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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
When/how To Shift Residency From AZ To CA When Starting A New Job Remotely Before Moving
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You are not a resident of California until you have established residency there. This occurs when you have the trappings of residency, such as a driver's license, a home that you own or rent, voter registration,...   Read More
What Are The Tax Consequences When We Sell The House My Wife Inherited From Her Father?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That's a complex basis calculation you have come up with. Just for what it is worth, your wife and her sister would have had little or no tax liability if their father had kept the title in his name only, and they...   Read More
What Is The Status Of The AICPA's Task Force In Addressing The Need For The IRS To Increase The TPR De Minimis Safe Harbor Threshold Amount?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

On Tuesday, April 21st The American Institute of CPAs (hereinafter the “AICPA”) has recommended to the Internal Revenue Service (hereinafter the “Service”) that the De Minimis Safe Harbor threshold amount...   Read More
We Are Non-resident Alien Parents. What Taxes, If Any, We Or Our Children Will Have To Pay, In Case We Gift Them An Amount, Say $50,000/-?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Gifts are not taxable income, so there would be no tax liability involved. However, if the gift was not cash and the children sold the property received, they would owe income tax on the excess of the proceeds of...   Read More
0 1 1099-MISC

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