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My income is tax exempt, as it is from an international

Hi,My income is tax exempt, as it is from an international organization (World Bank). My husband and I will file taxes jointly. Do we have to fill out my income anywhere on the 1040 form even though it is exempt from taxes? See https://www.irs.gov/individuals/international-taxpayers/how-to-report-wage-income-paid-by-foreign-governments-or-international-organizations-for-work-performed-in-the-united-states .For your information: My husband is a US citizen and I am a non-resident alien and will elect to be treated as a resident alien spouse for tax purposes by attaching a 6013(g) statement. Maybe this website is also useful: https://www.irs.gov/individuals/international-taxpayers/nonresident-spouse-treated-as-a-resident .

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,412 satisfied customers
Lane, I think the Obamacare Tax Penltly is defacto dead, but

Hello Lane,I think the Obamacare Tax Penltly is defacto dead, but everywhere I go I get double talk. It almost makes me feel I am at risk for stating this publicly. Am I missing something here? I do understand it is still law..Here is my reasoning.1) On 20 Jan Trump issued an executive order.2. The IRS then decided they are not going to move forward with the demand that individual returns not be processed if the health care coverage question is not answered,3) Intuit Pro Series is updating their pgm on 2 Mar 17 so the health care coverage question is not required,4) If Taxpayers do not answer the question, no penalty will be assessed. (This may be a weakness on m logic chain, but I think it is practically true.)5) Theoretically the IRS could ask questions and audit returns to see if they had health care, but this seems unlikely under current president. But even if they did, they would only find that the taxpayer or tax pro had not answered the question. I do not think this is something they could take action on, unlike perjuring on the return and saying you had it when you did not.So if a client instructs me to not answer the health care question and I file the return on that basis, am I or the client at risk of something?Of course, I would tell the client that he would have to instruct me not to answer the question.If no, how about if I jump the gun and override the ACA penalty to make it zero, if that is what client instructs. I will not lie about their coverage by saying they are when they are noit. In talking to ProSeries support, they though a return could be e-flled with an override. I do not know if this would work, or if it would be considered some sort of offense.Is there any risk to me to promoting on Facebook that Obamacare Penalty appears unenforceable?I kind of feel Obamacare is defacto dead and explain my reasoning, and there seems to be a lot f o"Sh... , Sh... Don't say that."I would appreciate your view on this. I understand there are no guarantees. I want to be ethical. But it also seems to me a lot of clients have been heavily penalized. The law was originally set up so the IRS could not levy based on ACA Penalty. Am I supposed to continue to force payment of a questionable payment. I would guess Taxpayers could file file for extension and by then ACA will probably be resoundingly dead. But do I really need to do so?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,412 satisfied customers
I am a sole proprietor who just established my business in

I am a sole proprietor who just established my business in Nov. 2016 I would like to pay FICA and Medicare on revenue made in 2016 but am confused as to which forms to useJA: When we are ready I'll take you to the appropriate web page.Customer: OKJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I can think of

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,856 satisfied customers
Oh cool. I am writing a business plan for school and need to

Oh cool. I am writing a business plan for school and need to know how much to enter in the financial section for federal taxes on $30,000. I live in Texas.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I'm estimating an annual gross income of $30,500 and need to estimate the Federal income taxes on that amount. Out of that will come $10,124 in expenses with a total net profit of $20,376. I'm taking a class in entrepreneurship and we are writing our own business plan. I am going to start my own business so this is just an estimated number I'm looking for.JA: Is there anything else the Accountant should be aware of?Customer: No, I don't think so.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,856 satisfied customers
Do you know about taxes for selling a business, I am selling

do you know about taxes for selling a businessJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am selling my business in Mexico for $300,000. I am a US citizen and the person buying my business is a US citizen. They will be transferring $100,000 at first and then $50,000 every 4 months until it is paid off. All the money will be transferred from a US bank account to my US bank account. Will the IRS know about the sell if I don't file that I sold it based on the large deposits into my account?JA: Is there anything else important you think the Accountant should know?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,412 satisfied customers
I am wondering if something is pending from the IRS. My

I am wondering if something is pending from the IRS. My transcripts show file processed on feb 13, 2017( was jan 17 but had to wait feb 15). Then they pre dated code 570 with a date of 3-6-17 reason of additional account action pending. It has been this way for a few days. My mail gets stolen often as my paycheck just did and i cant get ahold of the IRS. So i was wondering if i should be ready for questioning( which is fine)JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that i can think of. The IRS has not amended anything on the transcript at all.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,412 satisfied customers
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

9,856 satisfied customers
If Isell home for 75,000 wil it affect my benifits, I am

If Isell home for 75,000 wil it affect my benifitsJA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.Customer: I am selling to pay bills I AMAJA: Is there anything else important you think the Retirement Accountant should know?Customer: a am a widow

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Mark D

Master's Degree

1,038 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

5,182 satisfied customers
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