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What Is The Latest Legislative Status On The Hill In Connection To The Research And Experimentation Tax Credit?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

On Wednesday, May 20th The House of Representatives passed H.R. 880 entitled the “American Research and Competitiveness Act of 2015” by a vote of 274-145 and H.R. 1806 entitled the “America Competes...   Read More
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


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