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P MCCARTHY

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  1. Client has a 1099C and a 1099S and is insolvent. Question is she is separated from her spouse, wants to file MFS, husband has military disability income only (not taxable income), does not work; does the military disability income become apart of her reporting? Lives in the state of California. What if the husband does not provide the information if it is required to be included in her income?
  2. Yes, the parents can claim the AOTC, claiming the daughter as an exemption, and the daughter claims the income of the scholarship with her wages and not claiming her exemption?? that is allowable?.....
  3. P MCCARTHY

    1098T

    Parents filed and claimed the daughter as an exemption, and the education credit from the 1098T, AOC. Now the school has informed them that the daughter must file her taxes as she earned $1600 plus the difference between the tuition and the scholarship of $7092 brings her gross income into the filing required status. Parents now need to amend their return, can they use 1098T as it benefits them and not the daughter when she files? The daughter would use the scholarship income as apart of her gross wages filing single, claimable as a dependent & claimed by parents.
  4. My client received several pension distributions on the death of her husband and one 1099-R has the distribution code of "L", since this is a distribution due to the death of the husband will it be subject to the 10% penalty? Her age is 50.
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