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Hahn1040

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About Hahn1040

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  1. Judy, Thank you for the input and the article. that is a great help!
  2. yes they do receive Soc Sec. ... so if she used $5,000 of their own money, then that part would not be a gift. very good idea.
  3. My client contributed $20,000 each to her two son's 529 plans. They are ages 12 and 17. Dad is deceased. I explained that we need to file a Gift Tax return and so i need the total of all gifts made during the year. I feel that it is a gray area of what is a gift vs. support for dependents. Certainly, if you give your 26 year old son a car, it is a gift. But when you give your 16 year old dependent a car is it support or a gift? Does anyone have a source that addresses this issue? Thank you for your help
  4. That is very interesting to me to see. About two years ago, my brother realized that his record for 1992 was missing a W-2. He sent them a copy of the W-2 and it has been added to his record. This matters a lot to him because he was worked overseas most of his adult life and has not paid into Social Security so a W-2 for $20,000 in 1992 makes a significant difference in his record. I wonder what the difference is?
  5. Thank you so much! I am also VA I transmitted and it is accepted. I'll tell her that she will get a letter from VA if IRS does not give her the exemption.
  6. return rejected because some one had claimed dependent (probably non-custodial parent) she is the custodial parent, she will paper file with documentation to support her claim What do I do about the state? She owes... so can't just wait until the federal is resolved which we know will be many months. I have not tired to electronically file... not sure what to do?? any suggestions will be greatly appreciated!
  7. when did she make the contribution? If made in 2022, she can apply the excess for 2021 to her 2022 contribution
  8. I cannot get the Dependent care from federal 2441 to flow to line 21 of the DC form. I must be doing something wrong! Please help!!
  9. the daughter cannot take any credits if she is a dependent. All credits go to the person claiming the student. If the tuition to the university is over $4,000, that maxes out the AO credit. Community college tuition does not need to be considered. Parent can take only one education credit per year for the same student.
  10. If the contribution was made in 2022, then he can just apply the rest to the 2022 contribution.
  11. I have not been able to access it for the past several days
  12. If he converts the Traditional IRA to ROTH, it will be reported on the 2021 return because that is when it was done. The recharacterization is reported on the 2020 return: nondeductible contribution reported on form 8606 and the statement explaining the recharacterization on a worksheet for the 8606. It is for the 2020 contribution. After recharacterization, the contribution is considered to have been contributed to the traditional IRA . but a conversion would be reported in the year it was converted.
  13. TCJA changed this: from Pub 526 State or local tax credit. If you make a payment or transfer property to or for the use of a qualified organization and receive or expect to receive a state or local tax credit in return, then the amount treated as a charitable contribution deduction is reduced by the amount of the state or local tax credit you receive or expect to receive in consideration for your payment or transfer, but an exception may apply. If an exception doesn’t apply, you must reduce your charitable contribution deduction even if you can’t claim the state tax credit in the year. the deduction on federal is reduced by the amount of the credit. There is no adjustment for state because it has been reduced on federal. perhaps your instance is different. I have a couple of people who get the Neighborhood Assistance Program credits and this applies to them.
  14. You will not have to consider the BAH and BAS (housing and food allowances) for active duty. Both are not taxable and are not reported on the W-2. as for state... once he is active duty, he will remain a resident of his state of record. So if he was a CT resident when he joined, he remains a CT resident unless he takes the steps to change it. When stationed in VA, his active duty pay is not taxed to VA. If he were to have a side-job, then that would be taxed to VA as a non-resident (form 763) . For 2021, he will be taxed on all of his income as a resident. For 2022, he may qualify to be considered a non-resident if he is not in CT 30 days and maintains a permanent place of abode in another state. see: https://portal.ct.gov/-/media/DRS/Publications/pubsip/2019/IP-2019(5).pdf
  15. Oh! I know how that is: your eyes see it but by the time it gets to the brain.... it does not register. It is definitely difficult to keep straight what are eligible expenses for tax-free scholarship vs. AOC vs LLC vs 529 expenses. ...you said he is leaving for the Marines. Did he have ROTC or Veterans benefit scholarships? Make sure that none of the allowances for housing are included in the scholarship amount. BAH is paid separately and not included in income. If he had those, look at the Veterans Administration section of Pub 970 and/or go to: https://benefits.va.gov/gibill/. Probably you are looking at the 1098-T. BAH would/should never be a part of the box 5 scholarship figure. So you do not have to consider it.
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