Author Topic: any accountants out there that i can ask a question?  (Read 337777 times)

Online Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2100 on: November 27, 2021, 04:18:13 PM »
If the child lived equally with both parents during the year, don't the kids need to go to the spouse with the higher AGI?
I think that would be with unmarried parents who both live with the child.

Offline jew

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Re: any accountants out there that i can ask a question?
« Reply #2101 on: November 28, 2021, 11:37:06 AM »
If I send a payment now for my 2020taxes that were already filed and done with etc. Can I get my overpayment refunded now? Or do I need to wait until filing 2021 taxes?
 And what if I pay towards 2021 taxes? I am assuming that is for sure not possible to get it back until filing? Thanks!
Anyone know?

Offline JunkYardUnz

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Re: any accountants out there that i can ask a question?
« Reply #2102 on: November 28, 2021, 10:53:20 PM »
Anyone know?
Happened to me. I amended a 1040 by mail, but made the payment online. The IRS refunded the payment a month or two later and then a year later when the processed my 1040X they sent me a bill. Naturally Iím fighting the interest and penalties they assessed.

Offline sguitarist18

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Re: any accountants out there that i can ask a question?
« Reply #2103 on: December 02, 2021, 11:09:43 AM »
If I perform a service for someone, and instead of paying me I ask them to send a check to my children's school, what do I need to keep in mind?

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Re: any accountants out there that i can ask a question?
« Reply #2104 on: December 02, 2021, 11:15:23 AM »
If I perform a service for someone, and instead of paying me I ask them to send a check to my children's school, what do I need to keep in mind?

To stay sane and calm :-)

Offline sguitarist18

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Re: any accountants out there that i can ask a question?
« Reply #2105 on: December 02, 2021, 11:23:53 AM »
LOL.

I mean, are there any tax issues from my end or the school's end? Anything I should be doing to avoid issues?

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Re: any accountants out there that i can ask a question?
« Reply #2106 on: December 05, 2021, 09:16:14 AM »
LOL.

I mean, are there any tax issues from my end or the school's end? Anything I should be doing to avoid issues?
It sounds like you are receiving compensation in the form of your customer paying your tuition bill for you. That would be a taxable event. I am not aware of any special rules which apply in this type of case. (I know there may be certain legislation regarding children of teachers.) Maybe some expert can weigh in on this.

Offline JunkYardUnz

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Re: any accountants out there that i can ask a question?
« Reply #2107 on: December 05, 2021, 07:07:27 PM »
It sounds like you are receiving compensation in the form of your customer paying your tuition bill for you. That would be a taxable event. I am not aware of any special rules which apply in this type of case. (I know there may be certain legislation regarding children of teachers.) Maybe some expert can weigh in on this.
Itís 100% taxable and should be picked up on your tax return. Itís pure shtick. Chances of getting caught are extremely unlikely. At the end of the day youíre playing the audit lottery and the odds are in you favor.

What you are referring was gray to begin with. A few years back Torah Umesorah or the Agudah advised Yeshivos against doing it. Most Yeshivos phased it out over two/three years to soften the blowÖ.. I know of Yeshivos that still do it on a limited basis. I guess they got other guidance.

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Re: any accountants out there that i can ask a question?
« Reply #2108 on: December 06, 2021, 09:55:30 AM »
Itís 100% taxable and should be picked up on your tax return. Itís pure shtick. Chances of getting caught are extremely unlikely. At the end of the day youíre playing the audit lottery and the odds are in you favor.

What you are referring was gray to begin with. A few years back Torah Umesorah or the Agudah advised Yeshivos against doing it. Most Yeshivos phased it out over two/three years to soften the blowÖ.. I know of Yeshivos that still do it on a limited basis. I guess they got other guidance.
It sounds like you are receiving compensation in the form of your customer paying your tuition bill for you. That would be a taxable event. I am not aware of any special rules which apply in this type of case. (I know there may be certain legislation regarding children of teachers.) Maybe some expert can weigh in on this.
IRC 117d
https://www.irs.gov/government-entities/federal-state-local-governments/qualified-tuition-reduction

Offline herb

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Re: any accountants out there that i can ask a question?
« Reply #2109 on: December 07, 2021, 12:49:13 AM »
I'm looking to open bank account for a bonus and this is one of the requirements:
"you can participate in the Member Cash Checking Offer. U.S. persons must furnish or have a valid IRS Form W-9 (Request for Taxpayer Identification Number and Certification) on file"
What does that mean in english?
Tia

Offline Yitz

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Re: any accountants out there that i can ask a question?
« Reply #2110 on: December 07, 2021, 08:39:15 AM »
If you are supposed to get money from the IRS from 2 years ago. How do you go about getting the money. Asking for a friend

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Re: any accountants out there that i can ask a question?
« Reply #2111 on: December 07, 2021, 09:16:20 AM »
I'm looking to open bank account for a bonus and this is one of the requirements:
"you can participate in the Member Cash Checking Offer. U.S. persons must furnish or have a valid IRS Form W-9 (Request for Taxpayer Identification Number and Certification) on file"
What does that mean in english?
Tia
means they are going to send you a 1099 and you will have to report as Interest Income

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Re: any accountants out there that i can ask a question?
« Reply #2112 on: December 07, 2021, 09:16:36 AM »
If you are supposed to get money from the IRS from 2 years ago. How do you go about getting the money. Asking for a friend
PUTPAC

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #2113 on: December 07, 2021, 10:58:41 AM »
I'm looking to open bank account for a bonus and this is one of the requirements:
"you can participate in the Member Cash Checking Offer. U.S. persons must furnish or have a valid IRS Form W-9 (Request for Taxpayer Identification Number and Certification) on file"
What does that mean in english?
Tia
They want your SS# so
they can send you a 1099 and you will have to report as Income
My favorite cause: cssy.org

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Re: any accountants out there that i can ask a question?
« Reply #2114 on: December 19, 2021, 01:17:25 AM »
When requalify for medicaid (ny) do they look at federal or state or both ? If someone would do a 529 ed plan would that deduct from their income so they would be closer to qualifying?

Offline gozalim

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Re: any accountants out there that i can ask a question?
« Reply #2115 on: December 19, 2021, 01:39:38 AM »
When requalify for medicaid (ny) do they look at federal or state or both ? If someone would do a 529 ed plan would that deduct from their income so they would be closer to qualifying?
ny state of health?
Or HRA?

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Re: any accountants out there that i can ask a question?
« Reply #2116 on: December 19, 2021, 02:00:15 AM »
ny state of health?
Or HRA?
I belive ny state of health

Offline gozalim

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Re: any accountants out there that i can ask a question?
« Reply #2117 on: December 19, 2021, 02:04:00 AM »
I belive ny state of health
I believe @ExGingi has commented more than once that the renewal process for them involves referencing the relevant line on the annual tax return (is it AGI?)

Odds are that would end up following fed rules, though depending on how fed does the deduction ("above" or "below" the line)

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Re: any accountants out there that i can ask a question?
« Reply #2118 on: December 19, 2021, 02:29:42 AM »
I believe @ExGingi has commented more than once that the renewal process for them involves referencing the relevant line on the annual tax return (is it AGI?)

Odds are that would end up following fed rules, though depending on how fed does the deduction ("above" or "below" the line)
529 doesnt count towards fedeal at all IINM

Offline ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #2119 on: December 19, 2021, 06:06:48 AM »
When requalify for medicaid (ny) do they look at federal or state or both ? If someone would do a 529 ed plan would that deduct from their income so they would be closer to qualifying?

Currently (and given the uptick, most likely to be extended) anyone whose Medicaid would expire (that includes any recertification requirement) through 1/31/2022 will automatically be renewed for 12 months.

If that were not the case, the only thing that matters is AGI. Contributing to a 529 doesn't reduce one's  AGI.
I've been waiting over 5 years with bated breath for someone to say that!
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