Latest threads in Taxes General Forumshow only best voted threads
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2 Form 1098-Ts and Scholarship income
Facts: 21-year old student has two 1098-Ts from 2015. First one is from undergraduate, as he finished undergraduate in May 2015. The undergraduate 1098-T shows $4,000 in tuition (box 2) and $11,000 in...
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8 years ago
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Student Dependent Deduction
My wife and I file a joint IRS 1040 return. Our 32 year old daughter decided to change careers in late 2014. She gave up her good paying job and enrolled in a two year graduate school program. We have...
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8 years ago
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Medicare Part A
Is someone whose only medical insurance Medicare Part A considered covered as far as federal income tax is concerned? I'm just asking out of curiosity, not because I need to know.
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8 years ago
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IRA for real estate questions...
Hello, Is there any way I can use a distribution from an IRA and not have it income taxed? I'm not talking about the "10k first time home buyer with no penalty." I am 60 years old. What if I rented...
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8 years ago
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Spousal Traditional IRA Contrib in year of 70 1/2 uncertainty
Married couple w/earned income. Non-working spouse is 70 1/2 in September (2015) and 1st RMD is due by following April (2016). Can spouse still make a contrib. for 2015 (in 2016)? Googling creates a...
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8 years ago
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Form 6251 - Alternative Minimum Tax - Individuals
This question relates to the 2015 filing year. Am I correct in believing that as a rule of thumb for this form I don't have to worry about filling this out if line 38 of my 1040 (adjusted gross...
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8 years ago
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K1, Box 11 "Final Year deductions/Excess deductions" New York State.
I got a K1 today from a bank that had a trust on my father. The only entry is box 11. It has an "A" and the number 4,954. On the next page it says an "A" is a "Final year deduction for Excess...
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8 years ago
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Sale of Sole Proprietorship Business
Hello, If a cash basis sole proprietor business owner sells his business in December 2015 but pays some expenses (being on cash basis) in January 2016, when are these expenses booked? Isn't the...
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8 years ago
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Form W-7 & "resident" tax return
A F-1 Visa student with no SSN is filing a resident Form 1040 by election. Can Form W-7 be accepted by the IRS if he applies to file "resident" tax return, without any conflicts?
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8 years ago
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election statement for a single nonresident alien to be treated as a resident alien
Is an election statement required to be attached for a single nonresident alien to be treated as a resident alien? Not as nonresident alien spouse.
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8 years ago
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Enron 1099B
I received a 2015 1099B showing my long held ENRON stock as a capital loss for 2015? Can the loss be utilized for 2015 even though ENRON stock was considered bankrupt and "worthless" in 2004?
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8 years ago
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Filing FBAR Electronically
I am having troubles submitting my FBAR electronically. I keep on getting an error window saying that I have to be logged into the FinCEN site before being able to submit the form electronically. (Of...
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8 years ago
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Amended return
I get a credit on my resident state tax for taxes paid to the nonresident state where I worked. The credit is the lesser of the actual tax paid to the nonresident state and the tax that would be due...
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8 years ago
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Is deductibility controlled by org's 501c3 status at time of contribution or end-of-year?
Someone I know is has put together a charitable organization and is in the process of getting 501(c)(3) status. At the moment they do not have the status. For purposes of this question assume they'll...
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8 years ago
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1099-div unlikely "corrected" this cycle?
A few years ago the dividend reporting was so complex that many brokerages issued one or two corrections, even late against the 4/15 deadline. Is that unlikely this year? I think I did not see it last...
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8 years ago
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