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New Client - Retired - Wife Passed Away In 2014. Closed Out Many Pensions And IRAs To Cover Medical Expenses, Yet Owes IRS $18,000.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Social security benefits are taxable on a sliding scale, depending on the modified adjusted gross income of the couple. The amount of SS that is taxable can be zero, 50 or 85%. Since their MAGI exceeded $44,000...   Read More
My Children Received An Inheritance From A Relative. They Received A 1041 Form Stating They Need To Pay Income Taxes On The Distribution.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Unfortunately, they will have to pay taxes on the inheritance. Inherited IRA's and 401(k) accounts are subject to tax, as they are tax-deferred retirement accounts. The 529 plan does not give rise to a tax...   Read More
0 0 Form 1041
This Investor Lost His Down Payment In Rehab Project In Chicago, IL Due To Builder Fraud. Builder Filed For Bankruptcy And Hiding His Asse
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

If the client was included in the bankruptcy as a debtor and the case was settled with your client getting nothing then it is a bad debt. If there is sme kind of criminal or civil case going on about bankruptcy...   Read More
Forgot To Check The Box On Line 61 About Healthcare - Should We File An Amended Return?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes, if the box is not checked, they will assume you had no coverage and assess the fine for not having compliant health care coverage.   Read More
I Have A Malaysian Retirement Svgs Ac. In Late 2013, I Withdrew $180k And Transferred Some $90k To Pay For My Son's College Tuition.
User Photo Dean Marzullo
Tax Professional Level: Tax Enthusiast

Who Must File an FBAR United States persons are required to file an FBAR if: the United States person had a financial interest in or signature authority over at least one financial account located outside of the...   Read More
I Am An American Living In The UK I Am Looking For An Accountant Who Will Be Able To Assist Me With Filing Tax
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

I am familiar with tax issues involving Americans living abroad. You can contact me through my website   Read More
Taxpayer/PR Has Contributed To Retirement Fund/EPF/ Malaysia(tax Exempt Y) With Foreign Income While Withdrawn Funds Taxable?
User Photo ZM Ishmurzina, CPA, MBA
Tax Professional Level: Tax Enthusiast

Hello- The withdrawn funds will be taxable by the USA. The account should be reported on the FBAR. To learn more about the FBAR, please see this link   Read More
0 0 FBAR
Tax Payer Had A Forclosure In 2014 And Received A 1099-C For Each Taxpayer And Spouse. So Now They Have A Gigantic Tax Bill.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

If the house was your primary residence that you owned and lived in for 24 of the previous 60 months, you may qualify for an exclusion of the cancelled debt. Also, if you are insolvent at the time of the debt...   Read More
0 0 1099c
Within The United States, Which States Currently Offer Tax Incentives For Television And Film Production?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Most states currently offer Movie Production Incentives (hereinafter “MPIs”). MPIs are tax benefits offered on a state-by-state basis throughout the United States to entice, as applicable, in-state film...   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

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