Executor of my brother’s trust. Distribution of funds tax question

There are other considerations beside the tax concerns of distributing the funds now, if the trust requires the funds to be held and used for your brother's sons until a distribution date at some time in the future. You didn't say how old the boys are, or how much is in the trust. If the amount is nominal, you may be able to distribute the assets early. You will want to make sure any estate tax due is paid and that a final income tax return is prepared and filed for the trust before you...

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My employer has not given me a 1099. how do I complete the form (calculations on taxes, etc.)?

If you are truly a worker who should receive a 1099, such as if you are an independent contractor, then it is up to you to make the estimated payments to the IRS based on your income. A CPA can assist you with this calculation. You may need to make estimated income tax payments to the IRS, and you will need advice regarding how to handle the employment tax issues for the IRS and the state in which you live. It is also possible that your employer is not properly classifying you as an...

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Samsung vs HH Gregg for tax refund on defective TV

It sounds unusual that the manufacturer is refunding money you paid to a retailer. Regardless, if HH Gregg collected the tax, to pay over to the state, then HH Gregg should refund the tax to you. Most small claims courts are geared toward the plaintiff, which is in your favor. It is hard to believe the amount of tax involved is worth HH Gregg's time in fighting the refund.

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Move to maryland from ohio, cashed in my 401, maryland says i oh them income tax on it

Many states will tax you if you receive the check in their state. For example, I had a client move from the east coast to California. Before he left his home state, he cashed in his 401k and left instructions to send the check to his new address in California. By the time the request was processed, he arrived in California and received the funds. California taxed him on the full amount. If he had cashed in the 401k before he moved, he wouldn't have owed the (higher) California tax.

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Do i have to register or pay state taxes in multiple states for my mostly-online business (LLC)

This has been a hot topic lately as seen in numerous "Amazon tax" articles. If a web-retailer has "nexus" with a state, the retailer likely has to collect and pay tax to that state. The issue is complex and is very fact specific. If in doubt, register or hire an attorney to give you an opinion based on your circumstances.

How do i obtain a colorado payroll tax id?

Generally you can contact a state's Department of Revenue or Franchise Tax Board to apply for a state payroll tax identification number.

My. Husband received a settlement (23,000) from being burned by unlicensed hot rocks massage therapist...will we have to pay tax

It depends on the nature of the award for federal tax purposes. Generally, compensatory damages for personal physical injuries are not taxable, nor are damages for any associated emotional distress (although emotional distress damages are taxable if they are not due to a physical illness or sickness). If your husband received damages for lost wages or profits, punitive damages or even interest on the award, then those damages are generally taxable. Problems can arise when the award...

For example in Wisconsin if I owe $2500 in taxes for property taxes and I dont pay the county can take my home and sell it

The answer will depend on the law in your state, however many states would allow the property to be sold and any proceeds would go to the owner unless other liens are in place that also must be resolved. Some counties require specific paperwork to be completed in order to obtain the excess funds.

Tax refund from IRS

I believe you meant to ask whether the IRS can take the wife's "refund." It will depend on whether it was a joint tax liability (i.e. did they file a joint tax return for the year). If so, the IRS may collect the tax from either party, however depending on the circumstances, the wife may qualify for "innocent spouse" treatment.