Member Since September 2, 2008 , From Binghamton, United States
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Recent Activity by Tax Fairy

Answered: Divorce Settlements

Yes you can, but the plans are usually split under a QDRO. Some custodians will not allow the money to actually change hands until the original owner reaches retirement. Whenever the recipient gets ...

Answered: IRA Form 5498 missing from 2010 home basic

There is not an IRS form 5498. It is an information form the custodian of your IRA sends to you that indicates the value of your IRA. The numbers from the form are occasionally used when figuring ...

Answered: If your child was in foster care and you paid ...

Maybe, depending on your income. You cannot use the child for EIC purposes since the child must have lived with you for half the year or more. If your income is low enough, you could qualify based ...

Answered: Find out who filed a lein against you?

Liens are filed with the county clerk's office. You may have to go in person to get a copy of the lien.

Answered: When do bond funds pay dividends?

It varies with the fund. Some pay monthly, some quarterly. Look in the prospectus or look up the chart at AOL or Yahoo Finance. Check the box that says dividends and it will mark them on the chart ...

Answered: What to ask a cpa when you hit the lottery?

The CPA can handle the tax aspects and should be able to advise you on the best tax-saving strategies going forward. You should also be talking to an estate planning attorney and a financial advisor ...

Answered: Lost guy wants to start his own business...doesn't ...

I disagree with Rob on the "S Corp" it is not of much tax advantage unless you're making a lot of money (and that tax break may be taken away very soon). You can get the same legal protection with an ...

Answered: How do taxes work when selling on etsy?

You will report your business income and expenses on a Schedule C as part of your regular Form 1040 tax return (unless you become a partnership or corporation). Your profit from the business will be ...

Answered: Restructured business loan

Yes, but ..... you may be able to make it go away by using form 928 (?) to reduce tax attributes (NOL's, depreciable basis of assets, etc). It can also be cancelled out if you are insolvent. Talk to ...

Answered: Irs help

You can try filing for an Offer in Compromise. You can download the form 656 booklet on www.irs.gov . You may be able to reduce the amount you owe or at least get manageable payments. The forms are ...

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