Author Topic: any accountants out there that i can ask a question?  (Read 290252 times)

Offline bubkiz

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Re: any accountants out there that i can ask a question?
« Reply #2160 on: January 11, 2022, 12:14:57 PM »
Regarding the saver's tax credit (by contributing to a retirement account...) I know it's a non refundible credit but what if I would of have a tax bill but they just witheld the whole thing in advance so I don't actually have a tax liability by the end of the year does that make me not eligible for the non refundible tax credit or is it based on before witholdings thanks so much.
If I am understanding you correctly, the amount set on your withholdings will not make a difference.

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #2161 on: January 12, 2022, 11:29:11 PM »

Does a 17 year old have to report self employed income?  Is there a minimum amount he has to earn in order to be obligated to report?

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2162 on: January 13, 2022, 03:09:13 AM »
Does a 17 year old have to report self employed income?  Is there a minimum amount he has to earn in order to be obligated to report?
No minimum age. If he has $400 of net self-employment income then he is required to file a tax return.
https://www.irs.gov/pub/irs-pdf/p501.pdf

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #2163 on: January 13, 2022, 10:49:53 AM »
No minimum age. If he has $400 of net self-employment income then he is required to file a tax return.
https://www.irs.gov/pub/irs-pdf/p501.pdf

Thanks!

so parent has the option to claim him(17 year old son) as a dependent if he meets the criteria and then income still has to be reported(over $400)?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2164 on: January 13, 2022, 10:54:12 AM »
Thanks!

so parent has the option to claim him(17 year old son) as a dependent if he meets the criteria and then income still has to be reported(over $400)?
one thing has very little to do with the other
Children can work and still be dependents
as well as students
you can however possibly use it to your advantage
If the child/student earns enough not to be your dependent (1/2 his upkeep) he can be on his own (especially if more beneficial tax rate wise and stimulus v'ain kan makom l'harich)

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #2165 on: January 13, 2022, 10:56:17 AM »
Some people love to spread fake news and create mass hysteria for no reason.

(Not an accountant)
It would just go by business accounts or personal accounts where the transaction is classified as goods / services.

But apps may start cracking down more / flagging personal accounts that do large amount of large payments not categorized as they thing it should be.

so this new law will practically apply to personal accounts with Zelle etc. as well meaning when sender marks off good/services that amount will have to be reported to the IRS by Zelle?

Do personal accounts like Zelle ask you to mark off if its for good/services?

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #2166 on: January 13, 2022, 10:59:15 AM »
one thing has very little to do with the other
Children can work and still be dependents
as well as students
you can however possibly use it to your advantage
If the child/student earns enough not to be your dependent (1/2 his upkeep) he can be on his own (especially if more beneficial tax rate wise and stimulus v'ain kan makom l'harich)

I see thanks either way over $400 net income has to be reported  by someone(either parent or himself).  Even if income over $400 is seasonal like only during the summer or Holidays?

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2167 on: January 13, 2022, 11:09:42 AM »
I see thanks either way over $400 net income has to be reported  by someone(either parent or himself).  Even if income over $400 is seasonal like only during the summer or Holidays?
Either way, over $400 net income has to be reported  by himself even if income over $400 is seasonal like only during the summer or holidays.
« Last Edit: January 13, 2022, 11:48:29 AM by Jack out of the box »

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #2168 on: January 13, 2022, 11:28:19 AM »
Either way over $400 net income has to be reported  by himself even if income over $400 is seasonal like only during the summer or holidays.

Technically Parent can also report the son's income as part of their household income if he is a dependent?
« Last Edit: January 13, 2022, 12:37:41 PM by davidd75 »