Individual Tax Questions and Answers

Where is my refund?
Q:  Where and How can I track the status of my federal and state return? A:  Heyer & Associates EA PA, has enabled a link to assist you with that qu...
Sun, 5 Feb, 2017 at 12:45 PM
Full Time College Student eligible for EIC (Earned Income Credit)
Question:  Can a full time college student be eligible for EIC.  Answer: The full time college student is eligible for EIC if its meets all 4 tests: R...
Fri, 6 May, 2016 at 5:50 PM
Is the gain from the sale of my residence taxable?
Up to $250,000 of gain ($500,000 if you file a joint return) on the sale of your residence can be excluded from income if you own and occupy the residence...
Sun, 5 Feb, 2017 at 2:20 PM
​I am a caregiver for my aging parent, who lives in my home. May I file as head of household?
You may file as head of household only if you meet the following requirements: You are unmarried or "considered unmarried" on the last day o...
Sun, 5 Feb, 2017 at 2:22 PM
I am divorced with one child. This year my ex-spouse, who is the noncustodial parent, will claim an exemption for the child. Can I qualify as head of household?
You may qualify to file as head of household even though you do not claim an exemption for your child if you meet all of the following requirements: You ...
Sun, 5 Feb, 2017 at 2:25 PM
I pay $12,500 in child support to my ex-wife for two children. I make $45,000 per year without working over time. Is there some way I can get some tax break from this?
Child support payments are not deductible. This expense could be offset by claiming a dependency exemption for the children on your tax return. This  require...
Sun, 5 Feb, 2017 at 2:28 PM
Can I take a deduction for the premiums I pay for life insurance on myself or my spouse?
Generally, taxpayers are not permitted to take a deduction for the premiums they pay for life insurance [Reg. §1.262-1(b)(1)]. The proceeds from the life in...
Sun, 5 Feb, 2017 at 6:08 PM
How do I treat gain on the sale of inherited property?
If you inherited property, your basis in that property is its fair market value on the date of the person’s death [§1014]. Generally, gain on the sale of in...
Sun, 5 Feb, 2017 at 6:09 PM
Taxpayer received a 1099-MISC for hosting a foreign exchange student. It was reported in Box 3 as other income. How do you report this?
Typically host families don't get paid much, however, when they do the 1099 reporting is inconsistent. Some report it as other income, some as rent, so...
Sun, 5 Feb, 2017 at 6:10 PM
Can the Child Tax Credit be claimed for a child with an individual tax identification number (ITIN), not a social security number?
Yes. If you are claiming a child tax credit or additional child tax credit for a child identified on your tax return with an ITIN, you must complete Part ...
Sun, 5 Feb, 2017 at 6:11 PM