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Thread: Free tax advice?

  1. #1
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    Free tax advice?

    Does anyone know of anyplace that one can get free financial advice, or at a very low cost?

    I'm thinking of something along the lines of county legal services, but with accountants.
    Something where they would see that you have no income and give you advice.

    I Googled it but the answers that came up were kind of ridiculous.
    Thank you!

  2. #2
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    you might check this out, ladyinblack1964

    http://www.irs.gov/individuals/artic...107626,00.html

    also, check this one out, too......

    http://www.aarp.org/money/taxes/info...p_taxaide.html

  3. #3
    Senior Member Dhiana's Avatar
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    I second loosechickens advice regarding VITA. I have volunteered with them and continue to file my taxes free through them.

    I know some states have rules in place for those who make under a certain amount do not need to file taxes. At the time I read the ruling it was for anyone that made less than $400 for the tax year in that specific state. Check the rules for your state. Not sure of the rules for Federal filings.

    The Motley Fool has been a good website for obtaining financial information including getting some answers regarding some tax questions: http://boards.fool.com/tax-strategies-100155.aspx

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    Off to check them out--thank you!!!

  5. #5
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    I'm sorry--I probably should have been more clear. I don't need help filling out tax returns. I need advice on the best way to minimize damage by taking withdrawals on a retirement plan.

    I know that the IRS will NOT actually give you advice. I have been to their office before and that is what they told me.

  6. #6
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    Something very weird about that Motley Fool board. They ask you to apply for membership, and then get back to you to say you're accepted. Then when you try to log in with your password, they ask you to apply again! Something must be malfunctioning...

  7. #7
    Senior Member Dhiana's Avatar
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    Sorry The Fool gave you such a hard time..I've been with them for several years, they must have changed their system
    Sadly I don't have any advice good advice for you regarding the withdrawals from a retirement plan either.

    Hope you are able to find what you are looking for,
    Dhiana

  8. #8
    Senior Member reader99's Avatar
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    My thought on minimizing damage from retirement plan withdrawal is that there aren't a lot of ways to do it. You've probably seen the Substantially Equal Periodic Payements thing with IRAs, but mine is so small that substantially equal payments would be nowhere near enough. My main strategy has been to keep the withdrawal in any one tax year as close to the amount covered by the standard deduction and the personal exemption as I can, so that even though I can't escape the 10% penalty off the top I can at least minimize the federal income tax on it.

  9. #9
    Senior Member reader99's Avatar
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    Re Motley Fool, my understanding is that anyone can read the boards, but to post you have to join/pay. They have been comping me for years, so if you have a question I can post it for you and you can read the results without cost.



    Later...
    I went ahead and asked: http://boards.fool.com/tax-strategie...x?mid=29680744
    Last edited by reader99; 11-21-11 at 10:08am.

  10. #10
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    If you're over 70 1/2 years of age and have the withdrawal go directly to a charity eligible to receive tax deductible contributions you don't pay tax on it. The limit on this is $100,000 per person. Don't know if that could help you. For more info see PUB 590 around page 39 under Qualified Charitable Distributions (you can look at Pubs on line at IRS.gov)

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