Author Topic: any accountants out there that i can ask a question?  (Read 190635 times)

Offline A3

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Nov 2009
  • Posts: 3338
  • Total likes: 46
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1815 on: February 11, 2020, 09:05:16 PM »
When filling a 1040x, better to send it sooner, or wait for refund check, cash it, then send them a check if the difference?
If you cash their check and you owe money after you will be charged interest and possibly penalties.
Itís ok to get the refund check, donít cash it. Wait for the new assessed amount and send back the check.

Online dovy2

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2012
  • Posts: 1851
  • Total likes: 32
  • DansDeals.com Hat Tips 24
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1816 on: February 11, 2020, 09:51:23 PM »
Wait for the new assessed amount and send back the check.
Thanks.
I did it with h&r and they prepared a paystubs with the amount owed.. but they didn't do that for the NY return.. does NY get updated from the IRS, or do I need to I file a separate NY ammended? (I'm not sure if HR did it for me).
Can I just send NY a check for the difference amount (between the amount h&r showed me last time and the amount it shows now?

Offline A3

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Nov 2009
  • Posts: 3338
  • Total likes: 46
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1817 on: February 11, 2020, 10:30:55 PM »
Thanks.
I did it with h&r and they prepared a paystubs with the amount owed.. but they didn't do that for the NY return.. does NY get updated from the IRS, or do I need to I file a separate NY ammended? (I'm not sure if HR did it for me).
Can I just send NY a check for the difference amount (between the amount h&r showed me last time and the amount it shows now?
Amended NY as well. But I believe the Amended NY can be E-filed.

Online TheSlightEdge

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2015
  • Posts: 175
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
Re: any accountants out there that i can ask a question?
« Reply #1818 on: February 13, 2020, 12:55:22 AM »
Student here. Accountant in 2017 forgot to include my tuition expense which (I think) would allow me to get a $2,000 credit via the Lifetime Learning Credit. Only got a $314 refund that year. If I file an amended return, do I receive the $2000? Thanks!

Offline AtallD

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2010
  • Posts: 268
  • Total likes: 10
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: NYC
Re: any accountants out there that i can ask a question?
« Reply #1819 on: February 13, 2020, 10:14:11 AM »
Student here. Accountant in 2017 forgot to include my tuition expense which (I think) would allow me to get a $2,000 credit via the Lifetime Learning Credit. Only got a $314 refund that year. If I file an amended return, do I receive the $2000? Thanks!
No - it is a non-refundable credit - can only be used to offset tax due.

Offline Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1161
  • Total likes: 152
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #1820 on: February 13, 2020, 10:23:54 AM »
No - it is a non-refundable credit - can only be used to offset tax due.
-1
American Opportunity credit is a refundable credit (or at least a portion of it is )
https://www.irs.gov/credits-deductions/individuals/aotc
you can possibly get back $1000

Offline AtallD

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2010
  • Posts: 268
  • Total likes: 10
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: NYC
Re: any accountants out there that i can ask a question?
« Reply #1821 on: February 13, 2020, 10:34:54 AM »
-1
American Opportunity credit is a refundable credit (or at least a portion of it is )
https://www.irs.gov/credits-deductions/individuals/aotc
you can possibly get back $1000
He is asking about the Lifetime Learning Credit which is non-refundable

Online TheSlightEdge

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2015
  • Posts: 175
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
Re: any accountants out there that i can ask a question?
« Reply #1822 on: February 13, 2020, 10:41:19 AM »
He is asking about the Lifetime Learning Credit which is non-refundable

Thank you, much appreciated.

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 6528
  • Total likes: 279
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #1823 on: February 13, 2020, 12:36:53 PM »
Student here. Accountant in 2017 forgot to include my tuition expense which (I think) would allow me to get a $2,000 credit via the Lifetime Learning Credit. Only got a $314 refund that year. If I file an amended return, do I receive the $2000? Thanks!
But what was your total tax?  Was it more than the $2000 non-refundable credit?

Offline 4yourinfo

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Feb 2013
  • Posts: 345
  • Total likes: 23
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: usa
Re: any accountants out there that i can ask a question?
« Reply #1824 on: February 25, 2020, 11:11:42 AM »
If you paid back money for the health insurance advance premium tax credit - can you consider that money healthcare cost?

Offline nucheiner

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Sep 2016
  • Posts: 266
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1825 on: February 25, 2020, 12:24:00 PM »
If you paid back money for the health insurance advance premium tax credit - can you consider that money healthcare cost?
I believe so. IIRC I'm pretty sure that the IRS released a publication on this topic as to how to calculate this. (The more cost/deductions the more APTC but more APTC the less cost) I would think that any software should do this but perhaps not.

Offline 4yourinfo

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Feb 2013
  • Posts: 345
  • Total likes: 23
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: usa
Re: any accountants out there that i can ask a question?
« Reply #1826 on: February 25, 2020, 09:33:03 PM »
If you paid back money for the health insurance advance premium tax credit - can you consider that money healthcare cost?
Found my answer - IRS publication 502 - Yes, you include it as part of medical expenses for the current year

Offline Meno

  • Dansdeals Gold Elite
  • ***
  • Join Date: Dec 2015
  • Posts: 150
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #1827 on: March 15, 2020, 03:05:35 PM »
My kids' school requires each family to give a certain amount toward the school's building fund. Is that considered a charitable donation for tax purposes?

Offline Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1161
  • Total likes: 152
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #1828 on: March 15, 2020, 03:20:32 PM »
My kids' school requires each family to give a certain amount toward the school's building fund. Is that considered a charitable donation for tax purposes?
A donation requires donative intent
Nothing mandatory can be a donation
also see Rev Rul 83-104 https://www.irs.gov/pub/irs-tege/rr83-104.pdf
furthermore anything that really is tuition or the like and disguised as something else , especially if bargained for the time of tuition negotiations is tuition. (Think journal ad)

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7249
  • Total likes: 283
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: any accountants out there that i can ask a question?
« Reply #1829 on: March 26, 2020, 10:34:17 PM »
Which tax year do they use to assess AGI for the corono credit?

What if 2018 and '19 income was 50k and 2020 turns out to be 500k? Credit gets pulled back?