Other financial discussions

If we didn't receive an email today (Jan. 8,2021) will they be sending more as they get to them or are we just stuck waiting until we get our refunds? They need to give more information on what the heck is going on because they all have differing information. We got our first stimulus no problem but now when we could really use the money we get nothing and no one to answer our questions. 

Turbo asked to verify stimulus payments.  For a single tax payer, entitled to two payments of $600 each which were received.  Entered this into the questions on the stimulus and it set up an additional rebate of $600.  I believe this is erroneous.  

Employer over contributed to my 401(k) for years 2017 and 2018 and is now asking me to withdraw the funds and give it to them.  I will incur penalties and tax repercussions.  What is my recourse?  Thanks in advance.

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Have a large dental surgery planned, very expensive ($56,000), can I use my inherited IRA money to pay for it then write it off on next years taxes?

There can be circumstances where you may need to face appalling abilities popup and you may be left considering, how to get money off Cash App without card? On the off chance that this case emerges, by then you can continue utilizing the help that you can discover in the assistance get-together or you can dial the client care number to address the rep. You can comparably appear at the assist network with taking a gander at the FAQs and get the issue taken out. 

So, I’m having a few issues with my account and my card.  The application didn’t recognize my old card for me to create a profile, so I cancelled it and ordered a new one.  The new one is giving me the same problem, now, too.  Even on the website when I try to register, same thing.  I called the number on the back and it wouldn’t even let me speak to anyone.  It just said that some security block has been placed on the card with the only direction to remove it being searching the website itself.

When will I receive my email to update my Recovery Rebate Credit?

Hello,I submitted my tax return on TT online and my standard return was for $1200 but when I put in the Stimulus it went down to $600?  Will I need to do an amend?Thank you, Teresa

Hello, I am very blessed and grateful to have my parents offering to give me 300k to build my forever home. I own the property and don't intend on moving. I know my parents will need to file a 709 form because they are gifting me over the 15k limit in a given year. I had two questions: 1) Do they have to pay taxes on this now or is it paid once the lifetime annual limit is exceeded? ( We'll never hit that).2) Can they just write me a check for this amount without any issues at the bank? I know anything over 10k is reported.

I am active duty military and have been stationed in Kansas for the past two years.  I did not earn any income in California during 2020 and filed as a non-resident.  Do I still have to file Kansas state taxes?  My LES and W-2 show CA state tax withholdings.  Thank you for any help.

 

I recently received my stimulus check by mail. I already filed our taxes last week. I am just wondering what to do?

I was eligible for the first stimulus check but never got it. I used the "Get My Payment" IRS tool, but it never worked. I read on the IRS website that I can get the Recovery Rebate Credit with my 2020 taxes by using Form 1040 or 1040-SR, but I can't find where this is on my turbotax online portal or just how to claim this credit using turbotax. Please help 🙂

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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?