Other financial discussions

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We are retired. When completing the stimulus payment page we answered yes that we had received both stimulus payments of $1,200.00 each and entered $1,200.00 in each of the boxes.  Note: the second payment was received the first week of Jan/21.The following page advises that  we qualify for the stimulus credit when we didn't receive the full stimulus payment we qualified for. (?)  The credit was based on our AGI and your total stimulus payment of $2,400.00.  Need some clarification.  Again, we entered the amounts received and then were advised that we qualify for $ not received on the following page.Thank you

On 4/21/20  -  $1500 were swept into my Vanguard Traditional IRA Acct. This was a mistake. I lost sight of the $1500 being unearned income thus making it an excess contribution.      On 4/22/20 -  Vanguard directed me to submit a Vanguard ‘IRA & ESA Excess Contribution Removal Form’ for $1500,  which I did.   On 4/28/20 - this showed as $1500 sweep-out from my Vanguard Traditional IRA Acct.        On 1/15/21  -  I received a 1099-R from Vanguard associated with the $1500 that was sweep-out from my on my Vanguard Traditional IRA Acct on 4/28/20.  This 1099-R shows these values in its fields: Box1 Gross Distribution =  $1500;  Box 2a = ‘blank’;  Box2b = “X” ;  Box 7 =  “8”.   I presume that the IRS has a copy of the 1099-R in question and with it they will assume I own tax and possibly penalty based on the data it contains.  

Am I having enough pulled from my paycheck 

I never received my 1st stimulus check. IRS sent my 2019 tax refund to my bank account. So they had my bank account info. I received the 2d stimulus check at the same bank account I received my 2019 tax refund. According to IRS I can claim that 1st stimulus check as a tax credit on my 2020 tax return. Where is that  exactly on any tax form as I can not find it? 

I keep entering a loss on a second home that I received a 1099S from for.  We sold at a loss.  The loss is not deductible but Turbo Tax is adding the loss to my loss carryforward for next year.  I don't think that's correct.  Nowhere did is ask if this was a second home.

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My 91 year old mother lives with us and has for several years. Up to 2019 we have filed tax returns for her and she always gets a refund if she had any Federal withholding. Her sole income is SS and interest/dividends and a required RMD from her IRA. Not counting SS her income for 2019 was under $4300. Can we claim her as a dependent on our 2020 taxes we are filing? Would that trigger an IRS audit? Are there any other ramifications to declaring her as a dependent we are thinking about. We supply all her food and clothing. She pays her own medical costs.Thanks

Hi All,I'm a foreign national staying in the USA along with my spouse who is also a foreign national and a daughter who is a USA citizen.  I want to make sure in case something happens suddenly to me or my spouse, all my belongings should go to my spouse/daughter and my parents/siblings who are staying in a foreign country.   Do I need to create a will/deed for this? If yes where can I get a good template and where I should register this deed or do I need to consult a lawyer and any good suggestions on lawyers? Thanks,srk

My wife worked this year and i didn't.  Found out that we both can put money in an ira even though I didn't make money this year...Can we only put money in my ira and not hers (she hasn't opened one yet).  And lets say we made $5,000 can we place all of it into an ira? 

Would like to track the investment transactions of a couple different accounts in TurboTax and then generate capital gains/loss schedules automatically, is that possible?

The subject line is my basic question. Why do i have to report the 2nd round for 2020 taxes when it wasn't received until 2021 ?  (1/4/21 to be exact)  Am i being taxed on 1st and 2nd round or not?

My children and I were dependents in 2019. We are no longer dependents and will be filing myself. My children received the stimulus money by the person who claimed us but I did not as a dependent adult. Am I eligible? What do I put on my tax return?

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i recently filed my taxes and at  the time did not receive my second stimilus check but just received a deposit from the irs . i just want to make sure i did not mess up on my taxes because at the time of my filing i did not receive and claimed it on my forms or mess up my return.

Hello! So last year I filed my 2019 taxes by myself using turbo tax, being it was the first time I had filed by myself I had put that I could be claimed as a dependent even though I wasn’t by my parents. So when the stimulus checks went out I did not receive anything because I put I could be claimed. This year I seen something about filing a Recovery Rebate credit. Just wanted to see how to go about receiving my missed stimulus checks this year.

I expect to have 0 in taxable income over the next 10 years as all expenses will be paid for using cash during this time.  This mean my taxable income would be 0.   I have a need to generate 20K per year that I can claim as taxable income and file a tax return. I'm looking for any legal way that I can setup a sole praetorship or LLC if needed (if these are even needed), and pay myself to do something.   As an example I want to be a programmer, I would pay myself 20K per year to learn this skill and would expect that the LLC or company earn 0 in profit over the next several years.   At some point the company could turn a profit or has may continue never generating profit or may even dissolve.   I want to limit any tax I have to pay other than what I'm paying myself @ 20K.   Again the goal being to generate 20K of taxable income to myself from my cash until the company is profitable several years away. If anyone c

I was self employed for a couple of years, 2010-2011.  Created and contributed to a solo 401K account.  Now retired and 70.  Can I rollover that solo 401K to an IRA account and can that rollover be just for a portion of the balance as I sell some of the stock and rollover the cash portion.

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Even though I was told by credit union customer service reps twice that my second stimulus payment would be transferred from my old account to my new account like my first payment was, and that I didn’t have to do anything for this to happen again, the credit union returned my deposit from the old account yesterday instead. How will I be able to get my money now? Do I have to wait until I file my tax return? 

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If I don't have a job can I file taxes for my SSI?

I havent gotten my second stimulus which I am entitled to, My transcripts don't even show this stimulus, so what is happening, each entity blames the next. I just need my money

My mom is 86 with dementia and we want to sell her home and invest the money into an annuity or MIGA so that she can have some monthly income coming in addition to SSI. my question is whether she will have to pay taxes on the sale of the house if she is not investing the money back into the purchase of another home. is investing the money into an annuity or MIGA a good idea? thanks in advance