Taxes & Economy Page 12

Taxes & Economy Questions

IRS penalty on retirement withdrawal

My husband received a letter from the IRS stating that he didn’t claim the money that he took out of..

Federal Tax Return

We filed our joint tax return in February 2021 and have received our state return however not our federal refund...

Income tax filing for widower

My wife died January 11 2021 Do I still file jointly or as a single person Can I claim her..

Income vs premium subsidy

I live in Indiana and I have a retirement account, what if I withdraw money from that account how does..

Federal interest withheld

Every month since February There has been an automatic withdrawal from my savings account titled federal interest withheld. I have..

Selling camper for more than I paid

Do I have to pay taxes on a camper I bought 1year ago if I sell for more than I..

Higher costs for seniors

More a comment than a question. I heard you on WGN talking about increase in social security payments. I wanted..

Federal tax return

Sorry to be a pest but I have emailed my questions 2 times and I have not received an answer...

National debt – reader calls Terry “a bit dated”!!

Have you read Stephanie Kelton’s book “The Deficit Myth”? It makes a lot of sense to me. Your views seem..

SALT — new exceptions in Illinois

Hi Terry, Wondering -Just heard you with Steve Bertrand – What about S-Corp (Instead of LLC) to be able to..

Income tax for 2020

I usually pay about $200 income tax yearly. My last tax cost $1,739. I did increase my quarterly IRA withdrawals..

Child tax credit impact

How does this new child tax credit affect my tax return? And will this affect being able to qualify for..

Amended taxes

I had to amend my 2019 Federal and State taxes…having to pay additional money as well as a penalty. Does..

Quarterly Taxes

I filed my taxes by mail in, I’m getting a refund, and requested the first quarterly payment be taken from..

Reembursment

If I owe irs 2000 dollars will they take it out of the 10,200 of my taxes that I filed..

Estimated tax penalty

Hi Terry, I am retired and the withholdings from my pension and investment income were far below my tax obligation..

1099s – League Winners

Softball teams pay fees to play in a tournament. Winners receive a payout: either a credit on their account or..

Stepped up cost basis

There is talk about eliminating the stepped up cost basis on assets being inherited by heirs. Would this include home..

unemployment benefits for IRS filing

i live in illinois and am filing my taxes on Monday. do i need to file both Federal and State..

Where’s My Refund?

I filed my 2020 taxes early and the were accepted by the IRS on 2/15. I have yet to see..

money

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