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Recent Education Credit questions

Does Post 9/11 GI Benefits count as income? Not asking for

Does Post 9/11 GI Benefits count as income? Not asking for tax reasons. Asking if it is considered income legally say for something that takes into account your income to decide a fee or something like that. Yes or no that counts as income and where can I find that (legal document that says so)

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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A person who is low income with a child files a federal

A person who is low income with a child files a federal return and usually gets a refund of around 3,000. Sharing custody with a doctor with a large income maybe 150,000. Am I right in my thinking that that tax benefit the doctor will see from attaching the child to her reteurn as a dependant will be far less than the benefit the low income disabled person will. I estimated that the doctor might see a reduction in her taxes of $100 or less. Whareas the low income person sees the refund. Is this sound thinkin?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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We have a son who is in college fulltime, ans had earning of

We have a son who is in college fulltime, ans had earning of his own less than $10,000 during 2016, we the parents paid for his tuition and living expenses. We are not claiming him on our tax return as we are not filing for 2016. Does he need to file his own return? can he claim his tuition as an expense? what determines that?Thanks!

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,940 satisfied customers
Wife and i have spent almost all of our money on raising 6

Wife and i have spent almost all of our money on raising 6 kids and getting them through college. 3 remaining at home and all in college. This year i finally cashed in about $100k in stock options which were supposed to be for retirement (was obligated to convert options because the company i work for was bought out). After paying tuitions, and taxes already taken out, have about $50k in the bank. Trying to minimize taxes now at the end of the year.My job is in jeopardy, so i don't plan to be in the same situation next year 2017 with high income and converted options.Need help with ideas and to verify that i'm doing the right thing with my action plan :- we have 2 existing etrade traditional IRAs in our individual names - Want to simply add to that and avoid taxes. How much is max?- make an extra house payment before the end of year. Remaining balance 100k - any way to do more?- Deduct business expenses. I started an LLC in August as sole owner (in addition to my regular job, but eventually replace it) and have a net loss of around 10k. Hoping to deduct this but not sure if i can and how that works best. I and "lose" more by incurring expense today instead of spending in Q1.Thanks.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,940 satisfied customers
Is there a threshold (I was told 180k) married filing

Is there a threshold (I was told 180k) married filing jointly, that I can no longer deduct IRA, rental property expenses, education credit, etc...?

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Robin D.

Vocational, Technical or Trade School

22,410 satisfied customers
I'm wanting to file an S corp but want to report as little

I'm wanting to file an S corp but want to report as little income as possible because my student loan repayment is based on my personal return. I'm considering starting a business in my wifes name, paying her business to manage my clinic, and both of us filing married but separate income taxes.

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Mark Taylor

Certified Public Accountant

Masters

2,658 satisfied customers
I am a US citizen, live in Germany but attend a school in

Hi,I am a US citizen, live in Germany but attend a school in the USA. The school is provided online.Can I claim any of the education credits or I need to physically be in the USA in order to claim the credit?

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Robin D.

Vocational, Technical or Trade School

22,410 satisfied customers
I want to help a friend's daughter by paying some of her

Hello,I want to help a friend's daughter by paying some of her undergraduate tuition by selling some stock. At the same time, I want to avoid, to the extent legally possible, capital gains tax and gift tax.If I were to pursue the following scenario, could I avoid both capital gains and gift tax?1. Sell enough stock so that I could contribute about $35K/year.2. Each semester, write a check, for the exact amount of the stock sale, directly to the academic institution for tuition payment.Thank you!-murray

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,940 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?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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