Author Topic: any accountants out there that i can ask a question?  (Read 337210 times)

Offline gozalim

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Re: any accountants out there that i can ask a question?
« Reply #2220 on: April 05, 2022, 10:42:34 AM »
cross-posting here, for the accountants more likely to have info
how does this work for those who got "essential worker" grant towards day camp as well?
if there was money paid towards day camp in addition to the grant, can that be filed for this credit?
(re Form 2441)

to put this differently:
for the grant, schools/camps were 'certifying' the maximum of $300/week, of which the grant paid a portion.
(to get technical: For a parent to submit the expense for additional money paid for those same weeks, do these 2 'conflict? Is the assumption that parents are paying the rest? up to the $300/week? beyond that amount?)

more importantly, is it a flag for audit and the like if both are filed?


Offline av83

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Re: any accountants out there that i can ask a question?
« Reply #2221 on: April 07, 2022, 09:13:53 PM »
Whats the least expensive but good tax software. Relatively simple tax return 2 incomes, dependents and one rental property? (not eligible for Free file)

Offline lcm

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Re: any accountants out there that i can ask a question?
« Reply #2222 on: April 07, 2022, 09:15:42 PM »
Whats the least expensive but good tax software. Relatively simple tax return 2 incomes, dependents and one rental property? (not eligible for Free file)
Cash app?

Offline av83

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Offline lcm

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Re: any accountants out there that i can ask a question?
« Reply #2224 on: April 07, 2022, 09:37:03 PM »
Huh?
They bought it off creditkarma

Offline nucheiner

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Re: any accountants out there that i can ask a question?
« Reply #2225 on: April 08, 2022, 12:21:59 AM »
They bought it off creditkarma
IME a few years back, Credit Karma did not use Tuition (Higher Ed.) in best form. They used it as a deduction instead of utilizing it to get a  credit which was more beneficial for me. Luckily I decided not to file with it and used an accountant (dw wasn't full price, was an accountant who's company allowed her to take clients on the side). Compared the numbers afterwards and saw this.

Perhaps their software is better now but perhaps YGWYPF.

Offline herb

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Re: any accountants out there that i can ask a question?
« Reply #2226 on: April 09, 2022, 10:33:58 PM »
Can I open an IRA account for my minor child?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2227 on: April 10, 2022, 12:06:41 AM »
Can I open an IRA account for my minor child?
Roth

Offline herb

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Re: any accountants out there that i can ask a question?
« Reply #2228 on: April 10, 2022, 12:20:49 AM »
Roth
a regular Roth? Able to fund 6k and invest as if it were mine?

Offline zh cohen

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Re: any accountants out there that i can ask a question?
« Reply #2229 on: April 10, 2022, 07:41:18 AM »
a regular Roth?

A custodial IRA (FWIU didn't need to roth, but that is probably a better choice).

Able to fund 6k

Only if the kid made at least that much in income

invest as if it were mine?

The custodian has full control until the kid is 18/21

Offline herb

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Re: any accountants out there that i can ask a question?
« Reply #2230 on: April 10, 2022, 11:50:09 AM »

Only if the kid made at least that much in income
the kid didn't make any money. She's an infant. Sorry I wasn't clear on original question
Can I open an IRA account for my minor child?

Offline nescafe

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Re: any accountants out there that i can ask a question?
« Reply #2231 on: April 12, 2022, 01:09:52 PM »
A C Corp that's located in NYC but doesn't generate revenue in NYC is required to file a NYC tax return?

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #2232 on: April 13, 2022, 12:04:09 AM »
Anyone familiar with 7202 credit? Is it OK to take full sick and family leave credits for both timeframes? Or will that raise eyebrows?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2233 on: April 13, 2022, 12:09:37 AM »
Anyone familiar with 7202 credit? Is it OK to take full sick and family leave credits for both timeframes? Or will that raise eyebrows?
why not, you got sick then your family got sick

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #2234 on: April 13, 2022, 12:31:29 AM »
why not, you got sick then your family got sick
My accountant told me he did 500 returns and I was the only one who did this 🙄 he claims ppl only took sick leave once and no family leave because schools were open?

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #2235 on: April 13, 2022, 01:18:57 AM »
why not, you got sick then your family got sick
So ok to do full 10 sick days and 50 family leave days? Then another 10 sick days and 50 family leave days? Like literally 1/3 of the year?

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2236 on: April 13, 2022, 05:16:52 AM »
So ok to do full 10 sick days and 50 family leave days? Then another 10 sick days and 50 family leave days? Like literally 1/3 of the year?
If you can back up your claim then there's no reason not to do it. I'm an accountant and for 2020 some of my clients claimed that credit. Most did not claim full but some seemed to honestly qualify for the full amount and so we claimed it.

Offline cgr

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Re: any accountants out there that i can ask a question?
« Reply #2237 on: April 13, 2022, 08:53:26 AM »
My accountant told me he did 500 returns and I was the only one who did this 🙄 he claims ppl only took sick leave once and no family leave because schools were open?
If your kids had covid and you had to stay home with them then it doesn't help much that school was open- it's not just for childcare, it's also for taking care of family if they had covid.

Offline cgr

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Re: any accountants out there that i can ask a question?
« Reply #2238 on: April 13, 2022, 08:54:26 AM »
So ok to do full 10 sick days and 50 family leave days? Then another 10 sick days and 50 family leave days? Like literally 1/3 of the year?
Might raise a flag if you max out all the way (it's actually 10+50+10+60)

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2239 on: April 13, 2022, 09:04:17 AM »
Might raise a flag if you max out all the way (it's actually 10+50+10+60)
Which year/s are you talking about?