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Second opinion] May I have a question which program can be

Second opinion] May I have a question which program can be applied for a US person to waive penalties if back file FBAR?A person became a US resident years ago. But he didn't realize that he should report foreign income on his 1040, neither should he report FBAR. Now he wants to correct all previous years filings. But by checking streamlined compliance procedure, 5% penalty will be charged on foreign assets for a person who resides in US. Any other program can be applied if he will amend previous years 1040s and back file FBAR as well?Thanks,

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taxmanrog

Master's Degree

1,186 satisfied customers
What are the chances (Ieducated opinion) that I get auditted

What are the chances (Ieducated opinion) that I get auditted by the IRS if I declare my MBA an educational tuition expense write-off? I am stretching it out over 4 years (part-time) so it is only 15K or so a year and will get a sizeable tax credit regardless from mortgage/property taxes/kids credits - if that makes any difference.

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taxmanrog

Master's Degree

1,186 satisfied customers
TurboTax 2016 asks "Tell us about any insurance premiums

TurboTax 2016 asks "Tell us about any insurance premiums that you paid. Do not include... premiums paid through Healthcare.gov or your state marketplace or exchange." I have a 1095-A which I've entered but it excludes about $1.06 of the premium I actually paid for out of pocket...Let me be very specific: 1) I shopped for and chose a plan through my state's marketplace. 2) I paid premiums for that plan out of pocket directly to the insurance company, not "through" the marketplace. I didn't receive anything in advance... but am confused... was there some sort of advance tax credit here? 3) I received a 1095-A and have entered its information into TurboTax. 4) The 1095-A Column A has an amount for the premium which is $1.06 less than what I actually paid out of pocket... this is an expected difference I've confirmed with my marketplace to exclude non-EHB expenses... my 1095-A is accurate. 5) In addition to asking for my 1095-A info which I've entered, per above, TurboTax is also asking me about premiums I paid for out of pocket that I did not pay through the marketplace... technically speaking that would be the full premium amount, so that's what I entered. I never paid the marketplace or through the marketplace for anything.I'm guessing, in response to TurboTax's question about premiums I paid for, I must do one of 3 things: a) Enter the full amount of what I paid out of pocket regardless of whether or not it's included on the 1095-A, b) Enter only the difference of $1.06 per month that I paid over the 1095-A column A figure, c) Enter nothing, leave it blank... but for this last possibility, I'm left wondering what happened to that $1.06 I paid above the 1095-A premium amount covering only EHB expenses? Shouldn't that extra amount, even though non-EHB, be considered a necessary medical expense?Thanks!

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Is is consistently cheaper to file separately when married?

Is is consistently cheaper to file separately when married?I'm doing a side by side comparison of what we'd owe as married couple vs filing alone and it appears that it's much less money to file separately. I'm a little concerned that I'm missing something in my calculations (otherwise, why would anybody file married if it's so much cheaper not to)?

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Lev

Retired

Bachelor's Degree Equivalent

25,432 satisfied customers
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

25,432 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

25,432 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

25,432 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

770 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

11,198 satisfied customers
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