Other financial discussions

The replies are not entirely correct.  Your legal fees that you personally incurred to defend your right in the capital of the trust may be added to cost of the property you received from the trust since it is a cost connected with acquiring the assets in respect of your capital interest

Questions: Assuming I bought ABC stocks at 2 different dates, say, 1000@ $5 on 1/20/2024 and another 1000@ $10 on 3/20/2024.  If I sell 1000 shares later with gain  @ $15.  I know I can pick either one (purchase date) to sell at the sale time.Can I change the purchase date I bought before 12/31/2024 or change the date before filing my tax return in 2025 to make the right tax harvesting?  Thanks

My grandparents estate was recently finalized and the money was distributed to the beneficiaries listed on the trust. Before they passed away, my grandparents requested that their sons (the listed beneficiaries) provide a portion of their part of the inheritance to each of their children. This is turning out to be a fairly substantial amount of money for each grandchild. As the grandchildren are not listed on the trust, does this now need to be reported as income for individual taxes (the estate already paid taxes on this money)? Or does this end up falling into the gift category and more taxes need to be paid by our parents? Or are the grandchildren free and clear with this money? We have an appointment with a tax advisor, but figured it wouldn't hurt to ask, as I imagine there are others who have faced this or similar scenarios. 

In a credit union, I added my 2 adult children as beneficiaries to a CD owned by my wife and I (JTWROS). I understand that the NCUA insurance is $250K for me and $250K for my wife. I also understand that I get an additional insurance of $500K for my 2 beneficiaries. Is this correct? My credit union account is not a Trust account. Thank you.

Wondering what folks are planning to migrate to now that Mint is shutting down. I've used it since 2009 or so... feels like my whole financial life is in there. It was never perfect, but I still found it incredibly helpful. 

why was a deduction of 133.00taken from an account (bank) that is not mine

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I work for two jobs based in Massachusetts. I would like to take both jobs from Massachusetts to Florida, since they are remote. My question is that my part-time HR department only allows employees to be within Massachusetts- they say since they do not want to pay into another states taxes. My full time job is willing to completely switch me over as a FL resident. My higher management for my part time job said it would be ok to work in FL, just HR cannot switch me over to FL state on taxes. Is this going to be an issue for when I move? I would like to completely switch over to a full time FL resident: car registration, FL drivers license, etc. Will this be an issue for my w2 or for my part-time company? 

I have mainly two IRA accounts, one is a SEP IRA and the other is a Traditional IRA. The SEP IRA has the majority of funds around 3× as much as the Traditional IRA.Since it is getting on time to start withdrawing funds I was wondering if I should:Consolidate the all the funds into the SEP IRAWithdraw funds equally or proportionally from bothWithdraw funds from the Traditional IRA firstWithdraw funds from the SEP IRA first What would be the pros or cons for any of the choices? Thank in advance

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As you may know, getting your free credit scores through Credit Karma is just one part of your financial journey. Although understanding your credit score is crucial for making important decisions, it’s just one part of the puzzle in managing your finances effectively. Come join us so we can tackle another piece of your financial puzzle.   Click here to start searching or posting any personal finance and tax questions, and get FREE answers from our tax experts or other tax filers like you! Whether you are dealing with questions on credits, deductions, state returns, or simply how to file your taxes for the first time, you can discuss it with our knowledgeable tax experts and other users!   Make sure to also RSVP here for our special Ask the Tax Experts event: Self-Employed Quarterly Filing, happening on August 28th, 2024. This event covers everything you want to know about filing taxes when you’re self employed. Tax experts will be standing by from 9a

I am hoping someone here has some insight. i applied for unemployment and stupid me calculate wrong the gross $ for the severance pay. My last day of work was 6/21 but i dont receive my last pay check until 6/28. So…I knew the gross amount but calculated wrong…it is less than what it should be. does unemployment verify the actual $ amounts i provided before approving my unemployment or should i correct this amount once i receive the actual check. i am not sure the impact overall or if it even matters in the end. The online form approved me for the max weekly amount already.Does it matter? Am i over thinking?  

I bought all my solar hardware for my solar project in 2023 and finished my project only in January 2024 (Utility approved PTO). I didn't claim my tax credit on my 2023 Tax Return and will be doing for 2024. As I am going to get about $5,000 tax credit, as I also has RMD to take and trying to roll some of my IRA into my Roth. I have to figure out how much I can safely roll from my IRA to Roth as I do not want to have my AGI exceeds the threshold that would raise my Medicare Part B premium. It may be hard to figure out how much my 2024 AGI would be.  Is it possible that I claim partial solar energy tax credit in 2024 and the remainder for 2025 to my tax advantage? 

Turbo Tax owes me a refund THEY WERE NOT SUPPOSED TO CHARGE ME FOR DOING MY TAXES THIS AMOUNT, THEY SENT AN EMAIL SAYING MY REFUND CHECK FROM THEM(TURBO TAX) NOT THE IRS..PLEASE FOLLOW ME ..TURBO TAX EMAILED ME AND SAID MY REFUND CHECK WENT OUT AND TO THIS DAY..I HAVEN'T RECEIVED MY 187.00 TURBO TAX REFUND CHECK YET, WHEN AM I GETTING MY MONEY...THIS HAS NOTHING TO DO WITH MY REFUND CHECK FOR STATE OR FEDERAL I GOT THOSE. PLEASE ANSWER THIS QUESTION AND TELL ME WHEN I'M GETTING MY MONEY EITHER DIRECT DEPOSIT OR A ÇHECK??  I HAVE BEEN GETTING THE RUN AROUND AND THIS IS UNFAIR IM A 6 YEAR CUSTOMER. IM UPSET AND APPALLED.

Hello,I am a little confused and cannot find my answer online.  My family gets an (advanced) Premium Tax Credit for Washington state marketplace medical insurance premiums.  It is based on my annual income.  That I understand.  What I would like to know is if I were to convert a Traditional IRA to a Roth IRA, pay my 20% taxes; would the amount converted be counted as income for the year on my AGI (or whatever is used to determine my Premium Tax Credit)?  Because a dispersement from a Roth does not count towards income for the Premium Tax Credit and a dispersement from a Traditional does.   Thank you in advance.  

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One of my dependents need to file form 709 in the future income tax. Does that mean I can't use the person as a dependent since they need to file that form? My dependent obviously doesn't do income tax but needs to file the 709 form. Does that affect the dependent status or the form is separate from the status of dependency?(She is my partner but not my wife)

Let's say I bought 100 ABC @ $50 on Jan 1, and then another 100 ABC @$30 on Jan 27, and another 100ABC @$15 on February 26,  does that mean whatever one I choose to sell constitutes Wash Sale?if I sell 1st & 3rd purchases also Wash Sale? Let's say if the last100 ABC @$15 was bought on Feb 28 (30+ days after 2nd purchase) , if I sell 1st and 2nd purchases together, it won't be considered as Wash sale?

Hi, If I loss $3K in 2023 stock investment, I am allowed to deduct $3,000 in my 2023 tax return and $2.7K will be carried to 2024.  Supposed I also have a $3K carried over from 2022, does that mean I can have another $3,000 deduction from my 2023 return?   And what will be carried over loss to 2024 in this case ?  2.7K + 2.7K =$5.7K? If I used TT to transferred my previous return, will my total carried over be recorded/transferred automatically by TT?  Thanks

Hello experts, I moved from EU to USA at the end of 2022, fully employed in the US since I arrived, on a regular payroll etc.At the time of the move I had significant cash savings in an EU bank account, and due to high banking transfer fees decided to transfer the savings to my own US bank account in two steps: first transfer the money to my boyfriend's US bank account (at no fee because my EU and his US accounts were in the same bank [Revolut], just under different legal entities), and then he would transfer the money to my US bank account (in a different bank) a day or two later, also without any fees as this was now a regular wire transfer within the US. All the transactions were for $5.000 amounts, as I was aware that they should be kept under $10.000 to avoid money laundering triggers and such. In total I initiated 23 such transactions during the course of 2023, totalling in $115.000 transferred.I have filed an FBAR with my 2023 taxes, which included the originating EU accoun

Team, We had been filing US Federal Returns online thru IRS Free File Fillable Forms. Every year a User/Password had to be created. This time IRS has mandated to have a US Phone Number where a Text Message can be received. Since we are currently not in US, so don't have a US Phone number and can't avail the options to  file online thru "IRS Free File Fillable Forms". In our filing, we had been submitting Form 2555 (Foreign Earned Income". Our AGI has almost always been lower than the Taxable Slab so no taxes had been due to be paid.Q: Any suggestions what options we could have to file US Federal Returns online but free knowing that we would also be submitting Form 2555. Not sure if the same is possible with TurboTax free? Pls share which options don't enforce to file State Taxes along with, since in some cases, it comes as a package i.e. "Federal is Free but State is Paid and both have to submitted else Federal can't be submitted"? Thanks,Anant

I have payment acknowledgement that the parents of a college student paid. the message on the paid acknowledgement says your payment will be credited on the student account. My question is what form do I use to enter the payment the parents made?

We were paying our accountant for our QB Online for the last couple of years.  We decided to move on and took back the control and billing for the QBOL.  I was paying the accounting firm $130 a month.  I just got billed $172 from intuit for QuickBooks Online Payroll Premium, Payroll Premium Worker Charge, and QuickBooks Online Essentials.  We only have two employees, a very small company.  Is this reasonable?  Are there other options I should look into?

Looking for help on how to download my transaction history from Mint, AFTER I was forced to migrate to Credit Karma.I tried to get help from Credit Karma and they said it is not possible to download the information from them, but suggested I reach out to mint for help downloading it. The issue is, since my account has been migrated, I am not able to view it in Mint to follow the instructions provided on how to download.

Although my initial question was answered, I still cannot determine how to offset the money from a 1099-NEC. I reported it as sporadic income as it was a one-time event.  I do not see anywhere in the TurboTax program to enter an expense to offset it as suggested......(my apologies if I'm being dense about this).Our County Natural Resources Div. paid us from a Grant to perform habitat enhancement on our property.  We, in turn, paid that money to a business to do the work for us, so we did not incur income from this project, in fact, it cost us more than the allocated grant money.There has to be some way to offset the money from the Grant as it was not income and was used for the intended purpose it was allocated.