Author Topic: any accountants out there that i can ask a question?  (Read 71866 times)

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #45 on: March 09, 2014, 08:09:43 PM »
Don't you get more EITC as you go up in income in that range?
The question is whether or not his income is zero. If zero because netted against the loss he gets zero EIC.

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #46 on: March 09, 2014, 08:20:14 PM »
Passive losses can only reduce passive income.  Therefore it wouldn't reduce his income against his regular income this year.
If it is truly a passive loss, it can be carried forward to next year.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #47 on: March 09, 2014, 08:22:27 PM »
Passive losses can only reduce passive income.  Therefore it wouldn't reduce his income against his regular income this year.
If it is truly a passive loss, it can be carried forward to next year.
just checking, this is even for EIC purposes?

Offline @Yehuda

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Re: any accountants out there that i can ask a question?
« Reply #48 on: March 09, 2014, 09:23:24 PM »
Studying for the CPA here, but still (obviously) have some Q's as I'm in midst of filing taxes myself for the first time (using TaxAct). My university sent me a 1099-MISC with how much scholarship I got this year. When I input it into TaxAct, my tax liability shoots up, yet I've had this same scholarship for 3 years and never had to pay for it. Any ideas?

Online henche

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Re: any accountants out there that i can ask a question?
« Reply #49 on: March 09, 2014, 10:17:28 PM »
Studying for the CPA here, but still (obviously) have some Q's as I'm in midst of filing taxes myself for the first time (using TaxAct). My university sent me a 1099-MISC with how much scholarship I got this year. When I input it into TaxAct, my tax liability shoots up, yet I've had this same scholarship for 3 years and never had to pay for it. Any ideas?

Is the scholarship for tuition, or does it cover other expenses like room and board?

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #50 on: March 09, 2014, 10:17:55 PM »
Studying for the CPA here, but still (obviously) have some Q's as I'm in midst of filing taxes myself for the first time (using TaxAct). My university sent me a 1099-MISC with how much scholarship I got this year. When I input it into TaxAct, my tax liability shoots up, yet I've had this same scholarship for 3 years and never had to pay for it. Any ideas?
Did you finish going through the program?  Maybe later it fills out some other part of the taxes that negates the 'income' from the scholarship.  Education credit or something. 

Online henche

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Offline @Yehuda

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Re: any accountants out there that i can ask a question?
« Reply #52 on: March 09, 2014, 10:44:41 PM »
Is the scholarship for tuition, or does it cover other expenses like room and board?
Tuition only.

Did you finish going through the program?  Maybe later it fills out some other part of the taxes that negates the 'income' from the scholarship.  Education credit or something. 

Says I'm not eligible for the education credit since my parent can claim me as a dependent still (as they had a child in school for 5 months).

Online henche

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Re: any accountants out there that i can ask a question?
« Reply #53 on: March 09, 2014, 11:12:07 PM »
Tuition only.

Says I'm not eligible for the education credit since my parent can claim me as a dependent still (as they had a child in school for 5 months).

See the code section I cited above.

Why don't you call them and ask why they gave you a 1099

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #54 on: March 09, 2014, 11:32:43 PM »
Tuition only.

Says I'm not eligible for the education credit since my parent can claim me as a dependent still (as they had a child in school for 5 months).
You cannot get education credits if you are a Dependant.
A tuition reduction is different than a scholarship. Which one do you have?
« Last Edit: March 09, 2014, 11:36:25 PM by churnbabychurn »

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #55 on: March 10, 2014, 01:30:17 AM »
Studying for the CPA here, but still (obviously) have some Q's as I'm in midst of filing taxes myself for the first time (using TaxAct). My university sent me a 1099-MISC with how much scholarship I got this year. When I input it into TaxAct, my tax liability shoots up, yet I've had this same scholarship for 3 years and never had to pay for it. Any ideas?

Check yourself if your parents can claim you as a dependent and check yourself if the scholarship reported is taxable.

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #56 on: March 10, 2014, 01:39:39 AM »
Passive losses can only reduce passive income.  Therefore it wouldn't reduce his income against his regular income this year.
If it is truly a passive loss, it can be carried forward to next year.
You are talking about tax liability and the question was if and how much EITC they  are eligible. They are two different calculations.

Offline A European

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Re: any accountants out there that i can ask a question?
« Reply #57 on: March 10, 2014, 04:38:45 AM »
Do I have to report my income, if I didn't make the money in the US and I am not american (My wife and kids are)?

(I lived over 6 month in the US as a green card holder so I am eligible for EIC)

Online henche

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Re: any accountants out there that i can ask a question?
« Reply #58 on: March 10, 2014, 08:39:35 AM »
Do I have to report my income, if I didn't make the money in the US and I am not american (My wife and kids are)?

(I lived over 6 month in the US as a green card holder so I am eligible for EIC)

Green card makes you a resident alien. US has worldwide taxation.

Check out 7701(b) http://www.law.cornell.edu/uscode/text/26/7701

Offline A European

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Re: any accountants out there that i can ask a question?
« Reply #59 on: March 10, 2014, 08:59:40 AM »
Green card makes you a resident alien. US has worldwide taxation.

Check out 7701(b) http://www.law.cornell.edu/uscode/text/26/7701
I lost my green card when I left the US a few month ago (I made the after I left)

Could I get in trouble by not reporting?
Is there anyway IRS could find out?
« Last Edit: March 10, 2014, 09:03:01 AM by A European »