Join the 9 million people who found a smarter way to get Expert help

Recent Child Tax Credit questions

My adjusted gross income is 62,000.00. How much should I

My adjusted gross income is 62,000.00. How much should I have taken out of my check so I don't have to pay at the end of the year? I have no deductions so it is a straight 1040. Can you tell me approximately how much I should be paying?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
My wife is on disability s.security. she is 62yrs old. I am

My wife is on disability s.security. she is 62yrs old. I am on ss age 66. She has 148k in ira and I have 178k. We want to buy a house cash for 120k using our iras. Our present home is on market for 250k and we own outright. Can we take 120k out of her account w/out paying a lot of taxes? I figure lowering her income in case she needs to go into assisted care facility

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
I have a client who married a foreign lady mid 2015, and she

I have a client who married a foreign lady mid 2015, and she has not been approved yet for immigration to the US. She did visit for a few months. She has no Soc Security No. The husband is trying to get her here and is waiting. Should I do MFS ior MFJ ???? She is no longer working in her home country of Hungary. My client is supporting her and her 14 year old son there.. Can my client count them as dependents if he is responsible for the majority of their support, even though they are in Hungary?? Can he get the child tax credit, or is this only possible after they have SS Nos.? I believe I will not be able to e-file, because of no Social Security nos. Is this correct? If they have no SS numbes are he cannot deduct for them, will MFS simplify things and allow me to e-file? Is this the most realistic option?

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,202 satisfied customers
Can we apply for tax ID for a dependents of a USA citizen

Hi,Can we apply for tax ID for a dependents of a USA citizen who lives overseas. The kids live with the taxpayer all year long but just not in the USA. The don't have social security numbers and the both spouses file separately.

Read more

Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
The IRS seems to have some contradictory information on

The IRS seems to have some contradictory information on their website regarding the American Opportunity Tax Credit.https://www.irs.gov/publications/p970/ch02.htmlRegarding dependents, this link says:"Who Can't Claim the Credit?You can't claim the American opportunity credit for 2015 if any of the following apply.You are claimed as a dependent on another person's tax return, such as your parent's return. See Who Can Claim a Dependent's Expenses , later."This seems to say that if you are claimed as a dependent on someone else's tax return, you can't claim the credit. However, if you click the link in that entry, which says "Who can claim a dependent's expenses", this is the result:"Who Can Claim a Dependent's Expenses?If there are qualified education expenses for your dependent during a tax year, either you or your dependent, but not both of you, can claim an American opportunity credit for your dependent's expenses for that year."According to this, a dependent can claim the american opportunity credit on their tax return.Which one is accurate? Am I misreading something?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
I am filing our 2015 taxes after filing an extension. we are

hi, i am filing our 2015 taxes after filing an extension. we are self employed and we didn't bring in that much money last year, after moving twice and not working as much. we didn't make any estimated payments, and sold our house and made 124000. but it is saying we are getting a refund from federal? that doesn't sound right to me?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: we made about 58000. and paid insurance premiums of about 7500$. and had moving expenses of about 3000$. and have 2 children. and had material deductions(construction company) of 14000

Read more

Robin D.

Vocational, Technical or Trade School

21,204 satisfied customers
I did not file 2015 taxes because my income was

Hello,I did not file 2015 taxes because my income was significantly low at the time and the company for which I paid rent, went through a merger which required all contractors to become employees if we were to remain on board, and if we remained, our income would be significantly delayed and different. I decided to change to another location and thus lost clients with the change. I have now in 2016 regrouped, but did not see the need to file for 2015.My children's school is requesting an "advice letter" from a CPA on their suggestion of what I need to do for 2015 since I did not file and did no request an extension. I have provided them the 1099's for 2015, but they want to know what steps I need to take for 2015.Please advise.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
I'm considering taking $8,000 out of my IRA account, I have

I'm considering taking $8,000 out of my IRA account, I have just over $11k. I know theres a 10% withholding fee for Federal, can you tell me what I can expect come tax season next year? How much will I owe the state? How much will the early withdrawal fee be? Ect

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,202 satisfied customers
If I am trying to figure our my tax rate, do I include FICA?

If I am trying to figure our my tax rate, do I include FICA?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am trying to figure out the tax rate on a lump sum amount paid at retirement and I am not sure if I need to include the FICA and Medicare taxes....The amount is at the 39.6% so do I need to include the additional money for medicare which makes the amount 41.35JA: Is there anything else important you think the Accountant should know?Customer: No, I am trying to figure out how your service works, do I pay for this

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
View more tax questions
In The News