Author Topic: any accountants out there that i can ask a question?  (Read 490360 times)

Offline PTU

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Re: any accountants out there that i can ask a question?
« Reply #460 on: June 02, 2015, 06:28:04 PM »


I have 2 questions for any experts here:

1- American Opportunity Credit- is it based on you being an undergraduate student, or do you qualify during the first 4 years in college, even if a graduate student. The question arises for those who complete a Ba online or wherever in 2 years, and then begin a Masters Program. Can they still take the American Opportunity Credit during the first 2 years of their Masters program?

2- If a married couple filing jointly wants to get Earned Income Credit for their American kids, both parents need to have a social, not a Itin. Question is if only one parent has a social, is it ok to wait a few months or a year for the other parent to get full citizenship and a social and then be able to file for the EIC even for the prior year, even though in 2014 that parent did not have a social?

2- IMHO The SS is just necessary to process the claim. So you can wait till u get it and claim. -#Not 100% sure though

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #461 on: June 02, 2015, 06:49:24 PM »
I have 2 questions for any experts here:

1- American Opportunity Credit- is it based on you being an undergraduate student, or do you qualify during the first 4 years in college, even if a graduate student. The question arises for those who complete a Ba online or wherever in 2 years, and then begin a Masters Program. Can they still take the American Opportunity Credit during the first 2 years of their Masters program?

2- If a married couple filing jointly wants to get Earned Income Credit for their American kids, both parents need to have a social, not a Itin. Question is if only one parent has a social, is it ok to wait a few months or a year for the other parent to get full citizenship and a social and then be able to file for the EIC even for the prior year, even though in 2014 that parent did not have a social?
With regard to #1, IME most people assume that it's only for undergraduate, but someone told me that he went thru the regs and there's no reason to believe that it shouldn't apply to someone in your scenario.

Offline PTU

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Re: any accountants out there that i can ask a question?
« Reply #462 on: June 02, 2015, 07:01:56 PM »
I think its fine.

Offline Deal Guy

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Re: any accountants out there that i can ask a question?
« Reply #463 on: June 02, 2015, 08:38:45 PM »
I think its fine.

Thanks. Can you post the link to this irs page. I didn't see it.

Offline PTU

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Re: any accountants out there that i can ask a question?
« Reply #464 on: June 02, 2015, 09:44:44 PM »
Thanks. Can you post the link to this irs page. I didn't see it.
Its in the pub about foreign couples

Offline Deal Guy

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Re: any accountants out there that i can ask a question?
« Reply #465 on: June 02, 2015, 11:55:02 PM »
Its in the pub about foreign couples
If you don't mind linking it, would be much appreciated...

That being said, you could also interpret it the other way that its no good. The call of the question is, that he "was a undergraduate" for the first part of year and then became a graduate student. In that case, since there was a portion of the year that "you were a undergrad" + you didn't use up your 4 years of America Opportunity Credit, therefore you qualify. (But you must have been a undergrad for part of the year.....)
So I really don't have a clear answer.

I called some dumb IRS rep today, and she tells me that there is no longer funding for IRS Legal Tax questions......I should look online...

So who then can I get clarification from?

Offline Deal Guy

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Re: any accountants out there that i can ask a question?
« Reply #466 on: June 04, 2015, 01:11:08 AM »
I have 2 questions for any experts here:

1- American Opportunity Credit- is it based on you being an undergraduate student, or do you qualify during the first 4 years in college, even if a graduate student. The question arises for those who complete a Ba online or wherever in 2 years, and then begin a Masters Program. Can they still take the American Opportunity Credit during the first 2 years of their Masters program?

2- If a married couple filing jointly wants to get Earned Income Credit for their American kids, both parents need to have a social, not a Itin. Question is if only one parent has a social, is it ok to wait a few months or a year for the other parent to get full citizenship and a social and then be able to file for the EIC even for the prior year, even though in 2014 that parent did not have a social?
What happened to all the accountants here? Nobody with clear answers?

Offline PTU

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Re: any accountants out there that i can ask a question?
« Reply #467 on: June 04, 2015, 07:14:02 AM »
What happened to all the accountants here? Nobody with clear answers?
Maybe research it yourself?

Try tax alamanac, the IRS code, google etc.

Offline Deal Guy

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Re: any accountants out there that i can ask a question?
« Reply #468 on: June 04, 2015, 05:06:47 PM »
http://www.irs.gov/Individuals/Education-Credits:-Questions-and-Answers

On the 9th question, the Irs states that you can claim the American Opportunity Tax Credit for expenses paid for the ENTIRE year, even thought you were a Graduate student for the 2nd half of the year, (as long as you haven't claimed it for 4 years). So I'm leaning towards that even a full year graduate student can claim it as long as they haven't competed 4 years of college period.

Offline EJB

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Re: any accountants out there that i can ask a question?
« Reply #469 on: July 28, 2015, 11:21:37 AM »
Anyone accountant/tax lawyer here know how the IRS handles parsonage?

Offline lunatic

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Re: any accountants out there that i can ask a question?
« Reply #470 on: July 28, 2015, 11:22:29 AM »
Anyone accountant/tax lawyer here know how the IRS handles parsonage?
Don't think there is an easy answer to that

Offline coralsnake

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Re: any accountants out there that i can ask a question?
« Reply #471 on: July 28, 2015, 11:22:56 AM »
Don't think there is an easy answer to that
Its not an easy question.
"Here at DansDeals we don’t do buses." -Dan

Offline EJB

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Re: any accountants out there that i can ask a question?
« Reply #472 on: July 28, 2015, 11:23:24 AM »
Don't think there is an easy answer to that

Me neither. Anyone???

Offline lunatic

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Re: any accountants out there that i can ask a question?
« Reply #473 on: July 28, 2015, 11:33:53 AM »
I believe that all agree that it is not taxable and essentially does not go onto box 2 of the w2. It is unclear whether you need to pay fica on it. 

Offline 12HRS

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Re: any accountants out there that i can ask a question?
« Reply #474 on: August 06, 2015, 12:25:32 PM »
what determines if someone is a full time student?

if someone worked first half of year and then second half is a full time student can they take the savers credit?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #475 on: September 09, 2015, 05:22:44 PM »
How much do big 4 firms in Israel pay associates?

Offline @Yehuda

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Re: any accountants out there that i can ask a question?
« Reply #476 on: September 09, 2015, 05:43:01 PM »
How much do big 4 firms in Israel pay associates?
I know someone who is a senior in Israel at a big 4 and is getting <120K Shekel (~30K USD).

Offline lunatic

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Re: any accountants out there that i can ask a question?
« Reply #477 on: September 09, 2015, 05:45:22 PM »
I know someone who is a senior in Israel at a big 4 and is getting <120K Shekel (~30K USD).
That's all? Wow

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #478 on: September 09, 2015, 05:50:23 PM »
I know someone who is a senior in Israel at a big 4 and is getting <120K Shekel (~30K USD).
Six figure salary!  Haha.  Also, you need to do a two year internship

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #479 on: September 09, 2015, 06:11:53 PM »
Six figure salary!  Haha.  Also, you need to do a two year internship
Really why?
 But interns get paid by the hour with overtime. I know interns make more than associates here, so may be worth it.