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Am I Taxed If I Take Money Out Of My Child's 529 Plan And Give It Directly To Him?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

I am assuming you are the 529 plan owner. Your son is the beneficiary. The contributions in the plan must be used for educational purposes. This does not include giving the money directly to your son. If the...   Read More
0 0 529 Plan
I Have An IRA That I Took Money Out Of Last Year For An Investment. Do I Need To Pay Taxes On It?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

Yes generally money you withdraw from an IRA is taxable in the year you receive the distribution. You should receive a Form 1099R from your account custodian reporting the taxable about of the distributions you...   Read More
0 0 IRA
I Received A Social Security Benefit In One Lump Sum That Covered Several Prior Year Benefits. Do I Need To Report This To The IRS?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Yes, you report this for the year of receipt. However, there is a formula on the bottom of the social security worksheet that gives you a more favorable result.   Read More
My Partner And I Have A Child And Are Both Contributing To Our Sons Care. Can We Both File As Head Of Household?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

Not if you only have one son. The individual who claims your son as a dependent on their tax return can file as HOH. The other parent would not be able to claim HOH as that parent would not be claiming the son as...   Read More
Can I File As Single Even Though My Divorce Is Not Final? I Have Not Lived With My Spouse For Two Years.
User Photo William Keats
Tax Professional Level: Master Tax Advisor

You are still married, and can file as Married Joint or Married Filing Separate. If you have dependent children, you can file Head of Household. These are the only options. You cannot file as Single unless you...   Read More
How Do I Know If I Must File Quarterly Individual Tax Payments?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

You should pay quarterly federal estimated taxes if your balance on the last tax return was over $1000. If you do not want to go that route then you must adjust (increase) your withholding tax on your W-2 income,...   Read More
What Is The American Opportunity Tax Credit For Higher Education Expenses?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

The American Opportunity Tax Credit is a maximum of $2500., of which 40% of the credit may be refundable, with a maximum refund of $1000. The other portion is applied to the tax liability, up to the amount of the...   Read More
Can A Noncustodial Parent Claim The Child Tax Credit?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

The noncustodial parent may claim the dependent exemption and the Child Tax Credit if certain requirements are met. The custodial parent will claim the Earned Income Credit, Head of Household filing status, and...   Read More
Can I Write Off The Tuition I Pay The School For Pre-k As A Childcare Expense?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

Yes as long as you and your spouse otherwise qualify to take the childcare credit, tuition for pre-k classes qualify as childcare expenses.   Read More
My Home Was Damaged By Hurricane Sandy. Can I Deduct The Total Cost Of Damages As My Insurance Company Will Not Cover A Natural Disaster?
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

You can take a deduction for casualty loss on the home. You may want to read IRS Publication 547 for more information on casualty losses in disaster areas. http://www.irs.gov/pub/irs-pdf/p547.pdf   Read More


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