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Indiana Tax Law Questions & Answers

1 Answer | Asked in Banking, Business Law, Tax Law and International Law for Indiana on

Q: I am looking to create a company that facilitates peer-to-peer payments with the use of credit and debit cards.

For this I have created an app:

If user is going to send money using the app, they input their credit card, STRIPE charges the credit card and the money goes to my business bank account in the US. When this happens, the app shows a balance in the user’s APP account.

When a user... Read more »

Bruce Alexander Minnick answered on Jun 4, 2019

What you have described is a financial services company that operates exactly like a bank. Translation: Before you spend your money developing your "new" banking business you need to know that you are required to obtain a bank charter or some other official authorization from the state you are... Read more »

1 Answer | Asked in Employment Law and Tax Law for Indiana on

Q: a few days ago I applied for an ein I entered a dba on the form. That I havent registered yet. I am disabled and have

never worked. After more thought I have decided not to pursue the venture. Wondering what to do

Bruce Alexander Minnick answered on Apr 15, 2019

Nothing--unless you are worried that the IRS might follow up with questions about the DBA.

1 Answer | Asked in Tax Law for Indiana on

Q: Moved to IN in June '18. Our state taxes are 2x what the calculator says they should be. Is this because we relocated?

We're using TurboTax. My wife had $800 withheld on $25000 income for six months. The calculator says she should owe $780, around what she withheld, but TurboTax says she owes another $1100! Does Indiana tax her income from the other state she lived in? Thanks in advance for the help!... Read more »

Bruce Alexander Minnick answered on Apr 3, 2019

Not sure what kind of "calculator" you are using to figure income taxes due, but before running around in more circles try doing the simple math: If your wife earned $25,000 in 2018 and if her employer only withheld $800, that tax rate calculates out to 3.2%--which should raise your eyebrows.... Read more »

3 Answers | Asked in Bankruptcy and Tax Law for Indiana on

Q: Will I lose my tax return??? Filed chapter 7

I filed chapter 7 last month and last week filed taxes. I do expect a decent tax return due to having kids. Debt was mostly medical Bill's. I was getting grief from a lawyer for one of my non medical Bill's debt (was a gym) and do have a student loan from a school closed due to school being... Read more »

Stuart Nachbar answered on Feb 14, 2019

The answer depends on if same was exempted out. Some states follow the federal exemptions and some go with State Exemptions. Talk to your counsel about same and make sure it was properly exempted out.

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1 Answer | Asked in Tax Law for Indiana on

Q: Can my fiance claim my kids and me on taxes?

My children and I have lived with my fiance the entire year. My children have visitation with their dad every other weekend and rotating holidays. To be a qualifying relative, the child must live with him all days of the year. Since they go to their dads for visitation, does that mean they dont... Read more »

Frank Huerta Jr answered on Jan 2, 2019

If your fiance intends to claim them for the Earned Income Tax Credit or the Child tax Credit, he will be unable to do so because there is a relationship test. The child will fail the relationship test which requires the child to be his own child, a stepchild, or a foster child placed with you by a... Read more »

1 Answer | Asked in Tax Law for Indiana on

Q: I have owned my home for 23 years and paid my property taxes. I had a two story barn that is shared with neighbors was

Leaning and it had to be taken down. There was no way if just taking one side down. The slum Lord of the house it was shared with fought city about it being demolished He finally lost and the city demolished it. Now the city added the charges of 2000. To my tax bill I list NY job after 32... Read more »

Alexander Florian Steciuch answered on Jul 30, 2018

No one is going to be able to give you an adequate answer on here. You should consult with a local attorney in your area, specifically someone who has experience in property tax disputes and real estate matters.

1 Answer | Asked in Business Law and Tax Law for Indiana on

Q: May I prepare I financial statement without a CPA license? Can you show he Indiana Code that supports your answer?

Eric Steven Day answered on Jul 26, 2018

I am not an Indiana Attorney, but generally anybody can prepare a financial statement for their business. Where you would need the licensing is if you were preparing financial statements for a publicly traded company or you were Auditing those financial statements.

1 Answer | Asked in Tax Law and Public Benefits for Indiana on

Q: Need help figuring out 401k distribution options ( separated from work age 55)?

Whether cash out, convert to IRA, Roth IRA or C-company?

Eric Steven Day answered on Jun 9, 2018

It just depends on what type of work you are doing now. For instance, if you are working for another company, you might roll it into their 401k plan. If you are in retirement, the IRA might be a good option because you are just waiting on distributions. If you are running your own business, you... Read more »

1 Answer | Asked in Tax Law for Indiana on

Q: Wanting to confirm what I have researched. An estate only files a federal form 1041 if there is income over $600?

Had to create an estate due to no will being on record for mother. EIN was obtained to create the estate. The assets of the estate were valued at $6483 piece of property. There was nothing that produced income.

David S. Greenberg answered on Apr 12, 2018

IRS Form 1041, U.S. Income Tax Return for Estates and Trusts, is required if the estate generates more than $600 in annual gross income. The decedent and their estate are separate taxable entities. Before filing Form 1041, you will need to obtain a tax ID number for the estate.

1 Answer | Asked in Tax Law for Indiana on

Q: Can you file bankruptsy, if it is IRS,back taxes and medical bills,

we filed 2 times,and we havent filed taxes since i think 2002,we thought we would start trying to file for a year at a time,i believe in 2011,and we were suppose to get a check back H&R block told us,for i believe $2000,and quickly we got a letter in mail we owed them like $2400, now about 3 weeks... Read more »

Linda Simmons Campbell answered on Feb 23, 2018

The automated phone call you received is likely a scam call. The IRS does not call you and leave a message saying they will take you to court. If you owe money to the IRS they will contact you by mail first. Prior to any levy action the IRS will send you via certified mail a final notice of... Read more »

1 Answer | Asked in Tax Law for Indiana on

Q: I have been levied by the state and all funds taken. This has happened a year ago and I can't get any answers

The state periodically levies my current accounts and all I want to know is the reason behind this. As far as I'm concerned I paid all taxes due in a timely fashion. How do I find out why and the exact amount.

Michelle D. Wynn answered on Aug 8, 2017

You posted this question in Indiana although Justia has tagged your location as Minnesota. If this is about Indiana levying your accounts, you may want to try setting up an Online Services account to see what liabilities the state is showing that you owe. http://www.in.gov/dor/4331.htm

It...
Read more »

1 Answer | Asked in Tax Law and Child Support for Indiana on

Q: Ex is up to file our daughter. Do I have to allow it even if it's in our divorce decree?

I'm the custodial parent. He was ordered to pay child support but doesn't and the court doesn't enforce it. He also doesn't get child on weekends or holidays even though there is joint custody. Do I have to allow him to file? Will the IRS enforce?

Alexander Florian Steciuch answered on Mar 13, 2017

I'm not entirely sure what you are asking. Allow him to file his taxes? The most common issue that divorced parents encounter with children and taxes is which parent gets to claim the child and earn the credit on their tax return. I believe that is what you are asking. Take a look at your custody... Read more »

1 Answer | Asked in Tax Law for Indiana on

Q: I owe $15,000 in income taxes to the IRS for past tax years; am interested in a quote for help withan offer of compromis

Matthew M Montoya answered on Feb 11, 2017

The most important question is whether you qualify for an offer in the first place. This will depend on the equity you have in your assets combined with your expected future income.

That said, offers can run between $3000 and $6000 depending on the complexity of the offer and whether...
Read more »

1 Answer | Asked in Social Security, Tax Law, Criminal Law and Identity Theft for Indiana on

Q: Someone called my college impersonating me to get tax forms using my social security number, and changed my address

Paul Stanko answered on Feb 4, 2017

Unless you have a suspect, calling the police may be futile. Ask your college security or police department to investigate, and contact one of the three major credit agencies to put out a fraud alert.

1 Answer | Asked in Criminal Law, Family Law and Tax Law for Indiana on

Q: I recently found out that my mother had cashed in my daughters inheritance & mine too. My dad died from alztimers.

I have a journal written by mom telling how she has paid people to swear lies and have me arrested. As well as bank statements. She has had me in court since my childs birth and now has joint cstdy. How should I expose all of this without causing more stress to my child (11 yrs old).she has... Read more »

Paul Stanko answered on Oct 2, 2016

Your mother may have committed crimes that a prosecutor will be interested in pursuing. Contact your local police agency to file a report.

1 Answer | Asked in Bankruptcy and Tax Law for Indiana on

Q: Unreported income 2012/ bankruptcy

I'm in a chapter 13. end of my 2nd year and have paid $30,000 apx.

I did not turn over my tax return or refunds to the trustee.

According to my lawyer, its going to be okay. I had to turn over copies of my 2014 and 2015 taxes. They said the money would be worked into the plan.... Read more »

Paul Stanko answered on Oct 1, 2016

Your attorney has a confidential relationship with you. Contact him concerning your tax issues. Do not make a false affidavit, as that would be perjury.

1 Answer | Asked in Real Estate Law and Tax Law for Indiana on

Q: For personal reasons, I need to give my house to a family friend. What is needed in Bloomington, IN?

What taxes, etc. will be required?

Paul Stanko answered on Sep 19, 2016

What do you mean by "give" your house? If you have title in real property, you can execute a Warranty Deed in favor of another person. There will be title and recording expenses, and taxes will be pro-rated to date of closing.

2 Answers | Asked in Tax Law for Indiana on

Q: Is intestate settlement money taxable as income?

I received a 10,000 intestate settlement for real estate in Alabama. Is the amount I received taxable as income by the state of Indiana?

Terrence H Thorgaard answered on Nov 6, 2015

No. An inheritance is not considered income (by federal law), and I would bet that state law is similar.

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1 Answer | Asked in Tax Law for Indiana on

Q: Hello. Sorry about this. I walked away from my corporation in the year 2000 because I was flat broke. Am I still

Personally liable for any and all taxes i.e. Sales tax, income tax withholding tax, etc. I did not file dissolution either. Its been 15 years and I just received a call from Indiana tax amnesty. I am retired and live on 1700 per month. I'm not proud of what I did but I don't know how I am going to... Read more »

Robert Jason De Groot answered on Oct 12, 2015

What you must do is contact a firm that settles tax matters like this.

1 Answer | Asked in Tax Law for Indiana on

Q: My ex sold house on a short sale, I filed a quit claim deed, now he is trying to say I owe half of taxes from form 1099c

Zaher Fallahi answered on Nov 18, 2013

If you co-owned the property, you would be responsible for 1/2 of the income reported as canceled debt by lender. If your quit claim or gift to her was conditioned upon her payimng the applicable txaes for you, that is a separte contrcat between you two and not valid for the IRS purposes. Although... Read more »

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