Discussion:Multiple Tax Questions S Corp vs LLC

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Thank you for your assistances. I will continue to search my answer through the forum.}} Thank you for your assistances. I will continue to search my answer through the forum.}}
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 +{{ForumReplyPost|UserID=Taxwizard|Date=3 April 2008|Text=Question 1 is a legal question. However, do a search on the term "charging order protection".
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 +Question 2: Beginning in 2008, a 401(k) plan can be rolled into a Roth IRA. The entire value of the 401(k) plan must included in gross income in the year of the distribution. Also, the taxpayer’s modified AGI for the year of the distribution must not exceed $100,000.
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 +Question 3:If the shareholder has a net operating loss, he can carry the loss back 2 years. The NOL is computed at the individual level -- not at the corporate level.
 +}}

Revision as of 05:27, 3 April 2008

Discussion Forum Index --> Tax Questions --> Multiple Tax Questions S Corp vs LLC

D.taxes (talk|edits) said:

3 April 2008
Hello,

I am trying to find some information regarding the following questions:

-What are the advantages and disadvantages of acquiring a property as a S corp vs LLC? -Can a 401k be rolled into a Roth IRA? -If a S corp started in 2007 and incurred a net loss, can the shareholder carryback the lost starting in 2005 of their personal tax returns?

Thank you for your assistances. I will continue to search my answer through the forum.

Taxwizard (talk|edits) said:

3 April 2008
Question 1 is a legal question. However, do a search on the term "charging order protection".

Question 2: Beginning in 2008, a 401(k) plan can be rolled into a Roth IRA. The entire value of the 401(k) plan must included in gross income in the year of the distribution. Also, the taxpayer’s modified AGI for the year of the distribution must not exceed $100,000.

Question 3:If the shareholder has a net operating loss, he can carry the loss back 2 years. The NOL is computed at the individual level -- not at the corporate level.

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