Tax Planning: U.S.

Recent Answers

2012-02-11 Tax Law (Questions About Taxes) - personal loan proceeds:

Valerie,    Thanks for your question.    Loans and their repayment are not income and not included on yours or his 1040.  However, interest he pays you on the loans would be taxable income to you.    A

2012-02-11 Tax Law (Questions About Taxes) - 1099-Q and 1098-T:

Julie,    Thanks for your question.    You do not have to report the 1099-Q since qualified expenses exceeded the amount of distribution.      You cannot apply the same costs to the 529 and the education

2012-02-11 Tax Law (Questions About Taxes) - Taxes on Forfeited Earnest Money Deposit?:

Since they listed it as non-employee compensation (probably not correct) it would be best to show it on line 21 of the 1040 as other income.  Any expenses could only be deducted on Schedule A as miscellaneous

2012-02-11 Tax Law (Questions About Taxes) - Form 8332:

Different tax  programs handle this differently.  Since I don't know what program you use (and if I did I probably would not be familiar with how it handles this), I can't say for certain. But you solution

2012-02-10 Tax Law (Questions About Taxes) - Form 8332:

Deb,    Thanks for your question.    If your son has a Form 8332, signed by his ex wife releasing the claim to the exemption, he can take the exemption. You may need to override or adjust the computer