How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask jgordosea Your Own Question

jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3013
Experience:  I've prepared all types of taxes since 1987.
3653323
Type Your Tax Question Here...
jgordosea is online now
A new question is answered every 9 seconds

My parents are giving me $18,000 this month as a gift. I file

Resolved Question:

My parents are giving me $18,000 this month as a gift. I file single and make $60K per year. Do I need to claim this as income?
Submitted: 1 year ago.
Category: Tax
Expert:  jgordosea replied 1 year ago.
Greetings,

Gifts are not included as income subject to income tax.

There is no reporting that you need to do as the recipient of a gift.

The donors must report a gift for gift tax purposes in some cases.
Your parents should also not have to report this gift if each parent is giving one half of the total to you since it would be under the allowable annual exclusion of $14,000 to each person each year.

Please ask if you need clarification.
Thank you.
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3013
Experience: I've prepared all types of taxes since 1987.
jgordosea and 6 other Tax Specialists are ready to help you
Customer: replied 1 year ago.

I was hoping you could also weigh in on the following question...I asked one other expert and they said it would be ok. Im just looking for one more confirmation if you think this scenario of taking a state credit and a federal deduction on a charitable contribution would work....


 


I live in Arizona and will be itemizing my taxes this year. Single with no dependents, making $60K pre tax. I was going to do the Arizona Private Education Scholarship Fund tax credit. They are qualified as a charitable organization on the IRS site. This year you can give $503 plus an additional $500 as a single taxpayer and get the credit given right back to you if you paid that much or more in taxes. Can I receive this credit from Arizona state and then also take a deduction on the $1003 off my federal taxes. Their website alludes to the possibility of it but I have been reading quite bit on IRS.GOV and see donations as tuition as being an exclusion of using it as a deduction. I am not sure if that is only the case if it is for a specific child or family member. I am not specifying a certain child of who this money would go to, just a donation to the organization in general. If not are there any credits in AZ yo can apply for which you can also deduct off your federal taxes for a charitable contribution.

Expert:  jgordosea replied 1 year ago.

Greetings,

 

Since the Arizona Private Education Scholarship Fund is a federally tax exempt 501(c)(3) charitable organization the donation does qualify as a charitable contribution for federal tax purposes.

 

The IRS site was referring to the situation where tuition is being paid to an organization and a deduction is attempted to be claimed for that tuition payment.

The payment can not be for tuition for you or for a person that you designate or for any other item of value; but that does not seem to be the case as it was described.

 

Of course, you will have to make an adjustment to reduce the itemized deductions for Arizona by the amount of charitable contributions for which you are taking a credit under Arizona law so both a credit and a deduction are not taken for Arizona tax.

 

It is possible to take a federal deduction and an Arizona credit for the same contribution.

 

Please ask if you need clarification.

Thank you.

 

 

 

jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3013
Experience: I've prepared all types of taxes since 1987.
jgordosea and 6 other Tax Specialists are ready to help you
Customer: replied 1 year ago.

Thank you for the more detailed answer than I received elsewhere!

Expert:  jgordosea replied 1 year ago.

You are quite welcome.

If you include a reference to me (such as "for jgordosea") in a future question most of the other experts will leave it until I get to answer. Of course, I am not on all of the time so you can always let another expert answer if you need an answer quickly.

Thank you for the opportunity to be of service.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.