Today TaxMama® wants to take a moment to remind you about two key June deadlines. Today – estimated taxes are due. June 30th – the FBAR filing.
Today TaxMama® hears from Sheronda in the TaxQuips Forum, with this common issue (edited). “Taxpayer paid off her student loan using a home equity line of credit (HELOC)? Is the interest still deductible?”
Today TaxMama® hears from Hammed in the TaxQuips Forum, with this interesting question. “What is the income limit for married filing jointly to pay ZERO capital gains tax in 2014? Does the income include the social security benefits?”
Today TaxMama® hears from Nic in the TaxQuips Forum, with this common misconception. “Nic is disabled and withdrew his money from his retirement plan. Now he’s trying to figure out how to avoid paying taxes on this money.”
Today TaxMama® hears from KP in the TaxQuips Forum, with this question. “My sister-in-law received a 1099-Misc with an amount in box 6 for medical health care payments for providing care for her husband, a veteran receiving VA benefits. I know the amount is taxable to the federal government, but is it subject to social security […]
Today TaxMama® hears from a couple of people in the TaxQuips Forum, with this problem this week. They have sold real estate on an installment sale. They have been the mortgage-holder. And after a while, the buyer defaulted and they had to repossess the property. Let’s look at the problems arising when carrying a mortgage.
Today TaxMama® hears from Hollie in the TaxQuips Forum, with this concern. “My husband had to go to an assisted living facility (following hospital and skilled nursing stays) and I understand the nursing portion of his assisted living monthly fee is a tax deductible expense. When I asked the administrator of his assisted living facility (run […]
Today TaxMama® hears from Inteph in the TaxQuips Forum, who made a new discovery. “A young lady made about $15,000 in 2012. The employer (a city in California) withheld income tax and Medicare tax but not SS tax. Boxes are 3 and 4 are blank. What do I tell her and how do I prepare her […]
Today TaxMama® hears from Asdfgh in the TaxQuips Forum, who tells us. “My daughter plays piano for school choir. Doesn’t ask for money. She gets “thank you” from school PTO in form of flower bouquet and check for a few hundred dollars. Is that taxable income?”
Today TaxMama® hears from Stevenson in the TaxQuips Forum, with this question. “If you are unemployed, can the penalty to withdraw money from your IRA be waived when filing taxes? However, the taxes will still need to be paid since I am not 59 1/2. Is this correct? What form or forms would I file if […]