Author Topic: any accountants out there that i can ask a question?  (Read 257142 times)

Offline killamatic12

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Re: any accountants out there that i can ask a question?
« Reply #1880 on: July 15, 2020, 10:31:00 AM »
can someone point me to a good accountant that has experience with day traders in NJ? TIA

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1881 on: July 21, 2020, 01:13:43 PM »

Is it better to pay outright for college tuition rather than use 529 savings funds so I can make use of higher education expense tax deductions?
We are talking about $4300 for the whole year.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1882 on: July 21, 2020, 01:21:07 PM »
Is it better to pay outright for college tuition rather than use 529 savings funds so I can make use of higher education expense tax deductions?
We are talking about $4300 for the whole year.
probably
do the calculation

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1883 on: July 21, 2020, 02:51:59 PM »
probably
do the calculation
what calculation?
 its either a $4300 deduction or nothing?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1884 on: July 21, 2020, 02:56:03 PM »
what calculation?
 its either a $4300 deduction or nothing?
what you save by using appreciated 529 money or American Opportunity credit?

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1885 on: July 21, 2020, 03:16:34 PM »
what you save by using appreciated 529 money or American Opportunity credit?

Is there a way to use both!

pay off tuition and get AOC credit  and use 529 to fund 1-12 school if allowed in NJ?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1886 on: July 21, 2020, 04:03:37 PM »
Is there a way to use both!

pay off tuition and get AOC credit  and use 529 to fund 1-12 school if allowed in NJ?
4000 for the credit and 300 from the 529

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1887 on: July 21, 2020, 04:45:09 PM »
No i meant pay the full 4300 in tuition for maximum tax benefits and use the 529 college savings plan to pay off 1-12 tuition that you would have otherwise paid out of pocket!

But may not work as NJ and NY I don't think have enacted the ability to pay for 1-12 with 529 funds

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1888 on: July 21, 2020, 10:57:53 PM »
Is it better to pay outright for college tuition rather than use 529 savings funds so I can make use of higher education expense tax deductions?
We are talking about $4300 for the whole year.
Are you sure you can't take the tax deduction if you pay from  you 529 plan?

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1889 on: July 22, 2020, 10:28:28 AM »
Are you sure you can't take the tax deduction if you pay from  you 529 plan?

There are 2 things the tax deduction and tax credit.  I doubt you can do both.  What I am trying to do is still pay the tuition and enjoy all tax benefits(credit and deduction) and then use the 529 funds for K-12 tuition but some states seem to not recognize k-12 tuition as eligible expense like NY and NJ :(

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1890 on: July 29, 2020, 09:53:57 AM »
If I use my 529 plans funds to fund eligible higher education expenses can I then claim appropriate education tax credit/deductions with regards to the principal (my contributions) used (not the growth(earnings))?

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1891 on: July 29, 2020, 12:49:57 PM »
are there any good sites/blogs where I can ask detailed accounting questions?

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1892 on: August 11, 2020, 11:41:50 AM »
are there any good sites/blogs where I can ask detailed accounting questions?
maybe reddit?
To avoid criticism say nothing, do nothing, be nothing.


― Aristotle

Offline JMHO

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Re: any accountants out there that i can ask a question?
« Reply #1893 on: August 13, 2020, 02:30:13 PM »
Question:

I filed by 2014 taxes in October 2018 (with an extension) and received a refund check in March 2019 which I never deposited (don't ask!).

Can I still cash the check? Or since it is past 1 year off the issue date, the check is void?
Would the IRS reissue the check even though its way past 3 years?

Thanks in advance

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1894 on: August 13, 2020, 02:54:14 PM »
Question:

I filed by 2014 taxes in October 2018 (with an extension) and received a refund check in March 2019 which I never deposited (don't ask!).

Can I still cash the check? Or since it is past 1 year off the issue date, the check is void?
Would the IRS reissue the check even though its way past 3 years?

Thanks in advance
they'll probably reissue, no chance you can cash the check.
To avoid criticism say nothing, do nothing, be nothing.


― Aristotle

Offline farmbochur

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Re: any accountants out there that i can ask a question?
« Reply #1895 on: August 13, 2020, 03:30:33 PM »
Regarding Roth IRA distributions for a home purchase:

Say I have $10k in a non-qualified savings account that I intend to use for a down payment. Can I subsequently replace that money by withdrawing from a Roth IRA?

Like if I incurred renovation expenses subsequent to the home purchase or even an emergency unrelated to the home.
Risk is opportunity

Offline JMHO

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Re: any accountants out there that i can ask a question?
« Reply #1896 on: August 13, 2020, 06:17:22 PM »
they'll probably reissue, no chance you can cash the check.
How do I get it reissued, form 3911?

Offline daybyday

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Re: any accountants out there that i can ask a question?
« Reply #1897 on: August 16, 2020, 12:27:43 AM »
Question for the tax mavens out there:
I own a property in NY state and one in PA, for tax purposes i would like to make my PA property my primary residence. What is criteria that i must meet to make it my primary residence? TIA

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1898 on: August 16, 2020, 01:08:56 PM »
Question for the tax mavens out there:
I own a property in NY state and one in PA, for tax purposes i would like to make my PA property my primary residence. What is criteria that i must meet to make it my primary residence? TIA
tax home
Voting records, Drivers License, kids in school and most important 183 days in the state

Offline daybyday

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Re: any accountants out there that i can ask a question?
« Reply #1899 on: August 17, 2020, 11:11:22 AM »
tax home
Voting records, Drivers License, kids in school and most important 183 days in the state
Good to know ty!