Author Topic: any accountants out there that i can ask a question?  (Read 255610 times)

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1820 on: February 13, 2020, 10:23:54 AM »
No - it is a non-refundable credit - can only be used to offset tax due.
-1
American Opportunity credit is a refundable credit (or at least a portion of it is )
https://www.irs.gov/credits-deductions/individuals/aotc
you can possibly get back $1000

Offline AtallD

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Re: any accountants out there that i can ask a question?
« Reply #1821 on: February 13, 2020, 10:34:54 AM »
-1
American Opportunity credit is a refundable credit (or at least a portion of it is )
https://www.irs.gov/credits-deductions/individuals/aotc
you can possibly get back $1000
He is asking about the Lifetime Learning Credit which is non-refundable

Offline TheSlightEdge

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Re: any accountants out there that i can ask a question?
« Reply #1822 on: February 13, 2020, 10:41:19 AM »
He is asking about the Lifetime Learning Credit which is non-refundable

Thank you, much appreciated.

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1823 on: February 13, 2020, 12:36:53 PM »
Student here. Accountant in 2017 forgot to include my tuition expense which (I think) would allow me to get a $2,000 credit via the Lifetime Learning Credit. Only got a $314 refund that year. If I file an amended return, do I receive the $2000? Thanks!
But what was your total tax?  Was it more than the $2000 non-refundable credit?

Offline 4yourinfo

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Re: any accountants out there that i can ask a question?
« Reply #1824 on: February 25, 2020, 11:11:42 AM »
If you paid back money for the health insurance advance premium tax credit - can you consider that money healthcare cost?

Offline nucheiner

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Re: any accountants out there that i can ask a question?
« Reply #1825 on: February 25, 2020, 12:24:00 PM »
If you paid back money for the health insurance advance premium tax credit - can you consider that money healthcare cost?
I believe so. IIRC I'm pretty sure that the IRS released a publication on this topic as to how to calculate this. (The more cost/deductions the more APTC but more APTC the less cost) I would think that any software should do this but perhaps not.

Offline 4yourinfo

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Re: any accountants out there that i can ask a question?
« Reply #1826 on: February 25, 2020, 09:33:03 PM »
If you paid back money for the health insurance advance premium tax credit - can you consider that money healthcare cost?
Found my answer - IRS publication 502 - Yes, you include it as part of medical expenses for the current year

Offline Meno

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Re: any accountants out there that i can ask a question?
« Reply #1827 on: March 15, 2020, 03:05:35 PM »
My kids' school requires each family to give a certain amount toward the school's building fund. Is that considered a charitable donation for tax purposes?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1828 on: March 15, 2020, 03:20:32 PM »
My kids' school requires each family to give a certain amount toward the school's building fund. Is that considered a charitable donation for tax purposes?
A donation requires donative intent
Nothing mandatory can be a donation
also see Rev Rul 83-104 https://www.irs.gov/pub/irs-tege/rr83-104.pdf
furthermore anything that really is tuition or the like and disguised as something else , especially if bargained for the time of tuition negotiations is tuition. (Think journal ad)

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1829 on: March 26, 2020, 10:34:17 PM »
Which tax year do they use to assess AGI for the corono credit?

What if 2018 and '19 income was 50k and 2020 turns out to be 500k? Credit gets pulled back?

Offline mme

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Re: any accountants out there that i can ask a question?
« Reply #1830 on: March 26, 2020, 10:52:41 PM »
yes -It'll be deducted when you file your 2020 taxes

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #1831 on: March 26, 2020, 11:12:38 PM »
Which tax year do they use to assess AGI for the corono credit?

What if 2018 and '19 income was 50k and 2020 turns out to be 500k? Credit gets pulled back?
yes. its based off 2020 and '19 or '18 tax return used as the estimate
#TYH

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1832 on: March 29, 2020, 10:18:54 AM »
yes. its based off 2020 and '19 or '18 tax return used as the estimate
But if you get it based on 2019, and end up making 5 million in 2020 you don't have to give back the credit?

Offline zh cohen

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Re: any accountants out there that i can ask a question?
« Reply #1833 on: March 29, 2020, 09:48:58 PM »
But if you get it based on 2019, and end up making 5 million in 2020 you don't have to give back the credit?

You will have to give it back fwiu

Offline sillypainter

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Re: any accountants out there that i can ask a question?
« Reply #1834 on: March 29, 2020, 10:12:46 PM »
You will have to give it back fwiu

I also thought so in the beginning, but I'm reading that it may well be that the IRS will not ask back for money.

For me, the IRS using my '18 return is more beneficial, so I'm not filing the '19 return, which I anyways didn't plan on doing as I'm not uncle Sam's bank, so now I'm at an advantage for 2 reasons, the IRS basing my stimulus on '18 and I can pay my taxes in July.

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #1835 on: March 29, 2020, 11:48:19 PM »
But if you get it based on 2019, and end up making 5 million in 2020 you don't have to give back the credit?
You will have to because you were never eligible to begin with
#TYH

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1836 on: March 30, 2020, 09:04:13 AM »
I also thought so in the beginning, but I'm reading that it may well be that the IRS will not ask back for money.

For me, the IRS using my '18 return is more beneficial, so I'm not filing the '19 return, which I anyways didn't plan on doing as I'm not uncle Sam's bank, so now I'm at an advantage for 2 reasons, the IRS basing my stimulus on '18 and I can pay my taxes in July.

Yep the new reports all say that you wont have to pay ti back

Offline sds1493

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Re: any accountants out there that i can ask a question?
« Reply #1837 on: March 30, 2020, 03:54:57 PM »
Is there any way to efile for a foreign spouse who is NRA (and therefore doesn't have SSN/ITIN). Worried that submission won't get processed in time for corona credit (no 2018 tax report or social security).
« Last Edit: March 30, 2020, 04:07:07 PM by sds1493 »

Offline mme

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Re: any accountants out there that i can ask a question?
« Reply #1838 on: March 30, 2020, 04:02:46 PM »
if someone lives and works not in the u.s. and pays taxes in the u.s.  and lost his job can he file for umempoyment in the u.s.?

Offline Definitions

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Re: any accountants out there that i can ask a question?
« Reply #1839 on: March 30, 2020, 04:43:37 PM »
I never had to file for tax stuff yet, this is the first year that I think I have to. Can I still file taxes for what I earned in 2019 and receive the Corona credit thing?

Also I'm still confused with the basics of taxes. The place I work at automatically takes off taxes from my paycheck each pay period. So I guess I only have to file taxes to get a tax refund. My question is, is that considered that I already filed taxes for 2019 or not?