Posted February 27th, 2009
by admin
ihatevfsf asked:
I’m refinancing one of my investment properties and i want to know if i do a 401k withdrawal but use that money towards paying for the closing costs and paying down the principal balance on the investment property. I know I will be subject to the IRS 10% penalty however can i deduct the amount paid to reduce principal and cover closing costs.
Tags: 401k Withdrawal, Irs, Refinancing
Posted in Investing | 6 Comments »
Posted February 18th, 2009
by admin
zaxxon asked:
What if, in the hypothetical case, I cashed my 401K, paid nothing to the IRS and ran away to a foreign country to never come back to the US?
Tags: 401k, Hypothetical Case, Irs
Posted in United States | 3 Comments »
Posted January 14th, 2009
by admin
poptarts asked:
i file my taxes every year no matter how little i make but i still dont understand how doing your income taxes work. how come some of us owe money and others get a refund? if there’s an amount in the federal withholding doesnt that mean you should automatically get some money back? my boyfriend has worked part-time at the same job for more than 3 yrs and he some how has owed money to the IRS every year. how come he gets nothing back? in what conditions will one owe money and in what conditions will one get a refund?
Tags: Federal Withholding, Irs, Owed Money
Posted in United States | 4 Comments »
Posted January 14th, 2009
by admin
Anandam asked:
I live in the US, California. My parents who live overseas want to give me some money as gift. Wondering how much I can receive without paying income tax. Also, when the money is transfered to my account do I need to fill out any form and submit to IRS?
Tags: Income Tax, Irs, Parents
Posted in United States | 5 Comments »
