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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
Is IRS Letter 915 considered a 30-days letter? I guess my

Good morning ,Is IRS Letter 915 considered a 30-days letter? I guess my confusion is that I don't know the difference between Letter 915 and Letter 525. Does Letter 915 provide an appeal right before the independent Office of Appeals or it is just a form of communication with the IRS agent/examiner within 30 days?When I Googled the IRS website, a read the explanation of the "Letter 915". The explanation indicates that I can appeal it but when I Googled an example of the "letter 915" the letter only indicates that I have a couple of options such as discussing the matter with the examiner or the supervisor. I wasn't able to see an option to appeal the proposed adjustment with the "office of Appeals.Any clarification will be helpful.Thanks!

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,192 satisfied customers
Irs say I owe them money after a tax audit for 2014 because

irs say I owe them money after a tax audit for 2014 because i claim education credits. I use that form that the school gives out every tax season to file. The want to penalize me 1700$ because they claim that the money did not come out of my pockets since the military pays for my tuition but am obliged to pay him back if i fail the course.what do i do? also, they keep sending my irs letters to the old adress that is on the irs form from long time ago. I wrote a letter to tell them my new adress but haven't heard from them since.

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
Have just got a TAx letter, they are taxing my 529

have just got a TAx letter, they are taxing my 529 withdrawalsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: i made 529 withdrawals in 2014, i received a letter stating the withdrawals were taxable. Thye withdrawals were for my daugther';s college expensesJA: Is there anything else the Accountant should be aware of?Customer: no

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,192 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

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,192 satisfied customers
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

4,192 satisfied customers
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

6,976 satisfied customers
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

24,192 satisfied customers
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

17,686 satisfied customers
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