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Taxes FAQs

  1.

    How are capital gains and dividends taxed differently?

  2. Are 401(k) loans taxed?

  3. If a LEAP option is purchased and held for more than 12 months, is the tax treatment long term?

  4. How does the government spend my taxes?

  5. I recently got married and now we (together) have two houses (hers and mine). I have only lived in mine for 13 months and was wondering if there was an exemption to capital gains tax if we could not reasonably afford the two properties?

  6. If you have a house that is under your company name and you want to sell it back to yourself, do you have to pay capital gains taxes?

  7. What is the double taxation of dividends?

  8. How are life insurance proceeds taxed?

  9. What is a "wash sale"?

  10. Which constitutional amendment made income tax legal?

  11. Will jointly filing taxes have the effect of joining a couple's credit?

  12. All of the following are allowable deductions used in determining taxable estate EXCEPT

  13. Which of the following BEST describes a wash sale?

  14. Why does the IRS withhold income taxes from employee paychecks?

  15. Do nonprofit organizations pay taxes?

  16. Do I still have to pay penalties and taxes on money that I don't roll over from a DROP fund?

  17. Can I convert non-deductible contributions made to my Traditional IRA to a Roth IRA without being taxed?

  18. As a temporary resident of the US, can I withdraw funds from my Traditional IRA without penalty when I leave the country?

  19. Can I, without tax penalties, use the IRA I inherited from my father to buy a home that I will live in? He was 72 and had started taking small payouts on it.

  20. I will be receiving monies from a QDRO executed pursuant to my divorce. I would like to take a portion of the money as a distribution to pay for a new home. What are the tax implications of doing this?

  21. What are the "certain requirements" that must be met for substantially equal periodic payments (SEPPs)? Is it taxed at 20%? Is there any downside to the SEPP?

  22. What are unrealized gains and losses?

  23. I've heard that workers who don't roll over their 401(k)s after retiring face some problems related to estate planning. I was told it was some type of final 2002 government regulation. Is this true?

  24. I am 52 years old and wish to make a withdrawal from my 401(k) plan. Is there any way I can avoid having to pay additional tax on the grounds of hardship - e.g. unemployment?

  25. Upon my death, will the beneficiaries of my IRA be compelled to take the entire amount in the IRA as ordinary income, forcing them into unusually high income tax brackets?

  26. How do I sign up for the saver's tax credit?

  27. Earnings within a Roth IRA are tax free, so are these earnings included in the modified adjusted gross income which is used to determine Roth IRA eligibility?

  28. What procedure applies to a taxpayer who made excess contributions for 2001, 2002, 2003 and 2004 and has neither withdrawn the excess and the earnings for 2001-2003, nor recharacterized 2004 to a Traditional IRA? How are multiple years such as this to be

  29. What are the tax consequences of a Roth IRA distribution if the IRA holder is younger than 59.5?

  30. Should I put money into a retirement account even if it isn't tax deductible?

  31. How does the marginal tax rate system work?

  32. How do I figure out my cost basis on a stock investment?

  33. Is it true that you can sell your home and not pay capital gains tax?

  34. Are the deferred earnings in a SIMPLE IRA subject to FICA taxes?

  35. I am a non-U.S. citizen living outside the U.S. and trading stocks through a U.S. internet broker. Do I have to pay taxes on the money I earn?

  36. How are realized profits different from unrealized or so-called "paper" profits?

  37. Can a corporation deduct dividend payments to shareholders before taxes are calculated?

  38. I deducted my IRA contribution on my tax return but failed to transfer the funds. What do I do?

  39. What is the purpose of a "repatriated tax break", and why is it so controversial?

  40. Can high-income earners deduct yearly defined-benefit plan contributions of over $100,000?

  41. If an employee is paid by commission, who is responsible for withholding taxes?

  42. How can unethical executives use options backdating to evade taxes?

  43. How can I make sure I'm ready to file my taxes?

  44. How do I avoid paying excess taxes on securities I have sold?

  45. What aids will help me file my own tax return?

  46. How can I reduce the taxes on my inherited retirement assets?

  47. How can I make sure I get all my eligible deductions?

  48. How do I get credit for my retirement plan contributions?

  49. What are some commonly missed deductions for business owners?

  50. How can I use a child tax credit?

  51. How can I tell if I'm eligible for an EITC?

  52. I sold my house. Can I exclude the gain from my income?

  53. Does everyone have to file a federal tax return?

  54. Is my non-qualified Roth IRA distribution subject to taxes or early distribution penalties?

  55. Are there special benefits for U.S. armed forces personnel?

  56. How do I file taxes for income from foreign sources?

  57. When am I not required to submit a social security number on my tax return?

  58. How can I easily get ready for next year's tax season?

  59. Can an open-ended fund's price appreciate significantly?

  60. Can I give stock as a gift?

  61. Can I donate stock to charity?

  62. What constitutes an "intention to call a debt instrument before maturity" for tax purposes?

  63. How do I calculate my gains and/or losses when I sell a stock?

  64. After receiving a required distribution when and how are my taxes affected?

  65. How can a trust lower federal transfer tax liability?

  66. How does the American Housing Rescue and Foreclosure Prevention Act of 2008 affect first-time home buyers?

  67. If I take a severance package from my employer, how will it be taxed?

  68. What is estate planning?

  69. How do I list the beneficiaries of my life insurance policies if I have a trust?

  70. When am I considered "married" for tax purposes?

  71. How do I use the IRS Free File tax forms?

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Last Questions Asked:
  1.

    How are capital gains and dividends taxed differently?

  2. Are 401(k) loans taxed?

  3. If a LEAP option is purchased and held for more than 12 months, is the tax treatment long term?

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