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Regarding the post by Burke. The issue is not really that simple. It depends on the tax benefit. For the Tuition & Fees Deduction, you cannot claim it when you are able to be claimed a dependent regardless of whether or not you are actually claimed. For the Lifetime Learning Credit, you can claim the credit as long as no one else does claim you.
07-04-2008, 06:39 PM. When grandma pays $40,000 to the college, for a 19 year old grandchild's tuition, room and board, this is a non reportable gift for gift taxes. Am I correct that for income taxes we treat this gift as money the child used for her support, therefore the child claims herself as an exemption because she provided more than 50% ...
Primary Forum for posting questions regarding tax issues. Message Board participants can then respond to your questions. You can also respond to questions posted by others. Please use the Contact Us link above for customer support questions.
Primary Forum for posting questions regarding tax issues. Message Board participants can then respond to your questions. You can also respond to questions posted by others. Please use the Contact Us link above for customer support questions.
06-08-2021, 12:47 PM. Tax return was filed utilizing the UCE exclusion. Taxable Social Security worksheet included the full amount of the unemployment benefits. IRS has changed the return on May 24 to exclude the $10,200 from the calculation of taxable Social Security benefits resulting in an additional refund for client.
Primary Forum for posting questions regarding tax issues. Message Board participants can then respond to your questions. You can also respond to questions posted by others. Please use the Contact Us link above for customer support questions.
Primary Forum for posting questions regarding tax issues. Message Board participants can then respond to your questions. You can also respond to questions posted by others. Please use the Contact Us link above for customer support questions.
Form 8917, Tuition and Fees Deduction Educator Expense Deduction claimed on Form 1040, Line 23, and Form 1040A, Line 16 Form 4684, Casualties and Thefts Form 8859, District of Columbia First-Time Homebuyer Credit
Primary Forum for posting questions regarding tax issues. Message Board participants can then respond to your questions. You can also respond to questions posted by others. Please use the Contact Us link above for customer support questions.
Primary Forum for posting questions regarding tax issues. Message Board participants can then respond to your questions. You can also respond to questions posted by others. Please use the Contact Us link above for customer support questions.