HPL#9

  • Please remember to use the online tools for simplified pension exclusions and ACA exemptions. Use the links from the desktop on the IRS laptops. If anything creates confusion or an ACA penalty is indicated (due to a month being checked with no insurance), get help so we can work out the situation as a team.
  • This interesting situation was written about in TVOG (A national Forum for AARP counselors-TaxAide-Volunteer Operations Group)

The responsibility for any tax due on a scholarship is that of the student, not the parents even if the student is their dependent. Conversely, if a person is claimed on someone else’s return then whoever claims him or her is eligible for an education credit. If the parents don’t claim the child, then he or she is eligible for an education credit but still has to file as “can be claimed” and is not eligible for a personal exemption.

  • One more thing to think about. Another variable to try with Ed Credits is to NOT use an Ed Credit but making the expenses an Ed adjustment, this will reduce household income and may increase PTC making this strategy beneficial.
  • Out–>in Feb 18

Jerry(all Day)–>Judith (AM)

Wes(PM)–>Karen Rose(PM)

Rachel, Susan, Sonny–>Ellen (AM) Rich (AM)

  • All of our appointments are now booked until near the end of March!
  • I really appreciate everyone picking up the slack with several of us out last week.
  • Today, I was a canoe guide for a National Geographic film team filming a TV show for their channel to be aired in the fall. They had about $10,000 worth of equipment in the canoe and we managed to keep it all dry and saw LOTS of manatees.

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