asked
My daughter, a college student, took tuition credits for tuition paid in 2015 in 2016. Two weeks later, she was dropped from two classes and could only pay the tuition in 2018. Her 1098T states she received a $1747 refund in 2017. How should I handle this on my 2017 tax return, and do I need to amend my 2016 return?
May 3rd, 2023
I'm preparing a return for an S Corp (1120S) that is no longer doing business. The unappropriated retained earnings (for past years) is $284243.00 and the loss is $3370 for this year. All are PTI. What do I need to show on Sch L, M-1, and M-2 to zero this business out? Specifically, how should I handle the retained earnings and distributions in the balance sheet and schedules?
November 14th, 2024
I bought a rental property in 2006 for 528K, with 132K down and a loan of 396K. The current loan balance is 319K. The land value is about 55K. I've taken 172K in depreciation over 10 years. I'm considering selling the property at 550K or 500K. I need help calculating the taxes due, including depreciation recapture, capital gains tax, and real estate agent commission, to determine my net proceeds after paying off the loan. How do I calculate these correctly?
January 21st, 2024
I have W2 and 1099 income, and I bought health insurance through the federal marketplace because neither job offers health insurance. Am I able to deduct my monthly premiums for the 2018 tax year?
March 7th, 2023
I have noticed a big difference in my taxes from last year. Most of my details remain the same. Is there any way to avoid paying the ACA penalty? I did not know to file an exemption by January 1st but am pretty sure the bronze plans cost exceeds 8.16% of my income. I paid the penalty last year and still got a few hundred back but it says I owe this year.
July 11th, 2024
I am trying to file my 2018 taxes and need to get an IP PIN. How do I obtain this IP PIN?
November 22nd, 2024