Welcome to another session of Ask the taxgirl LIVE! We’ll be getting started today, Wednesday, February 29, 2012, at 12:00 pm EST.
I plan to answer as many questions related to federal income tax as I can in the space of an hour. If you have a question, check out these tips before you “ask the taxgirl.”
Be sure to read my disclaimer first… Remember, I’m a lawyer and we love disclaimers. But you know who loves them more? My malpractice carrier. Consider yourself warned.
Of course, this isn’t just for taxpayers. I’m hoping my colleagues will chime in, too. See you all back here:
You know I use software in my eaiprratpon of returns. Yet I am a bit confused by the “run for forms” to the IRS office.The software I use has forms. Like those less used you can download and print forms from the IRS web site. If you need four hundred, print them. I useally get forms sent to me. (one of each) in three ring binder form. If I need a particular form i just make a copy.I understand the money savings for your run for forms, I just find it all to time consuming. As for state forms – basically the same thing. As for the ones on hand for quick copy, I down load them. the copy as needed.The post office here has it posted that they won’t be getting forms this year. On that I think the government is trying to cut cost, just like everyone else.I would agree that the gov shouldn’t have any say as to any amount of compensation an exec gets. To me if the company wants to over pay so be it. Who is to say what is excessive anyway? I mean there is a person at a plant somewhere making $35.00 an hour to use a screw gun. His main job, to put four screws in a part that someone else already assembled. To me that is excessive. To the person doing it, probably not enough. So what is excessive and who is to regulate it? The person doing the job? An average of similar situations? Humm. Sounds like I just found where the new prez is going to get new jobs for America.As for all the bail out crap, in my opinion, when they can’t make it as a company then let them shut down. Let others learn from the mistake/s.
I received distribution from a non-qualified plan (executive tax deferred compensation plan) when I accepted a severance package. Do I have any option to roll it over to any other plan that would allow me to defer federal taxes now? If not, how can I keep my taxable income under control for this year? Please suggest if 529 plan, gift to relatives etc would help.