Author Topic: any accountants out there that i can ask a question?  (Read 190632 times)

Offline lunatic

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Re: any accountants out there that i can ask a question?
« Reply #1485 on: February 19, 2018, 02:31:40 PM »
Any way to get Child Care Credit if the babysitter/morah don't report income?

yeah... just take the credit. and put zeros for missing SSN. and see if they stop you

Offline afro

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Re: any accountants out there that i can ask a question?
« Reply #1486 on: February 19, 2018, 02:32:37 PM »
yeah... just take the credit. and put zeros for missing SSN. and see if they stop you

and if I ch"v get audited...

edit
I wouldn't be able to get their ssn (no way they are gonna risk having to pay taxes on that $)
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Offline shapsam

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Re: any accountants out there that i can ask a question?
« Reply #1487 on: February 19, 2018, 02:34:02 PM »
Any way to get Child Care Credit if the babysitter/morah don't report income?
BTW I don't think its refundable.

Offline afro

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Re: any accountants out there that i can ask a question?
« Reply #1488 on: February 19, 2018, 02:35:10 PM »
BTW I don't think its refundable.

than I should be fine - thanks
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Offline Berenstein Bear

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Re: any accountants out there that i can ask a question?
« Reply #1489 on: February 19, 2018, 02:58:41 PM »
Sorry in advance if this question has been asked already- please just direct me to where it's been posted. Asking for a friend, obviously  ;). legit.

Any reason a kollel check would/wouldn't have to be reported?

Also, if that money was reported to Medicaid, would it be a problem not to report it for taxes?

There's no W-2 for this money.

Thanks!

Offline AtallD

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Re: any accountants out there that i can ask a question?
« Reply #1490 on: February 19, 2018, 03:08:07 PM »
Sorry in advance if this question has been asked already- please just direct me to where it's been posted. Asking for a friend, obviously  ;). legit.

Any reason a kollel check would/wouldn't have to be reported?

Also, if that money was reported to Medicaid, would it be a problem not to report it for taxes?

There's no W-2 for this money.

Thanks!

It really depends on the circumstances... this is an interesting article which addresses SOME of the issues:
http://legalsupportservicesllc.org/wp-content/uploads/2014/06/Kollel-Pay-Article.pdf

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #1491 on: February 19, 2018, 03:15:16 PM »

Offline lunatic

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Re: any accountants out there that i can ask a question?
« Reply #1492 on: February 19, 2018, 10:48:13 PM »
and if I ch"v get audited...

edit
I wouldn't be able to get their ssn (no way they are gonna risk having to pay taxes on that $)

I have done this for 13 years. Only one year i had an issue, and the IRS just adjusted the return. Was not a big deal

Offline Yammer

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Re: any accountants out there that i can ask a question?
« Reply #1493 on: February 20, 2018, 01:04:46 AM »
Sorry in advance if this question has been asked already- please just direct me to where it's been posted. Asking for a friend, obviously  ;). legit.

Any reason a kollel check would/wouldn't have to be reported?

Also, if that money was reported to Medicaid, would it be a problem not to report it for taxes?

There's no W-2 for this money.

Thanks!
It really depends on the circumstances... this is an interesting article which addresses SOME of the issues:
http://legalsupportservicesllc.org/wp-content/uploads/2014/06/Kollel-Pay-Article.pdf
There was a situation a few years ago with a Kollel that paid as a stipend and the local Daycare refused to recognize the Kollel as a workplace.

Offline Yammer

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Re: any accountants out there that i can ask a question?
« Reply #1494 on: February 20, 2018, 01:06:31 AM »
Is there a deadline to when a bonus needs to be deposited to still be considered income for 2017? ( Check is dated in Dec 2017 )

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1495 on: February 20, 2018, 02:48:27 AM »
and if I ch"v get audited...

edit
I wouldn't be able to get their ssn (no way they are gonna risk having to pay taxes on that $)
See instructions for Line 1, specifically the section on "due diligence".
https://www.irs.gov/pub/irs-pdf/i2441.pdf

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1496 on: February 20, 2018, 02:55:20 AM »
than I should be fine - thanks
But it may still increase your refund.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1497 on: February 20, 2018, 03:08:40 AM »
Is there a deadline to when a bonus needs to be deposited to still be considered income for 2017? ( Check is dated in Dec 2017 )
If you received it in 2017 for work done in 2017 and the date on the check was 2017 then it is 2017 income. It makes no difference when you happened to drop it into the bank.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1498 on: February 20, 2018, 03:13:22 AM »
There was a situation a few years ago with a Kollel that paid as a stipend and the local Daycare refused to recognize the Kollel as a workplace.
Another detail related to these two topics (kollel pay, childcare credit) is whether someone in kollel is considered a student. One requirement for claiming the childcare credit on a joint return is that both spouses need to be working or one working and the other a full-time student.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1499 on: February 20, 2018, 10:33:03 AM »
If you received it in 2017 for work done in 2017 and the date on the check was 2017 then it is 2017 income. It makes no difference when you happened to drop it into the bank.
-.5
taxpayers are cash basis for the most part
if you were getting a w2 or 1099 the company would issue in 2017
if you;re not there is no reason that you couldn't defer