We are in the process of divorce and my husband requested my W2 for the tax year 2015. When I say we are in the process of divorce, I mean we've signed a mediation contract and I've submitted my Schedule of Assets/Debts and Income and Expense Decl...
Under the California Family Code, the spouses have a fiduciary duty of full disclosure while the marital dissolution proceeding is pending. This duty encompasses the obligation to provide all of the requested information regarding assets and finances. You should consult a family law attorney regarding the consequences of failing to comply with his demands.See question
I was told a relative was taxed from receiving a life insurance policy payout
Generally, if you receive the proceeds under a life insurance contract as a beneficiary due to the death of the insured person, the benefits are not includable in gross income and do not have to be reported.
Any interest you receive is taxable and you should report it just like any other interest received.
If the policy was transferred to you for cash or other valuable consideration, the exclusion for the proceeds is limited to the sum of the consideration you paid, additional premiums you paid, and certain other amounts.See question
In the divorce papers and parenting plan, it does not state that I am required to provide my income tax return. However, she is demanding it, in hopes of gaining additional child support. (Which she won't get since I make less money.) But I want t...
No, you are not required to provide her with the income tax return or other income information unless ordered to do so by the Court. She has no right to examine your tax returns or other income information. If she believes that there was a change of circumstances warranting modification of support (which a substantial increase in income could be), she can file a Request for Order and get the issue resolved by the Court. However, you have no obligation to share your financial information.See question
A monthly deduction was taken from my paycheck (a share of cost for my EMPLOYER - their Medi-Cal SOC). My employer received monthly letters stating she was obligated to reimburse her employer the SOC and I received monthly letters that it is my r...
Your description of the situation is not very clear. However, reimbursements of the post-tax payments should not be taxable income. On the other hand, if the contributions were made before tax and now are includible in the taxable income, they would be subject to income tax.See question
I made a non deductible IRA contribution in 2014 with the understanding that I had no outside IRA's with any value and did a Roth Conv. Before years end I did have an IRA that owned real estate that had zero value( due to being in foreclosure the ...
You will be issued a 1099-R every time you move funds from one IRA account to another. That does not necessarily mean that your previous contributions are out of a sudden taxed again. Code 2 on a 1099-R means "Early distribution, exception applies". The distribution with this code is not subject to early distribution penalty, and the conversion of the Roth IRA back to traditional should not have produced taxable income on the contributions since both, the non-deductible IRA and Roth contributions, were after tax already. My guess is that the taxable amount if any are the earnings on your contributions in Roth. They would be taxed at the time of distribution and would be part of the non-deductible contribution (basis) in the traditional IRA. The basis is not subject to tax at the time of distribution from the traditional IRA. If you believe that Wells Fargo incorrectly reported your transaction, you have to contact the bank and request for corrected 1099-R.See question
Just started a LLC and I am the one and only person working in the company. Is it ok if I don't apply for EIN? I do know that I can also use my social security to apply for business checking account or licenses. What does tax classification mean?
Agree with everyone above. You should get an EIN for your LLC. Although it may be treated as disregarded entity for federal tax purposes, it is still a separate business structure.See question
My wife and I are legal residents and her parents who are residing in another country (neither US citizens nor legal residents) are sending (wire transfer from their bank to our bank) us $50,000 as a gift to be used on a downpayment for a house......
Taxes on gift transfers are paid by the person giving the gift. However, since your wife's parents live in another country, they would not be subject to US jurisdiction. Thus, no US taxes on the gift transfer.See question
If a person receives a 1099 must they file the above schedules when they file taxes?
Yes, If you worked as an independent contractor you would have to file Schedules C & SE. However, if it was just one time occurrence or a miscellaneous payment, you could put that income on the "other income" line 21 on your 1040 Form.See question
restraining order was dismissed completely against him? I am trying to remove the conditions from my green card by claiming abuse. Would it be enough for me to mark the abuse option for my I-751 and send the attempted temporary restraining form I ...
It could be sent, but like the previous attorney said it might not help your case. Actual restraining order on the other hand would be substantial evidence of abuse.See question
Got my last name changed on my domestic partnership last month and am trying to figure out how to get it changed on my drivers license and social security card. Where do I go to do all this?
Take the court documents showing the name change to the Social Security Office. In addition, you will need documents showing your identity and US citizenship. Passport, ID, Drivers license, Birth certificate are all acceptable. You will fill out a new application for Social Security Card due to name change. Once your application is processed, you can proceed to DMV and change it there. You will probably will have to wait for 7-10 days for the changes of SSN record to go into effect.See question