filed. However, if NO tax is DUE,...   Read More
Sect 529 Plan Funds Not Used For Education
User Photo Harold Goedde
Tax Professional Level: Tax Enthusiast

First, prepare form 1099Q, "Payments for Qualified Education Expenses under Sects 529 and 530." Enter gross distributions, earnings, basis, and qualified education expenses paid with the funds. Enter the funds...   Read More
The IRS Requires Mandatory 20% Federal Income Tax Withholding On Distributions From 401k And 403b Accounts... (See Question Below)
User Photo Caran Ebert, CPA
Tax Professional Level: Tax Enthusiast

A 401(k) as well as 403(b) and 457 are "qualified" employer sponsored retirement plans, sometimes employers offer matching contributions up to a percentage of your salary. The money is pretax, a direct salary...   Read More
Eduardo Saverin, One Of The Founders Of Facebook, Gave Up His US Citizenship. Was That A Smart Tax Saving Decision Or Was It Wrong Of Him...
User Photo Harold Goedde
Tax Professional Level: Tax Enthusiast

from a tax savings point of view it is a good move.  But, in my opinion, giving up his U.S citizenship is not right. Every person should pay their "fair share" of...   Read More
What Home Improvements Can I Make That Will Qualify For Tax Breaks?
User Photo Harold Goedde
Tax Professional Level: Tax Enthusiast

Additions and structural improvements (such as adding a garage or room, taking out interior walls, putting in new floors) are not a deductible expenditure. These should be added to the cost of your house....   Read More

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