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Baris *****
Freelance Designer
Q. Hello, I contributed $6500 to Roth IRA in December 2023. Then, in February 2024, I removed excess contribution and attributable earnings of total $7500 from Roth IRA. I do understand that the earnings portion of $1000 (i.e. $7500 minus $6500) would be taxed as ordinary income. However, would earnings portion (which was attributable to contributions) be taxed as part of 2023 or 2024 income? For example, my IRA administrator brokerage firm will not send any 1099 forms about these transactions for the remainder of this year(2024), but they will send 1099 next year(2025). When they send me 1099, I don't know for which year I will owe taxes... Will I owe tax for 2023 because the original contributions were made for 2023? Or, will I owe tax for 2024 because excess contribution and earnings were removed in 2024? I look forward to your feedback. Thank you!
Typically, Roth IRA gains are tax-free. If you need more help, don't hesitate to reach out. Team FlyFin.
Brian
consultant
Q. 19 years ago, house purchased from parent for $10. Never rented it or used as business/depreciation, etc. Married and lived in home throughout the entire time, file jointly. If I sell the house for $1,150,000, what is my capital gains tax potential? Assume $500k married deduction and about $200,000 in improvements over the years. What do I use as the cost basis? At time of sale, the NYC Finance Dept determined market value to be $563,000 and the assessed value for tax purposes was $51,000. Do I use one of these for cost basis?
In the scenario where the house was acquired from parents for $10 and underwent $200,000 in enhancements, the cost basis would be $200,010. After being sold for $1,150,000, with a married filing jointly deduction of $500,000, the taxable gain would be $449,990. The assessed value for tax purposes plays no role in determining the cost basis.
Pamela *******
Healthcare professional
Q. Hi, a divorce judge ordered my ex husband, alone, to pay any amounts we have due to the irs for 2019, 2020 and 2021. I understand the irs doesn’t care what our divorce decree says, and they still hold me liable to pay. I submitted an irs Innocent Spouse Relief form to the irs for 2019 and 2020. However I can’t submit the relief form for 2021 bc the ex never filed those taxes. If I file now for 2021, married separately, I won’t be eligible for irs innocent spouse relief bc I must file married jointly to be eligible. I don’t know what to do.
If your inquiry involves complex legal matters, it may be advisable to consult with a tax attorney. We are not currently providing those services. Please reach out if you need additional support. Team FlyFin.
Cash *********
Healthcare professional
Q. Hello, I know you can do a 1031 exchange with a investment property. My question is how can you make that happen with a home that is currently your primary home? Do you simply have to live somewhere else for a certain time period to have that home no longer be designated the primary home? Thank you!
We advise consulting with a professional before converting your primary home into an investment property for a 1031 exchange, as our expertise is in tax filing. It is not recommended to proceed with a 1031 exchange if the house is currently your primary residence. - Team FlyFin
Tina ***************
Healthcare professional
Q. I have already calculated my deductible expenses for 2023 and I was getting ready to send them to my long time CPA (who moved across the country) and I found your service. Can I skip the AI for 2023 and just upload the numbers? Then give access for 2024? FYI, I have been a psychotherapist in private practice for 20+ years, so I know my deductibles. Thanks.
You have the choice to skip the AI for 2023 and upload your deductible expenses immediately. Simply connect your account and upload the documents under "other docs" for submission. Reach out to us if you need any help. - Team FlyFin
Todd
Healthcare professional
Q. I received my 2023 Tax statement on my non-retirement mutual funds. They split the dividends tax that I owe Equally between qualified dividends and ordinary dividends. They did this on all of the funds that I have that pay dividends. How can the ordinary and qualified dividends be the Exact Same amount split equally between each mutual fund ? I would figure since I've had the funds for years and years most of the dividends would be taxed at the qualified rate but instead the brokerage I use just takes the total amount of dividends on each fund and splits it 50 percent to qualified and 50 percent to ordinary. I get taxed more on the ordinary so this doesn't seem fair. Is this something that is normal or should I report it and if so to whom ? Thank you very much !
Both qualified and non-qualified dividends make up your ordinary dividends, all of which are considered qualified dividends on your tax statement. As a result, they will be taxed at a lower capital gains rate. This is standard protocol and does not need to be reported. Feel free to contact us if you have any further questions.
Baris *****
Freelance Designer
Q. Hello, I contributed $6500 to Roth IRA in December 2023. Then, in February 2024, I removed excess contribution and attributable earnings of total $7500 from Roth IRA. I do understand that the earnings portion of $1000 (i.e. $7500 minus $6500) would be taxed as ordinary income. However, would earnings portion (which was attributable to contributions) be taxed as part of 2023 or 2024 income? For example, my IRA administrator brokerage firm will not send any 1099 forms about these transactions for the remainder of this year(2024), but they will send 1099 next year(2025). When they send me 1099, I don't know for which year I will owe taxes... Will I owe tax for 2023 because the original contributions were made for 2023? Or, will I owe tax for 2024 because excess contribution and earnings were removed in 2024? I look forward to your feedback. Thank you!
Typically, Roth IRA gains are tax-free. If you need more help, don't hesitate to reach out. Team FlyFin.
Brian
consultant
Q. 19 years ago, house purchased from parent for $10. Never rented it or used as business/depreciation, etc. Married and lived in home throughout the entire time, file jointly. If I sell the house for $1,150,000, what is my capital gains tax potential? Assume $500k married deduction and about $200,000 in improvements over the years. What do I use as the cost basis? At time of sale, the NYC Finance Dept determined market value to be $563,000 and the assessed value for tax purposes was $51,000. Do I use one of these for cost basis?
In the scenario where the house was acquired from parents for $10 and underwent $200,000 in enhancements, the cost basis would be $200,010. After being sold for $1,150,000, with a married filing jointly deduction of $500,000, the taxable gain would be $449,990. The assessed value for tax purposes plays no role in determining the cost basis.
Pamela *******
Healthcare professional
Q. Hi, a divorce judge ordered my ex husband, alone, to pay any amounts we have due to the irs for 2019, 2020 and 2021. I understand the irs doesn’t care what our divorce decree says, and they still hold me liable to pay. I submitted an irs Innocent Spouse Relief form to the irs for 2019 and 2020. However I can’t submit the relief form for 2021 bc the ex never filed those taxes. If I file now for 2021, married separately, I won’t be eligible for irs innocent spouse relief bc I must file married jointly to be eligible. I don’t know what to do.
If your inquiry involves complex legal matters, it may be advisable to consult with a tax attorney. We are not currently providing those services. Please reach out if you need additional support. Team FlyFin.
Cash *********
Healthcare professional
Q. Hello, I know you can do a 1031 exchange with a investment property. My question is how can you make that happen with a home that is currently your primary home? Do you simply have to live somewhere else for a certain time period to have that home no longer be designated the primary home? Thank you!
We advise consulting with a professional before converting your primary home into an investment property for a 1031 exchange, as our expertise is in tax filing. It is not recommended to proceed with a 1031 exchange if the house is currently your primary residence. - Team FlyFin

Facts and figures about
Unicoi County, Tennessee

tennessee
population

17,698

County Population

population

Erwin

County Seat

population

186 sq mi

County area

population

9.75%

Unicoi County sales tax rate

😵‍💫 1 Tennessee CPA for every 300 residents results in high CPA rates

😓 19 million taxpayers missed the filing deadline last year

😨 30 million taxpayers miss deductions without the right tax expert

😣 Almost 1/2 of all Americans pay more tax than necessary

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Tennessee State Income Tax Rates & Brackets for 2023

The following tables represents Tennessee's income tax rates and tax brackets:

SINGLE FILER

Brackets

Rates

n.a

none

MARRIED FILING JOINTLY

Brackets

Rates

n.a

none

Filing Status

Standard Deduction Amt.

Single

n.a.

Couple

#VALUE!

Unicoi county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Erwin

9.75%

Erwin

Unicoi

9.75%

Unicoi

Flag Pond

9.75%

Unicoi

Frequently Asked Questions

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