Other financial discussions

My bank went thru a website conversion earlier this year. The same accounts are listed under "Liberty Bank (CT)" and "Liberty Bank - CT", before and after. The transactions are useful in Trends & Budgets, but the non-zero balances in the old accounts cause Net Worth, etc. to be incorrect. Hiding the accounts, or Inactivating the accounts, prevents the transactions from being accessed. Please consider zeroing the old account balances.

Hello, I was wondering a few things. There is a Facebook settlement where many people will get money due to Facebook and the amount differs on the amount one has been on Facebook. I was wondering how that would go for taxes. As I don't earn any other income because I'm disabled and haven't been able to work and if I got money from that settlement and it was 400 or more where would I put that on the tax form and would it be considered net earning or miscellaneous income? I just want to make sure. I know some things like birthday money one doesn't have to file for but wondered how it works for settlements and such. 

This year, 2023, I took money out of my IRA and my Roth IRA to buy a lake cottage. I also paid Federal and State taxes on the money I took out of my IRA. I have also sold some property this year, so I am able to put some of the money back into my IRA and Roth IRA within the 60 day limit.My question is when I put the money back into my IRA and Roth, is there anything special that I need to do with my Financial institution (Fidelity) besides just sending them the money?Is there any special type of paperwork that I need to do when I file my 2023 taxes next year? Is the money that went to Federal and State taxes refundable? Do I have to wait until I file my 2023 taxes to get the refunds?Are there any other situations that I need to be away of?

Hello, do you guys know where does business income is taxed for income tax? 

I know the maximum combined contributions to an IRA is $6,500 for the 2023 year.  Can I have JUST the Roth IRA and not a Traditional IRA?  This considering that I am not worried about deductions as I have a retirement plan with work and am within MAGI limits.

News reports say Federal Trade Commission is asking a federal court for a restraining order barring Intuit from marketing TurboTax as “free.”  What is Intuit's response to this?  How's that case going?https://www.propublica.org/article/ftc-sues-to-stop-deceptive-turbotax-free-ad-campaignAccording to the March 2022 article:  The FTC began investigating TurboTax in 2019 in response to ProPublica stories describing how users had been lured into using the software with promises of free filing, only to discover later they had to pay fees to finish the process.The complaint, filed in U.S. District Court for the Northern District of California, where Intuit is based, accuses the company of engaging in deceptive marketing for years. 

We have a rewards system on our site that runs on Smile here [URL removed]   How do we track the redemptions for this in the software?

Should I take an inheritance in cash or In Kind?What do I need to know to make the best decision? I will be receiving 1/4 of the trust after taxes are paid. Can each of the 4 of us decide independently whether to take it in cash or "In-Kind"? Do I get a step-up in basis to the date the settlor died If I take it in stocks?Does  the trust also get a step in basis to the date the settlor died if the trust sells the stock and then just sends me a check? Thank you

I am going to inherit a money market account that has appreciated since my brother died. He died in 2008 and finally, the probate court has released the estate. Do I pay federal short term or long term capital tax on the gain? Is it the same for California? Also, please confirm that I don't pay any ax on his stock until I sell it?

I do not have a 1095-C form and my employer pay my health plan I did not have Affordable Care Act.   I have filed 2x and both times it has rejected for a 1095-c form whcih i do not have.  

Welcome back to this month's Community Chatter! In the past we have done This or That posts, talked about working from home, and even suggested new Small Businesses to support. This month we're going to have an appreciation post for our Community Champions! If you'd like to participate in this post please read all the way towards the end.    You've probably encountered our Champions out on the community when asking a tax question. They have so much tax knowledge and they volunteer their precious time to answer your tax questions! Our Champions are dedicated and loyal, and we are so appreciative of having them year over year.    If you'd like to learn more about our Champion Program you can find it here. You can also recommend people you think have great tax knowledge and love to help others. To nominate yourself of others you can do so here.      ******   Now that you've learned a little about our champion program we have a question for you.&nbs

Ok so here is my issue while trying to figure this out.  I lost 130 lbs  which left me with hanging skin that I would like to remove.  It is cosmetic surgery so insurance will not cover it so that leaves me to figure out how to pay for it. I don't have a lot of extra money so the less I would have to borrow to pay for it would be better. My main retirement is with the teachers retirement plan so I am not touching that.  What I do have and this is my question is I have a traditional ira with vanguard.  I put 5000 in to it when I worked with my old employer and it has grown to 9600.  I have not done anything with it in years just let it sit.  If I with drew all the money, I know I would have to put it on my taxes as income and pay taxes for it  like it was income. I am also guessing because I am only 50 that I would still have to pay a 10 percent penalty. Would this be charged by the irs itself and pay that all at tax time? what percentage of the 9

Good Morning all  My dad passed away in 2021 and his home went to probate.  We transacted a sale in 2022 to my sister and the proceeds went into a Estate account.   As custodian, with an EIN, what form do I need to file?  The 1041 seems to be focused on businesses.   The EIN letter from the IRS generating my EIN requested I file by Dec 2021, but there was nothing to file, am I in trouble? Thanks - I just don't know where to start.Bryan  

My wife received a 1099-NEC after College of Nursing payed off her student loan.She currently works for Hospital and is not an independent contractor.Shouldn't that have been on a W-2?

If I requested a 401(k) distribution in December 2022 and received a trade date in 2022 for my investments, but the check was not processed until January 2023.  Would the trade date or check date dictate which tax year the distribution should be attributed to for the purposes of receiving a 1099?

I bought some solar equipment from a Texas company last year without paying taxes.  Since I am claiming a 30% solar rebate, I need to add the tax amount and report I have use tax to pay.  I live in California,  how much is the rate?Thanks

I have a few goals in Mint including the retirement goal.  In older versions of Mint, we would select or enter the expected rate of return on the investments to help calculate the expected goal date.  Now that is gone.  What is going on ?  Is that goal now using only present day dollars with no rate of return?  Does it assume some standard rate of return based on the accounts?   How is the expecgted goal date computed?  Any help appreciated.  Thanks.

I was part of a RIF and I was assuming my post-termination Bonus payment would have 401K contribution taken out however it did not. My understanding is a Bonus payment would quality as "Earned income" as it was due regardless of my employment status. I'm not sure about the Severance payment which was also due but the Bonus was getting paid regardless. I can't access the Plan Rules on 401K site anymore and curious if my assumption is correct, and can my previous employer chose to not do it?

I am converting my employer 401(k) to a Roth IRA with annual transfers.  I do a rollover from the 401(k) to a Rollover IRA and subsequently to the Roth IRA within 60 days.  My problem is the 401(k) transfers include a nondeductible portion that is still being taxed (I had both nondeductible and pretax contributions over the years and Fidelity must ratio them into any rollover).  For example, a $50,000 transfer from the 401(k) includes a $2000 nondeductible portion.  When I enter the $50,000 1099R information includingthat the taxable amount should be $48,000, I end up with the full $50,000 on line 4b of my 1040. 1040 4a should be $50,000 but 4b the taxable portion, should be $48,000 (Form 8606 populates the field of course). I see advice to add a second 1099 but it doesn't seem to work if you answer the IRA questions honestly.  I tried the override of Form 8606 but that prohibits E-filing unfortunately.  Any assistance would be greatly apprectiated.

Is there any way to reallocate income for the tax year 2022 now that the tax deadline is near?

Last year, Turbo Tax got me to pay 4 federal estimated taxes , I made only three - the last one was for April this year which I skipped. I also made 3 State Estimated taxes.   Where do I check or enter those estimated tax?

Jane was over 59 ½ and had retired a couple of years before and not taken any distributions from her 401k.  On November 1, 2022, she took a total distribution from the 401k and elected to take 3000 shares of XYZ stock to a taxable brokerage account under NUA rules while rolling the remaining balance to her traditional IRA.  The plan administrator provided a statement of the 3000 shares distributed with a share price of $100 at the time of distribution, a market value of $300,000, a cost basis of $75,000, cost price of $25/share and unrealized appreciation of $225,000 and the rest of the account was rolled over to her IRA. Jane’s account statement from the day before distribution has additional cost basis information about the 3000 shares with 1500 shares with cost basis of $30,000 ($20/share) and 1500 shares with cost basis of $45,000 ($30/share) (actual details included a wider range of values by dollar range but this illustrates the concept).  On Decembe

I have been trying to get a refund for an incorrect CD version of TurboTax I purchased.  Costco had the "Home and Business" version, which I found out was not the one I needed for my LLC taxes after I installed the program and started my taxes.  It said I needed the "Business" only version. I can't return it to Costco because it is open. Apparently Costco didn't carry the one I needed.Unfortunately - I have submitted multiple refund request through your online form.  And each time I get a refusal email stating that the correct information was not on the form or the attachment could not be opened.  I know the form is filled out correctly, so I can only assume that the attachment is the issue.  Please tell me what format I am supposed to use to attach the receipt?  I've tried, .pdf; .do; .docx; .xlsx; .jpeg; .jpg - I've called the help number and they just said to resubmit - the Facebook message just blew me off and said wait until the last one I filed

Greetings! Is an annuitized pension inherited by death of a spouse subject to RMDs? I've been getting monthly payouts since 2015, but, for the first time this year, TurboTax is asking if these "withdrawals" are RMDs (my late spouse would have turned 72 in 2022).  Thanks in advance for your guidance.

I have not received my 1099.  I rollover funds from a old Roth IRA to a new Roth IRA can I still file my taxes and admen later?