Taxes - Nerdwallet

Taxes

Taxes refer to the money the government collects from individuals and businesses, usually taken from income or added to the price of certain goods.

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Michael Cash
Michael Cash
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Modesto, CA
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Marc Smith
Marc Smith
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John C Brandy
John C Brandy
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Brian Lehrhoff
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Eric Jorgensen
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All Questions: Taxes
NewPosted August 28, 2016

Depending on your filing status, they might be exempt. You can make tax-free profits of $250,000 (single person), or $500,000 (married) depending on y...

NewPosted August 26, 2016
Mark Struthers

Mark Struthers

CFA, CFP®

It is good you are exploring all the options. Yes, a 10% early withdrawal penalty normally applies unless you meet the age 55 exception:

"Distributio...

NewPosted August 26, 2016

There's not much to go on here like the purchase price, current asking price. But, I was in this situation before and I believe you can exempt up to $...

NewPosted August 26, 2016
John C Brandy

John C Brandy

CFEd, AAMS

OK, so you know about the 59.5 rule - that's good. What you're contemplating doing though would raise your income for this year by that $80,000 so yo...

NewPosted August 26, 2016

Direct rollovers to IRAs will not trigger a taxable event, and you're exempt from penalties because you're older than 59.5.

Although you can perform...

NewPosted August 25, 2016 · Boston, MA
Eric Jorgensen

Eric Jorgensen

CFP®, ChFEBC

Yes, but she will need to file a gift tax return when she files her taxes. Shouldn't owe any additional taxes, because she can count it towards her li...

NewPosted August 25, 2016 · New York, NY

I would consider consulting with a public accountant that could help you with the best course of actions.

NewPosted August 25, 2016
Mark Struthers

Mark Struthers

CFA, CFP®

Well, I am glad you checked. Your first RMD (for 2017 -- you don't have one for 2016) is due by April 1st of the calendar year following the year you ...

NewPosted August 24, 2016 · San Francisco, CA

Put as much as you can into a Traditional IRA as well as a Roth. Buy a house with a mortgage. Get some warm fuzzies on the side by giving a chunk to...

NewPosted August 24, 2016
Michael Keeler

Michael Keeler

CFP®, CLTC

Do you know how much of a capital gain you will have on the your current residence? You and your spouse can each have up to $250,000 ($500,000 total!)...

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