Bacchus01 wrote:So, if I read that right, I can open a 529 with me as the beneficiary, accumulate say $60k in it, and change the beneficiary to one of my children with no tax implications including gift tax issues?
seattlereader wrote:do you think TurboTax will be set up to handle this "circular relationship" successfully in the upcoming tax prep season for the 2014 tax year?
retiredjg wrote:However, I don't know the answer to the question about filling both a Roth IRA and a Solo 401k based on the same dollars.
kaneohe wrote:Can you gift him the money and let him take the credit?
Hayden wrote:I put in the money, but split ownership with my partner 51/49.
MN Finance wrote:Look, these are all really good ideas for taxes but the issue is whether or not this 70 year old couple wants to be in the farm business for the next 20 years. The assumption is that they do not.
mah001 wrote:The CPA must be unaware of the concept 'indirect prohibited transaction,' which would make the entire ira immediately taxable. The good news is there would be no excise tax on the prohibited transaction.
Lafder wrote:Any home office deductions will be recaptured when you sell your home. So it may or may not be worth the hassle to declare them.
Angelus359 wrote:Illinois has a 5% flat tax
If I contributed to traditional IRA, and then converted to Roth IRA, would it avoid the tax?