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Fldavem1
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- Posted Sold my rental - should I pay estimated payment to avoid fee on Get your taxes done using TurboTax. July 20, 2021 12:00 PM
- Posted Re: Selling a rental - depreciation recapture on Investors & landlords. March 1, 2021 4:55 PM
- Posted Best way to use a Beneficiary IRA on Retirement tax questions. March 1, 2021 3:57 PM
- Posted Selling a rental - depreciation recapture on Investors & landlords. March 1, 2021 3:49 PM
- Posted Two differnet SSA-1099s for one person on Get your taxes done using TurboTax. March 1, 2021 1:15 PM
- Cheered Re: Best way to pass down IRA - convert now or not for fanfare. July 16, 2020 10:29 AM
- Posted Best way to pass down IRA - convert now or not on Retirement tax questions. July 15, 2020 6:03 AM
- Cheered Re: Retired NYC teacher IRA - take large withdrawls to lower estate tax? for Bsch4477. July 8, 2020 9:05 AM
- Cheered Re: Retired NYC teacher IRA - take large withdrawls to lower estate tax? for Bsch4477. July 8, 2020 9:05 AM
- Posted Re: Retired NYC teacher IRA - take large withdrawls to lower estate tax? on Get your taxes done using TurboTax. July 8, 2020 7:16 AM
- Posted Retired NYC teacher IRA - take large withdrawls to lower estate tax? on Get your taxes done using TurboTax. July 8, 2020 6:28 AM
- Cheered Re: 1040ES vouchers have deceased as Your Name and survived as Spouse (filing jointly) for BillM223. July 5, 2020 11:31 AM
- Posted Re: 1040ES vouchers have deceased as Your Name and survived as Spouse (filing jointly) on Get your taxes done using TurboTax. July 4, 2020 8:00 AM
- Posted Re: 1040ES vouchers have deceased as Your Name and survived as Spouse (filing jointly) on Get your taxes done using TurboTax. July 3, 2020 7:49 PM
- Posted 1040ES vouchers have deceased as Your Name and survived as Spouse (filing jointly) on Get your taxes done using TurboTax. July 3, 2020 11:54 AM
- Cheered You can enter the income in TurboTax as Other Common Inco... for IreneS. July 3, 2020 9:33 AM
- Cheered Re: Filing 2019 Joint for my parents - Spouse passed 2020 - Any action on 2019 needed? for CatinaT1. July 2, 2020 6:11 AM
- Posted Filing 2019 Joint for my parents - Spouse passed 2020 - Any action on 2019 needed? on Get your taxes done using TurboTax. June 30, 2020 11:53 AM
- Cheered Re: My spouse is self-employed, our family health insurance is under her name, but the premiums a... for DianeC958. January 31, 2020 10:03 AM
- Posted My spouse is self-employed, our family health insurance is under her name, but the premiums are greater than her income on Deductions & credits. January 31, 2020 7:46 AM
July 20, 2021
12:00 PM
I sold a rental and I think the tax hit will be $25K for the depreciation ($100k depreciated over the 17 years). If I wait until April 2021 will I get hit with an underpayment fee - should I pay it now using a 1040ES payment ? I don't normally have quarterly Estimated Taxes. Thanks!
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March 1, 2021
4:55 PM
But not really just as income, as 25% rate, correct? More than the rate I've been benefiting at.
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March 1, 2021
3:57 PM
I have a beneficiary IRA that, since my dad's death was 2020, is to be withdrawn over the next 10 years (not a stretch IRA) at whatever rate of withdrawal I think is best (if I understand it right). The wrinkle: If I sell my investment rental and don't do a 1031 exchange, I'll be bumped into the next bracket (because of depreciation not just cap gains). The money isn't needed yet, but tax planning is obviously important. In that case, would it be prudent to take as much out of the IRA as I can while keeping me under the next bracket?
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March 1, 2021
3:49 PM
Perhaps this is simple and I'm making it too complicated, but I am selling a rental property and over 17 years I've depreciated it about 100k. My tax rate has grown from the 12% to 22% over the years. My turbo tax effective tax rate has been about 7-12% yearly. Is the IRS really asking me to pay back 25% of the depreciation even when it was really only lowering my AGI by 15% of the depreciation? Am I mixed up in thinking I got a 15% benefit over the years but now I'm required to pay back more than I used?
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March 1, 2021
1:15 PM
Hi, hopefully someone can help me. I'm the executor for my parents who both passed away in 2020. I've received my dad's SSA 1099 and TWO for my mom (same tax ID and slightly different values). My mom's don't have post-marked dates so I don't know which was sent first. They have slightly different benefit numbers. One is marked SSA-1099-SM and the slightly lower valued one (but not by much) is SSA-1099-SM-UD. I can't get through to the main SSA. My local office says the UD form is the benefit difference she received from my dad as a spouse (so she got both values) but the web says the UD stands for update. So the local office says they think I'd report both form for my mom, but I'm not convinced. In fact, I'm doubting it. I also can't seem to find any definitive answer on the web. Anyone know for sure? Thand in advance!
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July 15, 2020
6:03 AM
Should mom convert her late husbands traditional $1M IRA, soon to be rolled into a traditional IRA in her name, into a Roth and pay tax on it now? She has her own pension and doesn't need it, it will eventually go to her 2 beneficiaries. She hasn't used any of the lifetime exeption. I expect taxes might be higher in the future.... So, convert now (2020) and pay taxes now or transfer as is to the beneficiaries and they pay the taxes when they get it - which would be better for passing wealth?
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July 8, 2020
7:16 AM
OK, so are you saying that because of the lifetime exemtion (or exclusion or whatever it's called), the $800K standard IRA will pass to the heirs as distributions without the heirs paying income taxes on their personal 1040 even though it was growing pre-tax? Thanks!
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July 8, 2020
6:28 AM
My mom's IRA is about 800K which puts her into the 37% tax rate if she leaves it to the 2 children. Should she take a large chunk now (say 300K) and pay lower taxes on that and then the heirs pay less on less inheritance? Or will it be 400K each that are taxed? She doesn't need the money to live on and she's in her 80's. Thinking of tax purposes only.
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July 4, 2020
8:00 AM
OK, thanks, so keeping with the same question Should I use blank forms and, if so, should it be different than what's on the 2019/2020 returns as Primary(Husband ) then Spouse (me) information even though my spouse is now deceased? So just me? Or me then him? Just use the provided forms with his name/SSN first? Thanks!
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July 3, 2020
7:49 PM
"Since you will be filing a Single tax return for 2020" Wait, that's not right, is it? Husband died in 2020, so for 2020's 1040 I'll still file jointly, correct?
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