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Recent Income Tax Exemption questions

Disability benefits/income from Social Security are subject

Disability benefits/income from Social Security are subject to the Federal Income Tax unlike disability income from separate individually owned insurance policies, correct?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,772 satisfied customers
In the first year of receiving a K-1 From a MLP, can you add

In the first year of receiving a K-1 From a MLP, can you add nonrecourse liability (box K) to your basis?JA: The Accountant will know how to help. Please tell me more so we can help you best.Customer: the info is provided above. what more do you need?JA: Anything else I can tell the Accountant before I connect you two?Customer: No. it's a general questionJA: 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 connect you two.

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Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
I am a retired government employee. I did not work at all in

I am a retired government employee. I did not work at all in 2015 and did not receive a w2. I did have taxes deducted from my pension and SSI, how do I fie my taxes without a w2. I only received 1099's for my benefits.

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Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
I have a rental property in PR and I live in the US. Do I

Hi,I have a rental property in PR and I live in the US. Do I need to file any paperwork with PR? Does PR has a State tax return from source of income generated in PR?I file my Federal and State (along with SCH E).Please advise.Thanks!

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Tax-Scholar

Manager

Bachelor's Degree

124 satisfied customers
Not sure if there is an expert that can help. Odd Question:

Not sure if there is an expert that can help. Odd Question: I was approved for Social Security Disability benefits last January. I became eligible for ObamaCare April 1 last year. I entered my expected SSI income and received the credit. In preparing my taxes for 2014, Social Security says that the lump payment I received for the X months prior to approval can have taxes paid on it by adjusting my 2013 return - since it was actually 2013 months paid for retroactively. But it seems that it must be reported as income for 2014 for the Obamacare part of the return - which makes me ineligible and I will have to pay back all of the taxes credits I received (approx. $3700). The question is: If I am redoing the 2013 return to include the retro SSI monies there - do I have to call it 2014 income for the Obamacare monies and declared myself ineligible (and pay back what I got)? Thanks

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,026 satisfied customers
The late evolutionary biologist, Lynn Margulis, negotiated

The late evolutionary biologist, Lynn Margulis, negotiated a contract between the University of Massachusetts and the Educational Development Center (EDC) to allow the University to preserve to digital and distribute a series of some 70 developmental biology films funded by the National Science Foundation in the early 1970s but for about 30+ years out of distribution and in danger of being lost due to aging film masters. Lynn was able to save half of the films before her sudden death in 2010 with the help of filmmaker Terrance Malick. I was Lynn's teaching assistant and Paul Beck, a member of the New England Chapter of the Society of Motion Picture and Television Engineers (SMPTE) both worked with Lynn on the project from the beginning. After her death and with no budget to complete the contract, I decided to give crowd-sourcing a try. I launched a project on Kickstarter.com and it was successful in raising the money needed to transfer the remaining films to digital and to edit all 70 films (which are in pieces) back into whole films and add credits for the funders, etc and make DVDs and electronic files that need to be supplied to EDC, the University of Massachusetts and the Library of Congress as spelled out in the contract and also to provide copies of films as DVDs or electronic files to backers of the Kickstarter project (called OBTAINIUM https://www.kickstarter.com/projects/540514942/unobtainium-digitizing-the-reel-life-films-of-lynn?ref=email). Apologies for the long preamble to my questions. Questions: The project raised $17,480 through Kickstarter (minus Kickstarter and Amazon Payment fees) and also another approximately $7000.00 that was sent to Paul Beck and placed in an escrow account. These were backers who did not want to give Amazon Payments their credit card info and preferred to donate by check. Since the Kickstarter project is in my name, the money raised through Kickstarter appears as my income. Since the money sent to Paul is in an account in his name, it appears as his income. Eventually, it is all going to be spent on things related to saving, editing, duplicating and distributing these films for the benefit of the University of Massachusetts and the Library of Congress. I would like to know what Paul might do so that he does not face a tax penalty--like give the money to me? What I should do to at least minimize or avoid tax on this money since I am really administering it for this project and not being paid it as income?James MacAllisterVolunteer ArchivistLynn Margulis Archive ScholarWorksW. E. B. Du Bois LibraryUniversity of Massachusetts-Amherst

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Arthur Rubin

Doctoral Degree

1,744 satisfied customers
I have a question about opening a non profit business in

I have a question about opening a non profit business in Utah. I want to register at the Utah state level for a non profit organization status. I do not however, want to go through the headache of a 501c3 registration. Our business will not make money.We will have a loss and operate on donations every year. In fact, I will personally subsidize the business. The IRS Says: Applying for Exemption - Difference Between Nonprofit and Tax-Exempt Status What is the difference between nonprofit and tax-exempt status?Nonprofit status is a state law concept. Nonprofit status may make an organization eligible for certain benefits, such as state sales, property and income tax exemptions. Although most federal tax-exempt organizations are nonprofit organizations, organizingas a nonprofit organization at the state level does not automatically grant the organization exemption from federal income tax. To qualify as exempt from federal income tax, an organization must meet requirements set forth in the Internal Revenue Code. SeeTypes of Tax-Exempt Organizations or Publication 557 for more information. http://www.irs.gov/Charities-&-Non-Profits/Applying-for-Exemption-Difference-Between-Nonprofit-and-Tax-Exempt-Status My question: I want to be able to receive donations from businessesthat they can deduct on their federal taxes. For example, a large hotel chain could donate rooms to us. We want them to be able to deduct the value of those rooms on their taxes. Is there any way they can do that or make cash contributions or trade contributionswithout going through the headache of registering with the IRS for charitable contribution status at the federal level?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Hi, on my Form 1042-S (income code 15, Exempt code 00), there

Hi, on my Form 1042-S (income code 15, Exempt code 00), there is no state Income tax withheld. Should I still report this income on my State tax return?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
For Rakhi Vasavada :Please clarify in detail in regard

For Rakhi Vasavada :Please clarify in detail in regard with India as well as US Income Tax Return on the below :(1) If a person from India is US Green Card Holder or US Citizen but he/she stays in India for more than 6 months in India in a year , what is his/her tax obligation in USA or is he/she required to file US Tax Return for that year because residency test is not fulfilled and if not resident in US , then is there no need to report global income in his/her US Return ?(2) If an Indian who is US Resident or Green Card Holder or US Citizen working in USA but he/she has some Rental Income from House Property in India . What is his/her Income Tax related duty in India as well in USA in regard with this passive income of rent earned in India in both the following two situations :(a) When his/her total rental income from House Property in India is less than Rs.2,50,000 in a year ?(b) When his/her total rental income from House Property in India is more than Rs.2,50,000 in a year ?Note : Income exempt from tax limit is Rs.2,50,000 per person per year in India and no tax filing if under Rs.2,50,000 Income Slab .

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Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
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