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Insurance companies invest in bonds... Then they charge 2%-3% in fees... So you will always make less money (unless your Mom dies next week) with an insurance company policy than if you just invested in bonds yourself. A lot less money. If their projections hold up, and they pay you 4% a year, it w...

You must take a distribution for 2014 but you have until April 1 2015 to do it (for that year only). You must also take a distribution for 2015 by 12/31/2015. Waiting until Apiil 2015 to take the first distribution requires 2 distributions in 2015

Polymerized Tung Oil as well as polymerized Linseed Oil (if you can find them) are also great finishes. Be wary of raw or boiled linseed oil; they can take forever to dry. i've also used a 50/50 mix of boiled linseed oil and mineral spirits with good results. Its always a good idea to try any finish...

MLPs really represent the "infrastructure" of the Energy industry. Pipelines, marine transportation, NGL (Natural gas liquids such as Propane, Ethane) production and NG processing (collection, cleaning, compression, etc). There has been an explosion of new offerings in the past 12 months a...

The real problem with old age, in my opinion, is not the paying of monthly prescription bills. That's probably a simple part. The difficult part is whether in the future custodial care is needed, especially if it's NOT after surgery or a hospital visit because medicare doesn't pay for custodial car...

I beleive the same effect applies to a widows benefit. 2/3 of her pension from a job not covered by SS would be used to offset SS spousal or survivors benefit (the so called GPO rule)

Can you please explain this? Seems like a max earning year before 60 would be worth more since it would be adjusted up in nominal dollars. The max is the same in real dollars every year. So earning the max 5 years ago, adjusted to age-60 dollars, is the same number of nominal dollars as earning the...

Not an RBD for RYN (Another Timber REIT with heavy exposure to cellulose products made from their timber)

Can a minor own property?

The web-based teaching analogy is probably the closest.

I'm not trying to be cute but where is the web server located

I'm not sure what you are trying to get at here, but hopefully this will help. If you move to a new state, you are a resident of that sate and you'll pay state taxes in that new state (if they have them). California won't have any rights to collect taxes from you. Your company doesn't have to do an...

Good question! You should send a copy to your IRA custodian. They are responsible for filing the tax form if necessary. Some (like Schwab, Etrade and TD Ameritrade and Vanguard) will do it. Others will not. Also ask if there is a fee for filing a return.

Not sure what you're asking: 1099 forms generally don't get sent to IRAs because there is no tax reporting. (Obviously 1099Rs are a big exception and they go on Form 1040). K1 forms (partership type) do go to both taxable accts and IRAs.

Would it be unusual? Not really. However it has no impact on a Form 1040 - the IRA custodian should file Form 990T for the IRA if UBTI exceeds $1K.

I also have been pressure washing the pool deck and cage this past week with most water (1ooo's of gallons) flowing right over onto the septic drainfield. I could be wrong but I doubt thats 1000's of gallons. Take a garden hose and see how long it takes to fill a 5 gallon plastic pail. Pressure was...

I believe they will use your 2012 income but you will have file a 2014 tax return (in 2015) to insure you got the proper subsidy based on 2014 income, filing status, famiily size, etc.

Make sure the pumper inspects the inlet port and the outlet port to make sure there is no obstruction or blockage. Also check the filters on those ports (if present)

Contingencies like financing and inspection are normal and no seller should object to them. Obviously a seller would prefer an offer with none. I would put in reasonable ones (if important to you) and negotiate if necessary.

When your stess level goes down a bit, will you enlarge on this a bit? I'm familiar with the authors (and see them quoted by other writers) but do not know what the "huge mistake" is. If it doesn't veer this thread too far off course, and doesn't run afoul of "politics," will yo...

Just learned something the other day. Social Security claims that based on life expectancy, no matter when you start taking SS$, everyone one of us, on average, will collect roughly the same number of dollars when they pass on. Do you buy this? Yes and no. From the government standpoint, it's based...

I made a contribution to my Fido "rollover" IRA a few weeks back. During the process, sevaral warnings appeared because I was mixing diect contributions with rolled over (from a 401) ones and that I would not be able to "undo" this in the future. Obviously a Fido rule and not an ...

The IRS does not usually notify people of an audit (or most anything else) via email. Perhaps this one is different but I would check that carefully.

He should mail in his return. The IRS will note the discrepency and make the necessary inquiries and resolve it.

Don't most of those programs require you to show a tax return or state you are not required to file? It does show up on your tax return via a 1099R?

If a person can be claimed as a dependent and is not, then that person may not claim themself.

AFAIK, all HSA withdrawals get reported on your tax return. If you indiate they are for qualified medical expenses, no tax is due. Not accounting for HSA withdrawals will usually result in an IRS CP 2000 inquiry.

In theory, one can use negative UBTI carried over from a previous year to offset current year UBTI (for the same MLP). Of course, this means the Custodian should file a 990 T return for the negative UBTI. As an aside, UBTI generally equates to the Operating Income shown in Box 1, before adjustments.

You do know that the agent who introduces you to the property is entitled to the commission?

I just "fired" a Realtor because he refused to write an offer on a property I liked, saying that my bid would be too low. I fumed about it overnight and the next morning, called someone else to write the offer for me. I'm now in a counter-offer with the seller as they liked my offer the b...

I just "fired" a Realtor because he refused to write an offer on a property I liked, saying that my bid would be too low. I fumed about it overnight and the next morning, called someone else to write the offer for me. I'm now in a counter-offer with the seller as they liked my offer the b...

Why would Interest, Dividends and Cap Gains (typical pass through items from a Trust), show up on Sched E or require an entry there? However I'm not sure you could claim the FTC on your return; thats another question.

The latest thought among MLP investors and some "tax experts" is that the sale of an MLP in an IRA results in some amount of Ordinary Income (as a result of depreciation recapture) that is considered UBTI. This is separate from and in addition to any UBTI reflected on the K1. Normally this...

Is ordinary income passed through in Box 1 of the K1 for an S-corp or partnership considered investment income for the new Medicare tax ? Can anything else on a typical K1 offset it.j

vbr went ex-div yesterday (3-20); nothing yet announced on VTV

Be sure to carefully check the Sales Schedules enclosed with the K1 for taxation of any sales.

Generally you can not deduct a loss for an MLP until you sell your complete interest. Because of that, inputting a single K1 doesn't reduce tax and increase your refund. Howver if the MLP reports Section 1231 gain (not unusual) and you have prior years carry forward passive loss that can be freed up...

Most, MLPs don't produce positive UBTI on an annual basis. (UBTI generally equates to operating earnings which for most is a negative number because of copious amounts of depreciation). However there is some thought that when you sell, all that depreciation gets recaptured as Ordinary income which w...

TT Business handles Estate, Trust and Partnership returns (Form 1041, Form 1065, etc) (and possibly S-Corps though not sure about that) only. It will not produce a 1040 return. It is not cheap and there are nowhere near the "deals" on TT Business that there are on the 1040 versions (Basic,...

I agree with Trirod; doing a partnership return is complicated and there is not a lot of help or reference material available.To answer - TT Basic will handle the input of a K1.

Make sure these are all from taxable accounts. Look for UBTI, code V. also for deferred accounts. So far i have received 3 MLP's this year and all UBTI's are negative. In deferred accounts, the sum of the UBTI's has to be greater than $1000 to be taxable .http://www.ehow.com/how_5873375_report-k_1-...

Not sure I would amend the return but I would make sure that your software had all the latest values for the K1. i would also check because the situation you describe is very unusual for PTPS. Is there a positive number in Box 10 (Section 1231 gain)? Losses from one PTP cannot offset lncome for anot...

I believe there was one year (and one year only) a few years back where health insurance premiums could be taken on Sched C. That was a great deal since that deduction in effect reduced SE tax.

If she is actually reimbursed, then the expenses may or may not be deductible, depending on whether or not the reimbursement is included as income. It is my understanding they factor travel expenses into the amount paid to her. Only 1 check is issued per session and the full amount seems to be repo...

As I understand it, in order to apply for "only" a spousal benefit (and allow "your" benefit to grow) you must be FRA, so the answer is 66 in this case for the younger spuse.

Just for laughs, why don't you refigure your tax if see if any additional tax is due? If your in the 15% bracket (or lower), your cap gains dist will likely be taxed at 0%. If there is no additional tax due, no loss carryovers to adjust, and no impact on your state return, then I'd just wait for the...

How are you coming up with a 12K deduction? LLC is max 10K but thats a 20% credit and Tuition and Fees is a max $4K dedcution whicx might net you $1K in the 25% bracket

I'm just guessing but I'll bet the average CPA sees almost no tax returns with EITC. Preparers at the national firms (HRB, JH, Liberty) would see many more and know the ins and outs. How old are you? No EIC if you're under 25 unless you have kids and EIC stops at just under 14K of income for a singl...

See viewtopic.php?f=2&t=111367&newpost=1618987. No stepup for NUA stock.

The limit for UBTI (NOT distributions) is $1k if thats what you're asking. Most Commodity funds don't generate UBTI but it never hurts to check.

But he'll pay ordinary income tax on all IRA withdrawals/conversions when he eventually makes them. This allows him to pay ordinary rates (and prbably quite a low rate) on the basis and $0 tax on the appreciation and allow him to get some diversification.