Ask Tax Question

Answered Questions

What Is The Maximum Amount A Grandparent Can Gift To The Grandchild's 529 College Saving Fund?
User Photo Dean Marzullo
Tax Professional Level: Tax Enthusiast

Line B. Qualified Tuition Programs (529 Plans or Programs) If in 2014, you contributed more than $14,000 to a Qualified Tuition Plan (QTP) on behalf of any one person, you may elect to treat up to $70,000 of...   Read More
0 0 529 Plan
Taxpayer Received A 1099-B For The Merger Of Kinder Morgan This Year. Basis Adjustment Suggested By The Worksheet Makes A Negative Basis.
User Photo Glenn Dance
Tax Professional Level: Tax Enthusiast

When you say the K-1 shows positive capital, are you looking at Line J in Part 2 on the first page? It is possible that you could have a negative tax capital account, even though you have an overall positive tax...   Read More
0 0 PTP Sale
Should I Work More Than 6months In Us And Rest Months In Oversea?
User Photo Daniel Bosler
Tax Professional Level: Tax Enthusiast

That depends on whether you are looking for tax breaks or if you are trying to keep connection with friends and family. In order to be eligible for Foreign Earned Income Exclusion, you must work out of the country...   Read More
Refund Of Wages From An IRS Wage Levy. The Revenue Officer Prepared The Taxpayers 433-A And Arrived At $5,000 Per Month Disposable Income.
User Photo Caran Ebert, CPA
Tax Professional Level: Tax Enthusiast

There is information missing in your observation such as what tax year(s) are they collecting for (a couple of statute of limitations may apply) and how long have they collected the levy from the wage as other...   Read More
Should My Dependents' Social Security Income Be Reported On My Form 8962?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes, you should have included their modified adjusted gross income (MAGI), including any social security benefits, on line 2b. Line 2a is for your MAGI, which would include any non-taxable social security that you...   Read More
Can Our Investment In 529 Accounts Of Our Grandchildren (between The Ages Of 2 & 7) Can Be Utilized For Elementary/highschool Tuition?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

No. Section 529 plans can only be used for qualified education expenses for postsecondary education, either graduate or graduate. The list of qualified expenses for a 529 plan is expanded from the education tax...   Read More
0 1 1099-MISC
Did The California Film Commission Recently Adopt New Regulations In Connection To The California Film & Television Tax Credit Program...
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, the California Film Commission has recently adopted new regulations effective on April 13, 2015 (i.e., Cal. Code Regs. §§ 5508, 5509, 5510, 5511, 5512, 5513, 5514, 5515, and 5516, Tit. 10) to implement the...   Read More
Alien Worked In The USA For 2 Years Paid Into An IRA About 18 Years Ago. Now The IRA Has Grown And I Want To Withdraw The Money.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The fact that you are a non-US resident has no bearing on the situation. Since you are age 54 any withdrawal is subject to US income tax and the 10% early withdrawal penalty. Once you reach age 59 1/2 the penalty...   Read More
I Have Had A Roth IRA For 12+ Years. I Unfortunately Need To Withdraw Some Of It.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

When an early withdrawal of funds from a Roth IRA occurs, the withdrawal is first considered to be from the contributions in the account. These amounts are not subject to income tax or a penalty. If you withdraw...   Read More
Can I Amend Several Tax Returns That Are Being Audited And Can I Change From LLC Filing Pship Returns To Sole Proprietors And File A Sch C.
User Photo Barry Fowler
Tax Professional Level: Tax Enthusiast

First, I hope you have representation with the audit. To answer your question yes You can prepare the amended return for the auditor so that the returns get corrected right. The Auditor may just ignor the amended...   Read More

Meet Leading Tax Advisors

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

User Photo Steven Potts JD EA IAR

Fullerton, California, USA


User Photo Devon McCarthy FCCA, EA

Sanford, Florida, USA


User Photo Caran Ebert, CPA

Topanga, California, USA

Tax Advisor

User Photo Randy Tarpey

Tyrone , Pennsylvania, USA


User Photo Lisa Nason CPA, MST

Greenville, South Carolina, USA

Managing Shareholder

User Photo William Rogers, CFP, MBA, EA

Rancho Santa Fe, California, USA

CEO/Certified Financial Advisor


Santa Clara, California, USA

Tax Principal - President

User Photo Bill Robinson, CPA

Chattanooga, Tennessee, USA


User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo Douglas Stransky

Boston, Massachusetts, USA

Tax Partner, International Tax

User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

Tax Specialist

User Photo Kat Jennings CEO

La Jolla, California, USA

Founder/TaxConnections CEO

User Photo Dr. Daniel Erasmus

West Palm Beach, Florida, USA

Managing Partner/EMEA

User Photo Jorge Otoya

Cleveland, Ohio, USA


User Photo Cecilia Scutaru Andor

Charleroi , USA

Tax Preparer / Notary / Signing Agent

User Photo Mary Beth Lougen EA USTCP

Virginia, USA

President and Founder

User Photo Darren Sanford

Memphis, Tennessee, USA


User Photo Dan Gordon

BANGKOK, Thailand


User Photo Barry Fowler

Houston, Texas, USA


User Photo Kelly Estep

Vancouver, Washington, USA


User Photo James Sutton, CPA, Esq

Tampa, Florida, USA

Florida Sales Tax Attorney

User Photo Bernice Brightbill

Los Angeles, California, USA



Battle Ground, Washington, USA


User Photo David Gadberry

Houston, Texas, USA

Tax manager

User Photo Howard Liebman

Brussels, Belgium


View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Log into Tax Connections

Not a member?    Register Now For a Free Account
I've forgotten my password
Contact Us Today