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CAN A PARENT WHO USED OWN FUNDS TO PAY COLLEGE TUITION

CAN A PARENT WHO USED OWN FUNDS TO PAY COLLEGE TUITION RECOVER THOSE AMOUNTS FROM 529 FUND?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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Tax question - education credits My wife and I 't

Tax question - education creditsMy wife and I don't contribute to our child's college expenses - her expenses are financed by student loans (in her name) and the rest is paid by relativesIf she is our dependent, can either of us take educational credits?What if she is not our dependent, can either of us take educational credits?

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PDtax

Owner

Master's Degree

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I recd irs form 886A- on education credits. I have been

i recd irs form 886A- on education credits. I have been doing online school for a while and at end of year school send me like 1099 (? i maybe wrong on the school form #) I never ever had a problem when reporting this all these years to IRS. Now this time there is a prob and IRS is asking me to send proof of money distribution from school and I dont understand why. Whatever info I had I sent to IRS but it is not proof enough. Can you tell me what are they looking for so I know specifically why and what in sending them the correct documents.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Even though I filed on time in feb., because their audit took time to do I was assessed a 20% penalty. why?JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lane

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My grandparents set-up up a mutual fund college education

My grandparents set-up up a mutual fund for my college education several years ago and it was my understanding that if I used this solely for education (college tuition) that it would be tax exempt. I have receipts of withdrawal from the fund and payments to the school for the amount withdrawn. Today I received a notice from the IRS for CIP2000, claiming I own taxes on these withdrawn amounts. This was for tax year 2014.

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Lev

Retired

Bachelor's Degree Equivalent

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I am working on my 2014 return and have included my

I am working on my 2014 return and have included my daughters 1098T from her University. On the form, Box 2 states Qualified tuition and related expenses total $16,216.00 and Box 5: Scholarships and grants $24,859.00. She filed her own return but did not claim the exemption, since Im as a dependent on my return. when inputting this information in my tax software, I am then asked to do the following:Enter any Pell grants, scholarships, and fellowship grants used to pay for tuition, books, supplies, equipment, or fees during 2014.It states that this amount will reduce my education credit, currently $1000, which has resulted in me receiving a Federal Refund of $733.Why is the education credit effected?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I'm irst time here, is your help is free? JA:

Hello! I'm for the irst time here, is your help is free?JA: The Accountant's require payment for their services. It's way less expensive on JustAnswer than face-to-face would cost.Customer: sure, could you tell prices please?JA: The Accountant will know how to help.Customer: i had a foreign income as self-employed and I'd like to fill my tax return for prior yearsJA: Please tell me more, so we can help you best.Customer: I'm a green card holder and didn't know i need to fill tax return in the US while I've already paid taxes in my country (Russia), i work online (advertising field, have clients in rissia, but live in the US). I had income in half 2012, and then 2013,2014, never fiiled US tax return. So I'm afraid of penalties...JA: Is there anything else important you think the Accountant should know?Customer: i have two ways - to fill as non-resident alien + tax treaty OR like a resident, so gross income for 1040 - deduction for home officeJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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18 April 2016 06:36 When I fill out my daughter's return, it

18 April 2016 06:36When I fill out my daughter's return, it asks me to fill out an Unearned Income form 8615...and it asks for our joint return line 43 taxable income...and her tax skyrockets!!! I never had to fill out this worksheet before...why is it asking me to fill it out now? Help!

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,720 satisfied customers
And it is regarding Notice 2014-7 Medicaid Waiver

***** ***** and it is regarding Notice 2014-7 Medicaid Waiver payments excluable from Federal tax but I don't think it is excludable for MN tax and I am trying to figure out where to add this back in on the MN form. Using Turbo TaxJA: Thanks. Can you give me any more details about your issue?Customer: Medicaid Wavier payments are excludable from gross income for Federal Income taxes - Notice 2014-7. I don't think they are excludable from Minnesota Income tax. I don't how to add this income back in for the MN tax. I am using TurboTax to complete the taxes.JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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My son has autism and has graduated from a private school

Hi, My son has autism and has graduated from a private school (grades 3-12) for children with learning disabilities. Am I allowed to deduct any portion of the tuition fees?

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Lev

Retired

Bachelor's Degree Equivalent

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