Author Topic: any accountants out there that i can ask a question?  (Read 490362 times)

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #40 on: December 30, 2013, 04:18:04 PM »
To your real question.
Send in the corrected education form.

Had you correctly filed the additional income on the missing 1099, most of what they are charging you would have been paid then.  So your loss is the disappointment/ negative surprise of the higher tax bill. and the fines and interest.  Try pleading that you never got the 1099, so you aren't liable for the fees and interest.   I had success once with misfiled numbers, that they didn't charge the fee only the interest.

BTW: I use TurboTax.  They misfiled the numbers I mentioned above.  BUT: they only put the number you tell them into the correct place in the forms.  Sometimes (my case) you misunderstand which numbers go where, or put it in 2 places or such.  I can't imagine TT is responsible for that.

Makes sense to me.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #41 on: December 30, 2013, 04:23:41 PM »
Makes sense to me.
+1 keep it simple

Offline Vosizderneias

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Re: any accountants out there that i can ask a question?
« Reply #42 on: March 05, 2014, 09:36:01 PM »
any accountant that can answer some questions and file my taxes in florida pls pm me

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #43 on: March 09, 2014, 08:03:01 PM »
A guy has 15k w2 income and 20k loss from a partnership.

He could probably classify the partnership loss passive as he is not very active in it.

A) does a passive loss reduce earned income to 0 for claiming an EIC?
B) What's the exact requirement to classify a 1065 loss as passive?

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #44 on: March 09, 2014, 08:07:10 PM »
A guy has 15k w2 income and 20k loss from a partnership.

He could probably classify the partnership loss passive as he is not very active in it.

A) does a passive loss reduce earned income to 0 for claiming an EIC?
B) What's the exact requirement to classify a 1065 loss as passive?

Don't you get more EITC as you go up in income in that range?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #45 on: March 09, 2014, 08:09:43 PM »
Don't you get more EITC as you go up in income in that range?
The question is whether or not his income is zero. If zero because netted against the loss he gets zero EIC.

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #46 on: March 09, 2014, 08:20:14 PM »
Passive losses can only reduce passive income.  Therefore it wouldn't reduce his income against his regular income this year.
If it is truly a passive loss, it can be carried forward to next year.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #47 on: March 09, 2014, 08:22:27 PM »
Passive losses can only reduce passive income.  Therefore it wouldn't reduce his income against his regular income this year.
If it is truly a passive loss, it can be carried forward to next year.
just checking, this is even for EIC purposes?

Offline @Yehuda

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Re: any accountants out there that i can ask a question?
« Reply #48 on: March 09, 2014, 09:23:24 PM »
Studying for the CPA here, but still (obviously) have some Q's as I'm in midst of filing taxes myself for the first time (using TaxAct). My university sent me a 1099-MISC with how much scholarship I got this year. When I input it into TaxAct, my tax liability shoots up, yet I've had this same scholarship for 3 years and never had to pay for it. Any ideas?

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #49 on: March 09, 2014, 10:17:28 PM »
Studying for the CPA here, but still (obviously) have some Q's as I'm in midst of filing taxes myself for the first time (using TaxAct). My university sent me a 1099-MISC with how much scholarship I got this year. When I input it into TaxAct, my tax liability shoots up, yet I've had this same scholarship for 3 years and never had to pay for it. Any ideas?

Is the scholarship for tuition, or does it cover other expenses like room and board?

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #50 on: March 09, 2014, 10:17:55 PM »
Studying for the CPA here, but still (obviously) have some Q's as I'm in midst of filing taxes myself for the first time (using TaxAct). My university sent me a 1099-MISC with how much scholarship I got this year. When I input it into TaxAct, my tax liability shoots up, yet I've had this same scholarship for 3 years and never had to pay for it. Any ideas?
Did you finish going through the program?  Maybe later it fills out some other part of the taxes that negates the 'income' from the scholarship.  Education credit or something. 
My favorite cause: cssy.org

Offline henche

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Offline @Yehuda

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Re: any accountants out there that i can ask a question?
« Reply #52 on: March 09, 2014, 10:44:41 PM »
Is the scholarship for tuition, or does it cover other expenses like room and board?
Tuition only.

Did you finish going through the program?  Maybe later it fills out some other part of the taxes that negates the 'income' from the scholarship.  Education credit or something. 

Says I'm not eligible for the education credit since my parent can claim me as a dependent still (as they had a child in school for 5 months).

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #53 on: March 09, 2014, 11:12:07 PM »
Tuition only.

Says I'm not eligible for the education credit since my parent can claim me as a dependent still (as they had a child in school for 5 months).

See the code section I cited above.

Why don't you call them and ask why they gave you a 1099

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #54 on: March 09, 2014, 11:32:43 PM »
Tuition only.

Says I'm not eligible for the education credit since my parent can claim me as a dependent still (as they had a child in school for 5 months).
You cannot get education credits if you are a Dependant.
A tuition reduction is different than a scholarship. Which one do you have?
« Last Edit: March 09, 2014, 11:36:25 PM by churnbabychurn »

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #55 on: March 10, 2014, 01:30:17 AM »
Studying for the CPA here, but still (obviously) have some Q's as I'm in midst of filing taxes myself for the first time (using TaxAct). My university sent me a 1099-MISC with how much scholarship I got this year. When I input it into TaxAct, my tax liability shoots up, yet I've had this same scholarship for 3 years and never had to pay for it. Any ideas?

Check yourself if your parents can claim you as a dependent and check yourself if the scholarship reported is taxable.
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Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #56 on: March 10, 2014, 01:39:39 AM »
Passive losses can only reduce passive income.  Therefore it wouldn't reduce his income against his regular income this year.
If it is truly a passive loss, it can be carried forward to next year.
You are talking about tax liability and the question was if and how much EITC they  are eligible. They are two different calculations.
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline A European

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Re: any accountants out there that i can ask a question?
« Reply #57 on: March 10, 2014, 04:38:45 AM »
Do I have to report my income, if I didn't make the money in the US and I am not american (My wife and kids are)?

(I lived over 6 month in the US as a green card holder so I am eligible for EIC)

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #58 on: March 10, 2014, 08:39:35 AM »
Do I have to report my income, if I didn't make the money in the US and I am not american (My wife and kids are)?

(I lived over 6 month in the US as a green card holder so I am eligible for EIC)

Green card makes you a resident alien. US has worldwide taxation.

Check out 7701(b) http://www.law.cornell.edu/uscode/text/26/7701

Offline A European

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Re: any accountants out there that i can ask a question?
« Reply #59 on: March 10, 2014, 08:59:40 AM »
Green card makes you a resident alien. US has worldwide taxation.

Check out 7701(b) http://www.law.cornell.edu/uscode/text/26/7701
I lost my green card when I left the US a few month ago (I made the € after I left)

Could I get in trouble by not reporting?
Is there anyway IRS could find out?
« Last Edit: March 10, 2014, 09:03:01 AM by A European »