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Recent Income Tax questions

My 83 year old mother has come to live with me in August of

My 83 year old mother has come to live with me in August of this year (2016). I live in Westminster, CO and my mom owned her home in Arkansas before moving with me. The home is on a lease to own type contract. The home was to be owned by the new buyer when they sold their Texas home. Anyway, my mom has not received the full amount of the house but received monthly payments of $371.00. She is of course retired and gets Federal benefit credit of $1272.00 per month and $88.35 metlife pensions. She has not paid any taxes since she retired. She found out she has diabetes last July is why I have her living with me now. Her medical expenses are quite high but Medicare and United Health help with these. Does she need to pay taxes now? She has quite a bit in moving expenses also. Thank you for your help on where to begin with her tax situation. - BevJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I can't think of anything else.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,840 satisfied customers
I worked for a company in USA but they had me in China for

I worked for a company in USA but they had me in China for almost the entire year. I was paid from USA though. Is there any tax benefit for me being out of the country all year?

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Mark D

Master's Degree

1,008 satisfied customers
I have a 1099 R and I am under 59 1/2. I got the money out

I have a 1099 R and I am under 59 1/2. I got the money out of my 401K early. In box 4 (federal income tax withheld) there is an amount. There is also an amount withheld in box 12 for state tax. Does this mean that I am entitled to a refund of any sort? And where would I enter this information on my tax return?

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Robin D.

Vocational, Technical or Trade School

23,140 satisfied customers
Can I deduct from my taxes monies i had to pay to an inhome

can I deduct from my taxes monies i had to pay to an inhome care facility that was ordered by my doctorsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I kept falling in my home and was in an emergency room. the Doctor would not let me go home. I was placed in a Inhome board and care facility for 5 months at personal expense to me. It was not covered by medicare or TriCare or the VA. Can I claim the expenses on my income tax return as a medical exemption?JA: Is there anything else the Accountant should be aware of?Customer: Yes, I needed to have a fiduciary company assigned to handle all my affairs. I signed a contract with them. I paid them from my checking account also.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,172 satisfied customers
I filed my taxes last night with turbo tax on credit Karma.,

I filed my taxes last night with turbo tax on credit Karma. , I live here in texas, I filed a lousiana state tax, but I think I used the wrong form, I usedform IT-540 form instead of the IT- 540B form, will that make a difference on the state tax I,m suppose to receive.JA: What kind of computer do you have?Customer: I have a hp pavilionJA: Have you installed any updates recently?Customer: just windows 10JA: Anything else you want the computer expert to know before I connect you?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,390 satisfied customers
I have a question regarding federal income taxes. Illinois,

I have a question regarding federal income taxes.JA: What state are you in? It matters because laws vary by location.Customer: IllinoisJA: Has anything been filed or reported?Customer: Yes.JA: Anything else you want the lawyer to know before I connect you?Customer: A friend of mine filed a return claiming she had two (2) children when the children belonged to someone else who did not work last year. My friend was trying to help the other person out. My friend received a letter from the IRS asking for proof that the two (2) children are hers and indicating that if the IRS does not receive the proof within thirty (30) days, my friends tax refund will be affected. My friend is wondering if she should submit an amended return now minus the two (2) children?

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Robin D.

Vocational, Technical or Trade School

23,140 satisfied customers
I got divorced this last year and my ex husband and I

I got divorced this last year and my ex husband and I jointly own a rental property because we could not sell it. When I file my taxes, should I file for half of the income and half of the expenses of the house? What happens if he doesn't file for his half?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Last year we filed jointly. This year we are not. Do I only need to claim half of our state return from last year?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,840 satisfied customers
My client is a transportation company. They haul reefers and

My client is a transportation company. They haul reefers and those reefers are fueled up with reefer diesel. My question is should we claim credit for federal tax paid on fuels on form 4136 or use form 8849?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,390 satisfied customers
I've prepared gift tax returns for my mom's trust for three

I've prepared gift tax returns for my mom's trust for three years. I've shown 100% of all funds put into the trust in the year funded. All gifts have been in cash and are immediately available for distribution by the beneficiaries (me and my sister), thus present interests, even if we choose to NOT receive any current distribution.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: It dawned on me that I probably did it wrong. *WHEN* is a gift tax return needed for a grantor trust? WHEN the funds are gifted to the trust, or only when the funds are distributed to the beneficiaries? Again, we are talking present interest since both beneficiaries have the right to receive distributions anytime.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,390 satisfied customers
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