any accountants out there that i can ask a question?

[Aussie]

Correct refinancing will not increase the AAA and liabilities in a S-Corp don’t give you basis unless it’s recourse. Most mortgages and not recourse.

So there’s nothing to do? If he wants the mortgage he has to pay tax on borrowed money as if it were income? Sounds so unfair. Thanks btw

[Aussie]

I thought most mortgages make somebody sign a personal guarantee. Does that not equal recourse?

Most commercial real estate loans are non recourse, but with “bad boy” carve outs in cases where the borrower does something outrageous like stealing money from the company etc.

[ChaimMoskowitz]

I am using TurboTax. I entered my SSA-1099. It is treating it as taxable. AFAIK it should be non-taxable since I only received SS for the months after I retired in 2017. HELP!!!

[AtallD]

I am using TurboTax. I entered my SSA-1099. It is treating it as taxable. AFAIK it should be non-taxable since I only received SS for the months after I retired in 2017. HELP!!!

Is that your only source of income?
Modified Adjusted Gross Income (MAGI) includes half of your Social Security, plus other sources of income. Once your MAGI exceeds the base amount for your filing status ($32,000 for Married Filing Jointly, otherwise $25,000), at least part of your Social Security income becomes taxable. The taxable portion of your Social Security income increases once you reach additional MAGI threshholds.

[ChaimMoskowitz]

Is that your only source of income?
Modified Adjusted Gross Income (MAGI) includes half of your Social Security, plus other sources of income. Once your MAGI exceeds the base amount for your filing status ($32,000 for Married Filing Jointly, otherwise $25,000), at least part of your Social Security income becomes taxable. The taxable portion of your Social Security income increases once you reach additional MAGI threshholds.

I worked the first 7 months of the year. I thought as long as I didn't make x amount of dollars each month I received SS it would be non-taxable. I had no earned income for the last 5 months I received SS.

[AtallD]

I worked the first 7 months of the year. I thought as long as I didn't make x amount of dollars each month I received SS it would be non-taxable. I had no earned income for the last 5 months I received SS.

I think you may be mixing up taxable income with early retirement supplemental income limits. If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit ($16,920 ($1,410 per month))

[ChaimMoskowitz]

I think you may be mixing up taxable income with early retirement supplemental income limits. If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit ($16,920 ($1,410 per month))

That's it. If I collect the same year I retire I cant make more than 1410/mo. I made zero for the last five months of the year I collected SS. Shouldn't it all be non-taxable (retired at 62)?

[AtallD]

That's it. If I collect the same year I retire I cant make more than 1410/mo. I made zero for the last five months of the year I collected SS. Shouldn't it all be non-taxable (retired at 62)?

This a separate limit/penalty set by the SSA where the benefits you receive when collecting before full retirement age can be reduced if you earn more than the limit; it has nothing to do with taxable/non-taxable

[ChaimMoskowitz]

This a separate limit/penalty set by the SSA where the benefits you receive when collecting before full retirement age can be reduced if you earn more than the limit; it has nothing to do with taxable/non-taxable

Lets see if I have this right. We will just take round figures. I made 100k the first 7 months, retired and started SS in the 8th month. Had no earnings month 8-12 that I received SS. I will not receive a penalty on my SS but it will be taxable?

[AtallD]

Lets see if I have this right. We will just take round figures. I made 100k the first 7 months, retired and started SS in the 8th month. Had no earnings month 8-12 that I received SS. I will not receive a penalty on my SS but it will be taxable?

That is correct - Although only a portion of your SS income  (up to 85%) will be taxable - depending on your circumstances
You can see the worksheet here:  https://www.irs.gov/pub/irs-pdf/p915.pdf

[ChaimMoskowitz]

That is correct - Although only a portion of your SS income  (up to 85%) will be taxable - depending on your circumstances
You can see the worksheet here:  https://www.irs.gov/pub/irs-pdf/p915.pdf

Thank you for your help. I should have asked these questions last year. 

[AtallD]

Thank you for your help. I should have asked these questions last year. 

Where should I send the bill to?

[ChaimMoskowitz]

Where should I send the bill to?

irs.gov or better yet liteblue.usps.gov 

[Jack out of the box]

Thank you for your help. I should have asked these questions last year. 

Exactly!
Maximizing your SS benefits is very complicated so it's a good idea to plan ahead involving the services of a professional who is experienced in that specific field.
הצלחה

[jackofall]

the first question would be what type of NFP
1-shul
2-school
3- Public Charity
4 Private Foundation

next question would be
over $50k in annual revenue or under

If it is a shul I have a couple of questions. Do we need to own a property/shul or rent is good enough?
From the 1023-ez instructions it seems that "synagogues done need to file any 1023!? If so how do they obtain NFP status.
Thansk for the help.

[Dawie]

If it is a shul I have a couple of questions. Do we need to own a property/shul or rent is good enough?
From the 1023-ez instructions it seems that "synagogues done need to file any 1023!? If so how do they obtain NFP status.
Thansk for the help.

rent is enough (one of the main points are  established places of worship, regular congregations,  regular religious services)
see IRS pub. 1828- shuls are by law already 501c3, they are NFP when the incorporate under NJ Corp Law 15a or 16
they just dont have the IRS determination (and wont be listed in Pub 78 or on Guidestar.
As long as they really are a shul as defined in American Guidance Foundation, Inc. v. United States

[jackofall]

rent is enough (one of the main points are  established places of worship, regular congregations,  regular religious services)
see IRS pub. 1828- shuls are by law already 501c3, they are NFP when the incorporate under NJ Corp Law 15a or 16
they just dont have the IRS determination (and wont be listed in Pub 78 or on Guidestar.
As long as they really are a shul as defined in American Guidance Foundation, Inc. v. United States

Thanks for this info. Really appreciate it.
Quick question, I am quoting 1828
"Although there is no requirement to do so, many churches seek recognition of tax-exempt status from the IRS because this recognition assures church leaders, members and contributors that the church is recognized as exempt and qualifies for related tax benefits. For example, contributors to a church that has been
recognized as tax exempt would know that their contributions generally are
tax-deductible."
How would I do this?
How do I know if I did this "they are NFP when the incorporate under NJ Corp Law 15a or 16", ?

[Dawie]

Thanks for this info. Really appreciate it.
Quick question, I am quoting 1828
"Although there is no requirement to do so, many churches seek recognition of tax-exempt status from the IRS because this recognition assures church leaders, members and contributors that the church is recognized as exempt and qualifies for related tax benefits. For example, contributors to a church that has been
recognized as tax exempt would know that their contributions generally are
tax-deductible."
How would I do this?
How do I know if I did this "they are NFP when the incorporate under NJ Corp Law 15a or 16", ?

Form 1023

look at your incorporation it should say on it (most are done under 15a)

[jackofall]

Form 1023

look at your incorporation it should say on it (most are done under 15a)

So cant use 1023-ez if under 50k?
On the formation doc? I dont see

[Dawie]

So cant use 1023-ez if under 50k?
On the formation doc? I dont see

you cant use a 1023ez for a shul at all
can you PM it to me?