Author Topic: any accountants out there that i can ask a question?  (Read 62595 times)

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #60 on: March 10, 2014, 10:16:26 AM »
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?

whatever the statute says.

(b) Definition of resident alien and nonresident alien
(1) In general
For purposes of this title (other than subtitle B)
(A) Resident alien
An alien individual shall be treated as a resident of the United States with respect to any calendar year if (and only if) such individual meets the requirements of clause (i), (ii), or (iii):
(i) Lawfully admitted for permanent residence Such individual is a lawful permanent resident of the United States at any time during such calendar year.

Offline @Yehuda

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Re: any accountants out there that i can ask a question?
« Reply #61 on: March 10, 2014, 11:13:07 AM »
See the code section I cited above.

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

My mistake, it's a form 1098-T. Does that make more sense?
You cannot get education credits if you are a Dependant.
A tuition reduction is different than a scholarship. Which one do you have?

It seems like it's a scholarship based on the form. It's listed in a box called scholarships or grants.
Check yourself if your parents can claim you as a dependent and check yourself if the scholarship reported is taxable.

Parents CAN claim me as a dependent. In the past, my forms were taken care of by my parents' CPA who also filed my taxes. Could it be that he put this scholarship under their taxes even though it has my name on it? I'll probably just end up asking him what he did in the past.


Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #62 on: March 10, 2014, 11:15:22 AM »
My mistake, it's a form 1098-T. Does that make more sense?It seems like it's a scholarship based on the form. It's listed in a box called scholarships or grants.

Yes, that makes quite a difference. 1098-T is money you paid, not money you earned. It is given to you for purposes of claiming a credit or deduction for tuition paid, not for purposes of including in your income.

Offline @Yehuda

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Re: any accountants out there that i can ask a question?
« Reply #63 on: March 10, 2014, 11:29:10 AM »
Yes, that makes quite a difference. 1098-T is money you paid, not money you earned. It is given to you for purposes of claiming a credit or deduction for tuition paid, not for purposes of including in your income.
Hmm, but it doesn't list tuition paid. It's completely blank except the box is checked off that I was at least a half-time student and the scholarship is listed, not how much I ended up paying.

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #64 on: March 10, 2014, 11:32:50 AM »
Hmm, but it doesn't list tuition paid. It's completely blank except the box is checked off that I was at least a half-time student and the scholarship is listed, not how much I ended up paying.

Did you pay any tuition?

Offline @Yehuda

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Re: any accountants out there that i can ask a question?
« Reply #65 on: March 10, 2014, 11:44:54 AM »

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #66 on: March 10, 2014, 11:54:25 AM »
Yes.

Was it for spring 2013? Most schools put spring semester tuition on the previous year's 1098, under regulations which allow them to choose to account for it when billed.

Offline @Yehuda

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Re: any accountants out there that i can ask a question?
« Reply #67 on: March 10, 2014, 12:02:09 PM »
Was it for spring 2013? Most schools put spring semester tuition on the previous year's 1098, under regulations which allow them to choose to account for it when billed.
Aha, so in that case I didn't "pay" any tuition in 2013 but I received a scholarship in 2013? So, I WOULD have to pay taxes on it?

Offline myb821

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Re: any accountants out there that i can ask a question?
« Reply #68 on: March 10, 2014, 12:04:25 PM »
Aha, so in that case I didn't "pay" any tuition in 2013 but I received a scholarship in 2013? So, I WOULD have to pay taxes on it?
no but ince u didnt "pay" tuition in 2013 you cant claim the credit

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #69 on: March 10, 2014, 12:06:13 PM »
Aha, so in that case I didn't "pay" any tuition in 2013 but I received a scholarship in 2013? So, I WOULD have to pay taxes on it?

This isn't a balance; you're not thinking about this this correct way.  You got a 1098, not a 1099. That means they didn't report any income to you. You don't pay taxes on non-income.

(Also, the info they put on the 1098 doesn't determine whether you get a credit. You need to ask an accountant whether you get the credit based on the circumstances.)

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #70 on: March 10, 2014, 12:08:02 PM »
no but ince u didnt "pay" tuition in 2013 you cant claim the credit

-1

I'm not 100% sure on this one, but see regs 1.25A-5(e)

Offline @Yehuda

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Re: any accountants out there that i can ask a question?
« Reply #71 on: March 10, 2014, 12:14:09 PM »
This isn't a balance; you're not thinking about this this correct way.  You got a 1098, not a 1099. That means they didn't report any income to you. You don't pay taxes on non-income.

(Also, the info they put on the 1098 doesn't determine whether you get a credit. You need to ask an accountant whether you get the credit based on the circumstances.)

So does the 1098 need to be reported anywhere on my taxes?

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #72 on: March 10, 2014, 12:19:48 PM »
So does the 1098 need to be reported anywhere on my taxes?

if anything it is a benefit

you really better be getting an accountant to do your taxes. you're looking at the whole system from the wrong angle

Offline myb821

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Re: any accountants out there that i can ask a question?
« Reply #73 on: March 10, 2014, 12:20:41 PM »
if anything it is a benefit

you really better be getting an accountant to do your taxes. you're looking at the whole system from the wrong angle
+1
-1

I'm not 100% sure on this one, but see regs 1.25A-5(e)
but then wouldnt it allow u to double count?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #74 on: March 10, 2014, 12:22:22 PM »
He is a dependent. Credits are out.