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Distributions from health savings accounts (HSAs) to pay qualified medical expenses are not taxable. These accounts must be combined with a high-deductible health plan (HDHP). The question has been: Can an HDHP pay for preventive care without a deductible? The answer is yes, and now the IRS has added 14 new preventive care items to [...
A married couple filed a joint return for one year that did not include the wife’s Social Security benefits. These benefits resulted from her being formally classified as disabled. In the following year, the benefits were reported, but they didn’t pay the resulting tax. She filed for innocent spouse relief. The Tax Court denied her [...
Pursuant to the Bipartisan Budget Act in 2018, the IRS has created a new tax form for those age 65 and older at https://www.irs.gov/pub/irs-dft/f1040s–dft.pdf. The form, which can be used for the 2019 income tax return filed during the 2020 tax filing season, is a two-page form that uses larger fonts and no shading to [...
A taxpayer took a distribution from her IRA of $524,981.89 to pay for the purchase of a home while she waited for the sale of her former home to close. When it did, she overnighted a check to the financial institution of her IRA for that same amount, directing it to deposit the check into [...
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