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What forms to I file with the IRS to receive child care credit for my threes sons? What age must they be to file for child care credit? How is this credit calculated when their is a child sharing agreement between divorced parents? What if the court orders state the children go with one parent yet the other parent takes the deduction?

Kathryn Morgan
Answered by Kathryn Morgan
Enrolled Agent, Master Tax Advisor, H and R Block Premium, Bossier City, Louisiana, USA
Topics:     Child Care Credit
The child and dependent care credit is figured on form 2441. The child must be under 13 years old, unless disabled....   Read More

How much money can I gift my children tax free each year in the United States? What are the rules and regulations surrounding tax free gifts?

Kathryn Morgan
Answered by Kathryn Morgan
Enrolled Agent, Master Tax Advisor, H and R Block Premium, Bossier City, Louisiana, USA
Topics:     Tax Free Gifts
For 2013 you may gift any person up to $14K without triggering a gift tax return on your part. The gift is never...   Read More

We would like to donate an automobile and art to a charity and need advice on the proper way to make these donations. Any advice you can provide will be appreciated.

Kathryn Morgan
Answered by Kathryn Morgan
Enrolled Agent, Master Tax Advisor, H and R Block Premium, Bossier City, Louisiana, USA
Topics:     Donate Property
If any one item is worth more than $5000 you must have a written qualified appraisal done before the donation is done....   Read More

What are the requirements for contributing to a retirement plan after I retire?

Kathryn Morgan
Answered by Kathryn Morgan
Enrolled Agent, Master Tax Advisor, H and R Block Premium, Bossier City, Louisiana, USA
In order to contribute to most retirement plans you must have earned income either from wages or self employment. So if...   Read More

We have five children all about to enter college over these next few years. Can you tell me about the different types of education tax benefits available?

Kathryn Morgan
Answered by Kathryn Morgan
Enrolled Agent, Master Tax Advisor, H and R Block Premium, Bossier City, Louisiana, USA
Assuming you do not have any 529 type plans in place, there are two types of education benefits available to most...   Read More