Author Topic: any accountants out there that i can ask a question?  (Read 55683 times)

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #30 on: December 29, 2013, 07:26:57 PM »
Agreed, but will it be so hard to prove that getting a degree in education is "maintaining or improving existing skills" vis--vis tutoring?
At this point it is difficult! if it is done before being flagged then it stands a better chance. In my personal opinion it probably wont be worth the time, aggravation and money (if you hire someone) and just pay the dif.

Offline aryeh1

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Re: any accountants out there that i can ask a question?
« Reply #31 on: December 30, 2013, 12:26:06 AM »
So back to my question,  do i need to go to an accountant now?  Or i can take care of it myself?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #32 on: December 30, 2013, 07:08:47 AM »
So back to my question,  do i need to go to an accountant now?  Or i can take care of it myself?
You applied for the lifetime learning tax credit. The credit is for %20 of the first 10k spent on education in 2012. A credit reduces tax due.
If this is what you are going for and all they need is a corrected 1098t, why not just send it in? Its probably not worth fighting about the interest and fees that you owe.

The other option that you may have had was to take the Tuition and fees deduction. This would have reduced your taxable income by up to 4k. (You cannot take the deduction and the credit)
If this would have been more beneficial  to you, possibly because of an increase in the EIC combined with lower income, you should ask someone whether its still possible to claim this for last year...

#myadvise is worth what you paid for it;)


Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #33 on: December 30, 2013, 07:53:38 AM »
So back to my question,  do i need to go to an accountant now?  Or i can take care of it myself?
It depends how good you are at it. Is it worth for you to save the few hundred dollars? Can you do yourself the expanses against the 1099? Can you figure out yourself which education credit/deduction is best for you?

Offline aryeh1

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Re: any accountants out there that i can ask a question?
« Reply #34 on: December 30, 2013, 08:41:16 AM »
You applied for the lifetime learning tax credit. The credit is for %20 of the first 10k spent on education in 2012. A credit reduces tax due.
If this is what you are going for and all they need is a corrected 1098t, why not just send it in? Its probably not worth fighting about the interest and fees that you owe.

The other option that you may have had was to take the Tuition and fees deduction. This would have reduced your taxable income by up to 4k. (You cannot take the deduction and the credit)
If this would have been more beneficial  to you, possibly because of an increase in the EIC combined with lower income, you should ask someone whether its still possible to claim this for last year...

#myadvise is worth what you paid for it;)

I could redo my tax return,  I think at the time $1500 credit was the better outcome,  there's only an additional $2500 of income from the new 1099, which added about $260 in tax.  Eic went down from $500 to less than $200.  I could pm you my income,  to know the better outcome.  Also i could Also send in scheduled C for 1099, I never really did this before.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #35 on: December 30, 2013, 09:26:06 AM »
I could redo my tax return,  I think at the time $1500 credit was the better outcome,  there's only an additional $2500 of income from the new 1099, which added about $260 in tax.  Eic went down from $500 to less than $200.  I could pm you my income,  to know the better outcome.  Also i could Also send in scheduled C for 1099, I never really did this before.
Iv given you all iv got. (Just happened to be studying the tax credit section of the REGS yesterday! :))Your probably better of with the credit, (that you already requested on your return). Just send in the amended tuition form. I dont know about submitting an amended return now for sched C deductions. For that ask someone els...Good luck

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #36 on: December 30, 2013, 09:36:02 AM »
I could redo my tax return,  I think at the time $1500 credit was the better outcome,  there's only an additional $2500 of income from the new 1099, which added about $260 in tax.  Eic went down from $500 to less than $200.  I could pm you my income,  to know the better outcome.  Also i could Also send in scheduled C for 1099, I never really did this before.
you originally said you owe 3000 $ from this. Here u r saying a lot less then that. If all you are missing is 2500 $ of a 1099 then the numbers u r saying here makes more sense. In my opinion pay what u originally would of paid and negotiate with them the intrest and penalties.  Unless those themself are $2500 which in my expiernce dosent sound right.

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #37 on: December 30, 2013, 11:27:33 AM »
If you still have the TurboTax from that year, plug in the corrected numbers and see if you're better off with a credit or a deduction.
I don't think you need an accountant.  You're not lying or finagaling. 
TT will give you the better way to file.   Then send in the new 1040 to the IRS. 
You should definitely include a letter of explanation with a request to wave the fines.  Hey, you  never know!

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #38 on: December 30, 2013, 11:31:01 AM »
If you still have the TurboTax from that year, plug in the corrected numbers and see if you're better off with a credit or a deduction.
I don't think you need an accountant.  You're not lying or finagaling. 
TT will give you the better way to file.   Then send in the new 1040 to the IRS. 
You should definitely include a letter of explanation with a request to wave the fines.  Hey, you  never know!
+1

Offline aryeh1

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Re: any accountants out there that i can ask a question?
« Reply #39 on: December 30, 2013, 04:11:42 PM »
If you still have the TurboTax from that year, plug in the corrected numbers and see if you're better off with a credit or a deduction.
I don't think you need an accountant.  You're not lying or finagaling. 
TT will give you the better way to file.   Then send in the new 1040 to the IRS. 
You should definitely include a letter of explanation with a request to wave the fines.  Hey, you  never know!
Turbo tax was online,  they let you plug in numbers for a few years ago?  I couldn't find old edition online, only turbo tax 2013

Online henche

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Re: any accountants out there that i can ask a question?
« Reply #40 on: December 30, 2013, 04:18:04 PM »
To your real question.
Send in the corrected education form.

Had you correctly filed the additional income on the missing 1099, most of what they are charging you would have been paid then.  So your loss is the disappointment/ negative surprise of the higher tax bill. and the fines and interest.  Try pleading that you never got the 1099, so you aren't liable for the fees and interest.   I had success once with misfiled numbers, that they didn't charge the fee only the interest.

BTW: I use TurboTax.  They misfiled the numbers I mentioned above.  BUT: they only put the number you tell them into the correct place in the forms.  Sometimes (my case) you misunderstand which numbers go where, or put it in 2 places or such.  I can't imagine TT is responsible for that.

Makes sense to me.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #41 on: December 30, 2013, 04:23:41 PM »
Makes sense to me.
+1 keep it simple

Offline Vosizderneias

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Re: any accountants out there that i can ask a question?
« Reply #42 on: March 05, 2014, 09:36:01 PM »
any accountant that can answer some questions and file my taxes in florida pls pm me

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #43 on: March 09, 2014, 08:03:01 PM »
A guy has 15k w2 income and 20k loss from a partnership.

He could probably classify the partnership loss passive as he is not very active in it.

A) does a passive loss reduce earned income to 0 for claiming an EIC?
B) What's the exact requirement to classify a 1065 loss as passive?

Online henche

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Re: any accountants out there that i can ask a question?
« Reply #44 on: March 09, 2014, 08:07:10 PM »
A guy has 15k w2 income and 20k loss from a partnership.

He could probably classify the partnership loss passive as he is not very active in it.

A) does a passive loss reduce earned income to 0 for claiming an EIC?
B) What's the exact requirement to classify a 1065 loss as passive?

Don't you get more EITC as you go up in income in that range?