Author Topic: any accountants out there that i can ask a question?  (Read 490827 times)

Online ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7964
  • Total likes: 1046
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #1000 on: April 19, 2016, 02:00:28 PM »
you are asking in the wrong section!! Accountants are trained to do accounting and not the government programs.
-1
Accountants should know how various types of income are put into the tax forms.
My favorite cause: cssy.org

Offline beeweegee

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2013
  • Posts: 1588
  • Total likes: 141
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York, NY
Re: any accountants out there that i can ask a question?
« Reply #1001 on: April 19, 2016, 02:18:46 PM »
-1
Accountants should know how various types of income are put into the tax forms.
+1 Of course they should!

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7355
  • Total likes: 301
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: any accountants out there that i can ask a question?
« Reply #1002 on: April 19, 2016, 02:58:34 PM »
-1
Accountants should know how various types of income are put into the tax forms.
Government programs are not tax forms

Offline avrumy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Sep 2011
  • Posts: 806
  • Total likes: 5
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: NJ
Re: any accountants out there that i can ask a question?
« Reply #1003 on: April 19, 2016, 04:30:38 PM »
-1
Accountants should know how various types of income are put into the tax forms.
correct, what does that have to do with his question??

Offline avrumy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Sep 2011
  • Posts: 806
  • Total likes: 5
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: NJ
Re: any accountants out there that i can ask a question?
« Reply #1004 on: April 19, 2016, 04:31:09 PM »
+1 Of course they should!
what else should they know? explain why?? how come they dont teach it in school??

Online yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 10482
  • Total likes: 3838
  • DansDeals.com Hat Tips 43
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1005 on: April 19, 2016, 05:34:50 PM »
Sorry for stirring up a sore topic :). Anyways, does anyone know the answer to the question?

Offline avrumy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Sep 2011
  • Posts: 806
  • Total likes: 5
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: NJ
Re: any accountants out there that i can ask a question?
« Reply #1006 on: April 19, 2016, 07:18:56 PM »
Sorry for stirring up a sore topic :). Anyways, does anyone know the answer to the question?
Please post here http://forums.dansdeals.com/index.php?topic=12887.585

Online yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 10482
  • Total likes: 3838
  • DansDeals.com Hat Tips 43
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1007 on: April 19, 2016, 09:48:39 PM »
Please post here http://forums.dansdeals.com/index.php?topic=12887.585

Thank you. I guess there I won't be attacked there for asking about government programs other than Jersey Care... ;)

Offline beeweegee

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2013
  • Posts: 1588
  • Total likes: 141
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York, NY
Re: any accountants out there that i can ask a question?
« Reply #1008 on: April 19, 2016, 11:14:34 PM »
what else should they know? explain why?? how come they dont teach it in school??
Lol, I just wrote out a long response to you, then reread the original quesion asked. I misread it - I thought he was asking whether it's considered income for tax purposes. My mistake. Correct, of course they shouldn't!  ;)

Online ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7964
  • Total likes: 1046
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #1009 on: April 20, 2016, 09:16:16 AM »
Lol, I just wrote out a long response to you, then reread the original quesion asked. I misread it - I thought he was asking whether it's considered income for tax purposes. My mistake. Correct, of course they shouldn't!  ;)
Actually, same here.  I must not have read his question through, yet answered any way.  My bad. Sorry.
My favorite cause: cssy.org

Offline ydf

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2015
  • Posts: 364
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: nyc
  • Programs: DDF
Re: any accountants out there that i can ask a question?
« Reply #1010 on: April 20, 2016, 09:17:23 AM »
how long after filing a ny tx return should I get the money from the state,? the federal I got 5 days after filing , but the state I still see almost 2 weeks after filing tht they are still possessing it, is it normal to take so long? TIA

Offline Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1611
  • Total likes: 491
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #1011 on: April 20, 2016, 09:39:57 AM »
Sorry for stirring up a sore topic :). Anyways, does anyone know the answer to the question?
i think the answer is that it depends on the office, the Lakewood HUD office knows all the financial games people play and ask for all sources of income, other offices have never heard of or dont care about certain sources of income. My guess is Parsonage is income if you report it, and if not, unless they specifically ask for it ... :-X :P
as far as asking accountants questions about programs, most accountants i know dont want to know otherwise they would be inundated with every coffee room hocker who once did a $50 1040a, wanting free advice...

Offline Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1611
  • Total likes: 491
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #1012 on: April 20, 2016, 09:40:38 AM »
how long after filing a ny tx return should I get the money from the state,? the federal I got 5 days after filing , but the state I still see almost 2 weeks after filing tht they are still possessing it, is it normal to take so long? TIA
states are much slower, maybe even 2 months but YMMV

Offline ydf

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2015
  • Posts: 364
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: nyc
  • Programs: DDF
Re: any accountants out there that i can ask a question?
« Reply #1013 on: April 20, 2016, 09:48:30 AM »
states are much slower, maybe even 2 months but YMMV
no in ny ime it usually takes a week or 10 days 
anyone with data from this year how long it takes?

Offline ya

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jun 2010
  • Posts: 954
  • Total likes: 28
  • DansDeals.com Hat Tips 0
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1014 on: April 20, 2016, 11:13:49 AM »
no in ny ime it usually takes a week or 10 days 
anyone with data from this year how long it takes?
took them 5 weeks in NY to get mine.

Online yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 10482
  • Total likes: 3838
  • DansDeals.com Hat Tips 43
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1015 on: April 20, 2016, 11:19:09 PM »
no in ny ime it usually takes a week or 10 days 
anyone with data from this year how long it takes?
Took about two weeks. Maybe a bit less.

Online yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 10482
  • Total likes: 3838
  • DansDeals.com Hat Tips 43
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1016 on: April 20, 2016, 11:20:04 PM »
i think the answer is that it depends on the office, the Lakewood HUD office knows all the financial games people play and ask for all sources of income, other offices have never heard of or dont care about certain sources of income. My guess is Parsonage is income if you report it, and if not, unless they specifically ask for it ... :-X :P
as far as asking accountants questions about programs, most accountants i know dont want to know otherwise they would be inundated with every coffee room hocker who once did a $50 1040a, wanting free advice...

Ok. Thank you very much for your input. If it goes according to the Magi, then it shouldn't count...

Offline joe1234

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2015
  • Posts: 2071
  • Total likes: 535
  • DansDeals.com Hat Tips 19
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1017 on: May 08, 2016, 06:56:24 PM »
when filling out the marketplace application, what is childcare considered? lets say the monthly income is $3,000, and childcare costs $500 a month which is deducted directly from my paycheck and is payed to child care directly from my office. do i put down A.$3,000 as gross income, then a deduction of $500. B. $2,500 as the gross income with no deduction. C. $3,000 and no deduction. ?

Offline yitzf

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2011
  • Posts: 2623
  • Total likes: 52
  • DansDeals.com Hat Tips 4
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1018 on: May 08, 2016, 09:09:05 PM »
when filling out the marketplace application, what is childcare considered? lets say the monthly income is $3,000, and childcare costs $500 a month which is deducted directly from my paycheck and is payed to child care directly from my office. do i put down A.$3,000 as gross income, then a deduction of $500. B. $2,500 as the gross income with no deduction. C. $3,000 and no deduction. ?

It depends if the money deducted from your paycheck is included in gross income on your W-2 because the marketplace goes with your most recent tax return. If not, then you can exclude it from income for Obamacare as dependent care deductions are not one of the things added to AGI in order to arrive at MAGI.

You should be able to figure out if your employer is including it in your W-2 income by dividing the social security tax on your paycheck by your income. You should get an answer of .062. If the {SS tax} divided by {gross earning less childcare and less health insurance that you pay (if applicable)} = .062 then childcare is not included in W-2 income, but if {SS tax} divided by {gross earning minus only health insurance that you pay (if applicable)} = .062 then childcare is included in W-2 income
« Last Edit: May 08, 2016, 09:27:30 PM by yitzf »

Offline joe1234

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2015
  • Posts: 2071
  • Total likes: 535
  • DansDeals.com Hat Tips 19
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1019 on: May 08, 2016, 09:39:15 PM »
It depends if the money deducted from your paycheck is included in gross income on your W-2 because the marketplace goes with your most recent tax return. If not, then you can exclude it from income for Obamacare as dependent care deductions are not one of the things added to AGI in order to arrive at MAGI.

You should be able to figure out if your employer is including it in your W-2 income by dividing the social security tax on your paycheck by your income. You should get an answer of .062. If the {SS tax} divided by {gross earning less childcare and less health insurance that you pay (if applicable)} = .062 then childcare is not included in W-2 income, but if {SS tax} divided by {gross earning minus only health insurance that you pay (if applicable)} = .062 then childcare is included in W-2 income
thanks.
 i divided the ss tax by paycheck and only after i deducted for childcare did it come out to .062 , so what does that mean?