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Recent Tax Credit questions

My husband and I are looking into contracting with a

Hello, My husband and I are looking into contracting with a surrogacy agency to contract with a gestational surrogate.The costs are enormous, $120k+, Is there a way to get a tax credit for this?

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Lev

Retired

Bachelor's Degree Equivalent

24,904 satisfied customers
I've got two questions... 1. We've got a senior in high

I've got two questions...JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: 1. We've got a senior in high school who wants to study Tuba Performance in college. We had to buy him a $11K tuba. We'd like to deduct this as a valid secondary education expenese. But when I try to fill that in using Turbo Tax, it asks where he's enrolled now. Is there a way we can deduct this? We had to buy it BEFORE college starts in the fall and we needed it early for his acceptance auditions.JA: Is there anything else important you think the Accountant should know?Customer: 2. This is first year we had a combine Adjusted Gross Income over $150K, and now we can't get the child tax credit we're so accustomed to. We only earned like $153,000. Any way around this?

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Lev

Retired

Bachelor's Degree Equivalent

24,904 satisfied customers
I sold my condo in Feb 2016, paid the mortgage and insurance

I sold my condo in Feb 2016, paid the mortgage and insurance those two months. (I lived there for about 7 years and walked away with about $20,000) I then went back to school but looked for a job, and made payments to my student loans with no success so I started a credit repair business but just started making money on it this year. Is it possible for me to get a tax refund check even though I didn't make any income aside from my student loans and mortgage sale?

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Lev

Retired

Bachelor's Degree Equivalent

24,904 satisfied customers
My wife is a U.S. card holder residing in Japan with my two

My wife is a U.S. green card holder residing in Japan with my two kids, and I am in the U.S. I am in the process of trying to file a joint tax return and I claimed her foreign income on the 1040. I did not claim the exclusion because I was able to get more refund with the earned income credit and my deductions, even with her modest foreign income included in my gross. Claiming exclusion lost earned income credit and refund dropped. Also, I claimed her and my two kids as dependents even though they didn't live with me because it's a joint return and they lived with her and she provided support. I also claimed credit for tax she paid on income in Japan and childcare costs. Does this sound ok so far? Now the question at hand. With claiming foreign income, arises the question of foreign accounts. So, I finally asked my wife about the secret accounts she's keeping because she never keeps me in the loop. It looks like she has 4 accounts there that she's using: 3 of them are pretty low balances ranging from a few hundred to thousand dollars, but one of them is about $15k. I have never previously reported these accounts or income from Japan as this is the first year she's working there. I don't know how she got 15k in accounts since she only made 19k from her work, but I will get that information from her; I don't think it's too suspicious; she probably got the extra money from her parents. But the big questions is: I found out she has an account opened by her parents when she was a kid worth about $24k. It's in some kind of long term savings or government bond or something that she can't touch right now. I have never reported this and I don't know if it made interest that I was supposed to be reporting every year because I didn't even know about it. And my wife didn't know she had to disclose these types of accounts since I do our joint taxes so she never filled out a 1040 with the foreign account question. So, grand total of foreign accounts is now $40k and I have no idea how I am supposed to do FBARs or if putting all 5 accounts this year for the first time will trigger red flags. I am trying to do the right things and stay in compliance but these regulations are ridiculous and we are not rich people. It's hard to get information from her and she doesn't take this seriously, so it's pulling teeth to even get the account balances and basic information. She doesn't seem to understand that being a green card holder means that the American government and IRS has authority over her now. Please let me know if you can answer my questions.

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TaxWhisperer

Principal

Masters Science Taxation

736 satisfied customers
I'm divorced and take turns claiming my child as a dependent

I'm divorced and take turns claiming my child as a dependent with my ex. She made very little money last year and has an accountant that told her she could claim him under the Earned tax credit which would allow me to still claim him as a dependent thus getting the write off there. Is this correct?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Nope

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,504 satisfied customers
Recently heard on TV news that there are $1B unclaimed tax

Recently heard on TV news that there are $1B unclaimed tax refund money for about 1M people who didn't file their 2013 tax returns. Two questions about this:1. If these people didn't file tax return, how does IRS know that they are entitled for the $1B tax refund? Some of them may even owe tax to the IRS.2. It says that there is no penalty if you filed late (you supposed to file 2013 return on or by 4/15/2014, or 10/15/2014 if you filed extension). I actually got a penalty from IRS for the very same year of 2013 as I filed my 1040 form in early February 2015. The penalties had one item called "Failed to file" for the late filing. Should I ask for the refund of that penalty item? How?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,504 satisfied customers
My son is divorced any gave his ex-wife the tax deduction

My son is divorced any gave his ex-wife the tax deduction for their one child. He pays for half of daycare and she took the whole deduction for daycare this year. He's okay with that but he wants to know next year if he can claim half of the day care expense even though she gets to deduct their child.Also, he has $2000 in home repairs for a house he purchased. Can he claim that this year on his taxes?

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TaxRobin

Vocational, Technical or Trade School

24,226 satisfied customers
My husband and I received a Notice of Deficiency from the

My husband and I received a Notice of Deficiency from the IRS for $2500 for our 2014 taxes. It was for educational benefits. My husband does go to school but does not receive a 1098 because he goes tuition free due to the Hazelwood Act. Is he not eligible to receive education credits? Dow we owe this money back?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: We have the paperwork to prove that he went to school that entire year. It was our impression that he receive those education credits despite not paying tuition. Is this not accurate? Thank you for your assistance

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,162 satisfied customers
Are there any tax credits available to a family who pays for

Are there any tax credits available to a family who pays for a nanny's rent (her potential room is close to the family's home)?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,504 satisfied customers
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