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I'm seeking legal guidance regarding an ongoing issue with accessing my 401(k) account through Fidelity, involving my two employers. I work PRN for Enhance Therapies, which created a 401(k) account for me. My main employer also has a 401(k) through Fidelity that is fully accessible. The issue... View More 
I'm planning to purchase a house with a mortgage for personal reasons and want to know if there are any limitations or penalties associated with selling the house shortly after purchasing. Are there typically fees involved with selling a home soon after obtaining a mortgage, and how might the... View More
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answered on Apr 16, 2025
In most cases, you can sell a house shortly after buying it with a mortgage, but you need to watch out for two things: prepayment penalties and transaction costs. Some mortgage agreements include a prepayment penalty clause, which means the lender may charge you a fee for paying off the loan... View More
I am considering amending my FBAR for the year 2024. My former tax preparer filed the FBAR by consolidating eight foreign mutual fund accounts under one account because I had a consolidated statement. They assured me this method was appropriate. Is this an accurate way to report these accounts on... View More
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answered on Apr 16, 2025
If the eight foreign mutual fund accounts are each held at the same financial institution and reported under a single consolidated account number, listing them as one account on the FBAR with the total balance is sometimes accepted—*but only if* they are not legally distinct accounts. The FBAR... View More
I have a manager-managed LLC, Hunter LLC, created for producing an indie film, and I am a member. The LLC is managed by another LLC, Skyfire Productions LLC, of which I am the only member. I usually file taxes by March 15th, but last year, I mistakenly didn't hit "submit" on the tax... View More
As an F-1 visa holder in Illinois married to a U.S. citizen, I elected to be treated as a resident alien for tax purposes after filing jointly for the first time this year. I am uncertain whether to provide a W-9 or W-8 form when requested in the future. The instructions for form W-9 specify that... View More
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answered on Apr 1, 2025
As an F-1 visa holder who has elected to be treated as a resident alien for tax purposes by filing jointly with your U.S. citizen spouse, your tax filing requirements have changed. The IRS indicates that "a dual status J-1 alien married on the last day of the taxable year to a U.S. citizen or... View More
I am considering giving someone a one-time gift of $1000 from my SSDI benefits as a gift of charity. I am concerned about the misuse of funds and want to ensure that this action will not jeopardize my SSDI benefits, given that I have no existing financial obligations or arrangements affecting them.... View More
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answered on Apr 12, 2025
Yes, you can give a one-time gift of $1000 from your SSDI benefits without risking your eligibility. SSDI is based on your work history and not on your current financial resources, so how you spend the money you receive each month is up to you. The Social Security Administration does not limit... View More
I am an international student on an F-1 visa, married to a U.S. citizen since May of last year, and currently residing in Illinois. I haven't applied for an adjustment of status yet due to the two-year home residency requirement from my previous J-1 visa. I need guidance on tax filing for the... View More
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answered on Mar 22, 2025
Filing jointly with your U.S. citizen spouse often offers tax advantages, though your specific visa situation adds complexity. As an F-1 visa holder married to a U.S. citizen, you can choose to file jointly by making an election under IRC Section 6013(g) to be treated as a resident for tax... View More
I am planning my estate to ensure that upon my death, my two daughters – designated as beneficiaries in my will – will receive my assets without going through probate or facing additional tax liabilities. I have a will, a home, and life insurance policies among other assets, and instructions... View More
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answered on Apr 12, 2025
It's great that you're taking proactive steps to plan your estate. In Illinois, a revocable living trust is one of the most effective tools to avoid probate. You can absolutely appoint one of your daughters, even if she is a beneficiary, as the trustee—this is quite common. As long as... View More
I am an international student on an F-1 visa and married a U.S. citizen in May of last year. I haven't applied for an adjustment of status yet because I am subject to the two-year home residency requirement from my previous J-1 visa, though I plan to apply for a waiver. For taxes, my spouse... View More
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answered on Mar 21, 2025
When you are married to a U.S. citizen, filing jointly often brings more tax benefits such as a higher standard deduction and potential credits, but you must elect to be treated as a resident alien for tax purposes. If you choose to file jointly, you need to include a statement with your tax return... View More
I'm considering filing for bankruptcy, but I'm unsure whether Chapter 7 or Chapter 13 is better for me. I have a car with a $10,000 loan on it, my monthly income is about $4,000, and I have around $22,000 in personal loans and credit card debt. I'm also concerned about not having... View More
answered on Mar 11, 2025
You’ll need to file your last three years taxes before you file and bankruptcy. You do not mention what assets, if any, you own. Consult a bankruptcy lawyer beat you to help you determine which chapter is fright for you.
My spouse and I have not filed our taxes for the previous two years, but we have agreed to split whatever we owe to the IRS. My first divorce court date is next month in DuPage County, Illinois. Can I proceed with the court date even if the tax filings are still pending?
answered on Mar 7, 2025
You "can" proceed with your divorce without filing your taxes, but that doesn’t mean you "should". If your first court date is next month, you don’t have to finalize everything right away. It’s best practice to know exactly what is being divided before finalizing your... View More
answered on Feb 8, 2025
It’s interesting that you referred to her as your girlfriend and not the child's mother, as this could affect the outcome depending on the circumstances.
If she is the child's mother and she has the child for more nights throughout the year, then she would likely have the right... View More
I'm an international student on an F1 visa, and I married a US citizen last year. I only have a graduate fellowship that covers tuition and provides a monthly stipend. My husband is employed. I have not applied for a green card yet. Should we file taxes jointly or separately?
answered on Jan 16, 2025
There are some circumstances that allow a married person to file taxes as Head of Household (HOH) but from an immigration perspective it is best to file taxes as "married". Similarly, filing taxes as Married Filing Separately (MFS) can sometimes be beneficial or necessary for tax... View More
I want to acquire the property from my uncle, who holds the deed, but there's a mountain of back taxes and I don't know how to find out whether an additional loan was taken out on the property. Where do I start? What should I be asking, and to whom?
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answered on Oct 23, 2024
Start by collecting all documents related to the property, including the deed your uncle holds. Visit the local county assessor’s office or their website to review property tax records and identify any outstanding taxes or liens. This will give you a clear picture of the financial obligations... View More
My ex spouse is offering a buyout of the remainder of our Marital Separation Agreement. She and her attorney are offering it as "tax exempt". How would this one time payment be tax-exempt if I normally have to pay taxes on my monthly payments? Wouldn't it still be considered income to me?
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answered on Oct 21, 2024
When you receive a lump-sum buyout for your existing alimony agreement, the tax treatment depends on when your original agreement was made. If your separation agreement was finalized before January 1, 2019, the buyout may still be considered taxable income, similar to your monthly payments. This... View More
My mother passed away in 2019. My grandmother had life insurance policy on her and agreed to pay the next three years of property taxes in Madison county Illinois. Well apparently she didn't, and I was served a certified letter about losing my home and property... Can I ask for an extension?... View More
answered on Oct 13, 2024
There is a redemption period for unpaid real estate taxes. Below is from the county clerk website from Madison County:
Contact us
Madison County Clerk
P.O. Box 218
Edwardsville, IL 62025
Call: 618 692-6290
Fax: 618-692 8903
Hours: 8:30 a.m. -... View More
US Bank Trust National Association, as trustee of the LB-Ranch Series V Trust by SN Servicing Corp. as attorney in fact, of Eureka, Calif., sold a residence at 212 S.E. Front in La Prairie to Mike Fuhrman of La Prairie for $12,000 on May 30. I don't understand the beginning of this statement... View More
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answered on Oct 9, 2024
It sounds like the trust managing your grandparents' estate took action to sell the property. The US Bank Trust National Association acted as the trustee, meaning they were responsible for handling the assets in the trust. Sometimes, when an estate isn't actively managed, the trustee may... View More
I am on my F1 OPT and working full time. I have completed my Masters in Packaging Engineering. Is it possible for me to open up an Etsy/Amazon/Ebay shop that specifically sells packaging for small/home business products? My ultimate goal is to make it a physical business with physical address which... View More
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answered on Sep 6, 2024
Starting an online business while on F1 OPT is possible, but there are some important factors to consider. OPT regulations require that any work you do be directly related to your field of study. Since you studied Packaging Engineering, you should ensure that the business you start aligns with that... View More
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answered on Jul 31, 2024
Yes, California taxing authorities can seize your car to satisfy a debt. This is a measure taken when other attempts to collect the debt have failed. Your vehicle may be subject to seizure if it has significant value and is one of your assets.
However, they typically consider your essential... View More
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answered on Jul 30, 2024
If you owe back taxes, the IRS can take your SSDI back pay. This is part of the Treasury Offset Program, where the government can offset federal payments to collect overdue debts, including taxes.
To potentially prevent this, you can try to set up a payment plan with the IRS before... View More
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