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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?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
My ex husband has demanded that I amend my 2014 tax returns

My ex husband has demanded that I amend my 2014 tax returns so that he will benefit from more deductions. He refuses to pay support or sign the MSA unless I do so. I filed as Head of Household in Feb. 2015 because my ex and I were separated, living in separate spaces on our property and paying for our own expenses from Feb. 2014-Dec. 2014. I moved out with my children in October, 2014.My ex was out of state and refused to provide me with any of the tax documentation I needed. The accountant was not able to get him to comply. I had a Feb. deadline for financial aid purposes and had to file.My ex's accountant and lawyer have demanded that I amend my tax returns to file as Married but Separate for 2014. This changes my real and already reported income of $27,000 to an income of $84,000 because his accountant insists that I must claim half of my former husband's income as well as half of the expenses. However, I did not receive any of that income in real life. My ex deposited his paychecks into another account that I didn't have access to at all. He did not share his bonuses or the large rent check that he paid himself from his business for using a building on our property as an office. We both contributed financially to the household and expenses for our 3 children. I don't know if amending my taxes this way in an effort to get the MSA signed is going to be a red flag for the IRS or if there are other repercussions. My accountant was badgered by my ex and his accountant and has conceded that we amend the taxes to show an $84,000 income for me when the truth is that I only made $27,000 and never saw a penny of his income that year. Can you help?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,192 satisfied customers
I had to use retirement savings to live on during 2016,

I had to use retirement savings to live on during 2016, because I was unable to work. I was just granted social security disability. Will I have to pay a penalty and taxes on the $12,000 I borrowed from my retirement fund?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I also had $3,000 in alimony and about $4,000 in self-employment wages.

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Robin D.

Vocational, Technical or Trade School

21,184 satisfied customers
I filed my taxes and did not meet the deadline to send in

I filed my taxes and did not meet the deadline to send in the documents requested by the IRS and now I'm hit with a penalty and was wondering if I can still send in the information to be considered for my taxes?

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
I was told that because I make 55k per year and cant get the

Good Morning , I was told that because I make 55k per year and cant get the EIC for my 2 young children That I can assign the EIC to my 20 yearold son that lives with me and make 18k . is that correct

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
I did not have medical insurance in January 2014. For my

I did not have medical insurance in January 2014. For my 2015 tax return, I am single but am billed and payed $1449 so far. Recently have gotten bills for $2565 plus $798 for shared responsibility from the IRS. WHERE CAN i GO FOR HELP?

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
My name in noah I had a question about how the taxes work

my name in noah I had a question about how the taxes work and I was wanting to reduce my AGI. I though it had to do with your standard deduction, which is for this year is 6,300. So in order for it to work we have to reduce what they take out right? There is no such thing as you or I reducing it up to 2000%. Right? I made $26,000 last year. So I can reduce my AGI up to like a 120 or 130 percent where I still receive a benefit but it wont go any higher. Noah

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Robin D.

Vocational, Technical or Trade School

21,184 satisfied customers
I am getting divorced in TN at the end of the month. I will

I am getting divorced in TN at the end of the month. I will be receiving child support and alimony. How does this affect my taxes ? I work but make less than $30,000 a year and have a special needs child. I have always declared 0 married, I will change it to 0 single once the divorce is final. I never want to owe taxes so I would rather have a refund later then more now. From what I understand I am not taxed on child support but I will be taxed on my alimony. So how exactly does this work?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,192 satisfied customers
A friend is afraid an employee will file 1040x and report

A friend is afraid an employee will file 1040x and report income which has been paid in cash.consequences?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,192 satisfied customers
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