Serbinski Accounting Firms

I called IRS. No income besides a non w-2 scholarship no ACTC. Not 100% confident they truly understood my explanation...

AHHH!

Trying to beat you to 10,000.....

Thanks. Im not very good with plain english.

Hi Nelson, I need to make a decision here. I'd like your opinion; nothing legally binding here! If I am sure my fellowship is for research should I take this to be my "earned income" and ignore the instructions in form 8812 for line 4a where they say to subtract anything not on a W-2 from ...

here is another relevant example Chemical Biology Scholarships are awarded at two levels: $15,000 for one year for students pursuing projects in a single laboratory and with a single research director, and $17,850 for students carrying out collaborative research for an extended period between two di...

Well if I get a 20,000$ scholarship. And tuition costs 2,000$, can I not claim the 18,000$ is for research. The only other thing I could go on is my fellowship is for "research on leukemia" and to be eligible "research must be performed in Montreal". Should i ask the university t...

Well my tax is relatively simple (I thought). I have a single scholarship. I dont have any benefits in canada, no other income, nothing. Her case is more complicated a lot more!

John

I didnt forget that! I didn't know the US taxes based on citizenship not residency. Not make excuses here...just trying to fix this! Now you got me freaked out about 8891, 3520s and FBARs. I have no savings, a perk of being a student. However my wife does put some of her money into RRSPs. Do I have ...

that would be a nightmare for me. I'll do anything to avoid bringing her taxes into the mix!

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Yea. Lets celebrate. One thing at a time for me... Forgetting something means I knew something in the first place. I'm probably just one of many to make assumptions that if you live in canada you file in canada not the us. Add the fact you don't have to pay tax on scholarships in canada just strengt...

Thanks.

I am not taxed on my income in canada. Canada does not tax graduate school scholarships or fellowships.

Sorry, I'll stick the more thought provoking ones. If my wife is an NRA I can claim her as an exemption on line 42, even if she has income in canada as a Canadian...???

Thanks again.

Error. Would be bring my income to NEAR zero (1000$) but still taxable by about 136$. If I can claim the child tax credit and the additional child tax credit then I dont need the 2555 as i can use those to reduce my tax owed to zero and claim a refund. Howeever if I can't use those credits I was usi...

Ok. Im following you. Initially I wasn't going to use form 2555 as my exemption for my dependents (2 kids) and MFS deduction would bring me to zero. My concern is 4a line on 8812 instructions. I will quote it here below to be exact.

If i understand you correct I should still report my income as "earned" as it is reported on my t4A? If I get audited as long as I have my T4A to show my earned income I should be ok? All this to say in Line 4a of the 8812 I should put whatever I am putting on line 7 of my 1040 (aka whatever my income is on my T4A???)

Thanks again

"your earned income figured as follows:
Line 7 of Form 1040 or Form 1040A, or line 8 of Form 1040NR
Subtract, if included on line 7 (line 8 for Form 1040NR), any:
• Taxable scholarship or fellowship grant not reported on a Form W-2.
• Amount received for work performed while an inmate in a penal institution (put
“PRIâ€￾ and the amount subtracted in the space next to line 7 of Form 1040 or
1040A (line 8 for Form 1040NR)).
• Amount received as a pension or annuity from a nonqualified deferred
compensation plan or a nongovernmental section 457 plan (put “DFCâ€￾ and the
amount subtracted in the space next to line 7 of Form 1040 or Form 1040A (line 8
for Form 1040NR)). This amount may be shown in box 11 of your Form W-2. If
you received such an amount but box 11 is blank, contact your employer for the
amount received as a pension or annuity.
• Amount from Form 2555, line 43, or Form 2555-EZ, line 18"

I see in filing status box 3...where I input information but what "exemption" are you referring to?

Thanks,

John

Hi Nelson, I think you lost me. If I am filing as MFS to receive the ACTC I still am required to file 8812 to recieve this credit. In this form for line 4a, I believe I would qualify for the last category where it states I must substract from my earned income any amount of fellowoship or scholarship...