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Old 04-17-2018, 06:53 AM   #331
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I'm guessing his claim has more merit:

https://www.1040.com/tax-guide/taxes...when-divorced/

And also, the person in the higher tax bracket will benefit more from the deduction.

Rather than go legal, what if she just stops paying for school and/or daycare? Lawyers are expensive.
That's what I'm thinking, RE the claim.

She doesn't want to disrupt her kids' lives any more than necessary and keeping them at the school they've always been at has a higher priority for her in that regard.

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Originally Posted by Smash Allen View Post
my unqualified opinion is that she may be able to claim the childcare credit, but see pub 503 below

https://www.irs.gov/publications/p50...link1000203279
I'll check into that! Thanks!
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Old 04-17-2018, 07:11 AM   #332
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unfortunately it looks like their dad is the custodial parent. because of this, your fiancee doesn't need to pay these expenses to work and is ineligible for the childcare expenses credit

you are right in thinking to speak with a lawyer, the amounts she is paying for childcare should be recorded in the divorce

best of luck to you both
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Old 04-17-2018, 08:51 AM   #333
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Thank you!
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Old 04-17-2018, 01:53 PM   #334
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Old 04-18-2018, 09:59 AM   #335
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OMG I just got a call saying the IRS is auditing me for 4 serious violations! What should I do???
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Old 04-18-2018, 12:58 PM   #336
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OMG I just got a call saying the IRS is auditing me for 4 serious violations! What should I do???
Probably a scam. They don't call about that.
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Old 05-09-2018, 08:25 AM   #337
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Any help in this thread? I got fucked by an old student loan debt my wife had before we were married. Apparently part of her diveorce settlement laid that burden on her ex. But my whole federal refund went to pay it. According to my research I have no relief as an Injured Spouse, given California's community property laws. Is that true?
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Old 05-10-2018, 05:50 AM   #338
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Years ago I got an IRS letter telling me I was receiving a refund of $1.87 and owed them $7. To this day I have no idea why, but I paid them.
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Old 02-05-2019, 07:35 PM   #339
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Bumping this with a very silicon valley question.

1) 2008 - Received some stock options from an employer. Classified as ISO.

2) 2013 - Exercised said options, my cost was let's say $2 and the pre-IPO price was somehow established at $20. This triggers enough of a paper gain to put me in AMT territory, which I then paid ($,$$$) out of pocket.

3) 2018 - company executes a 3:2 reverse split and goes public at $15. I now have 66% as many shares as before, and my cost basis is either $3 or $30.

4) 2019 - employee shares come out of lockup and I sell for $10 a share.

5) Underpants?

At step 2, I paid a non-negligible amount of taxes on the difference between my option price and the imaginary market value of the shares at the time. However, the documentation I have now shows my cost basis in the $2-3 range, rather than the $20-30 I was expecting. Also, the shares have declined significantly from that heady pre-IPO valuation, and since I paid tax at $30 and sold at $10, do I somehow become eligible for capital losses that I can carry forward?

Taking all this to my tax guy soon, but he's a bit busy this time of year.
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Old 02-06-2019, 07:28 AM   #340
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Originally Posted by Bowling4Bikes View Post
OMG I just got a call saying the IRS is auditing me for 4 serious violations! What should I do???
send me your social and birthdate and full name and i'll look it up

*edit, just realized that post is a year old
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Old 02-06-2019, 12:40 PM   #341
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Bumping this with a very silicon valley question.

Taking all this to my tax guy soon, but he's a bit busy this time of year.
IANATL but I have experienced similar.

You didn't pay tax at $30. You paid the tax on the difference of fair market value and what you paid. In your 2:20 example, the tax basis would be $18. And you're 3:30 calculation is "wrong"

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After a 3-for-2 stock split, you'll have three shares for every two shares you used to own. The company will increase its share count by half, and its share price should correspondingly decline by approximately one-third. The market value of your holding therefore remains more-or-less the same.
a split shouldn't change your overall cost basis so that's a moot point. In total, you paid X amount and it was valued at Y amount. You were taxed on the difference. When you sell, you earned Z amount. If Z is greater than Y, you owe more taxes. If less than Y, you can claim the loss.

If I am incorrect, please follow up with what your tax person indicates.

Also, have you been writing off your AMT? If so, that will change things as well.
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Old 02-06-2019, 10:44 PM   #342
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Took a loan out on my 401k to make the down payment on my house. Lost my job, defaulted on the loan to myself, the loan balance counts as a distribution. My 401k tax forms make no mention of this distribution (should be a 1099-R).

TurboTax has something about making up your own 1099-R from what data you have. Sounds sketchy. Anybody ever done this?

P.S. Got a 1099-INT for nine cents. Fuck it? Report it?
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Old 02-06-2019, 11:15 PM   #343
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Report the nine cents. It will probably round to zero on the next line anyway.

IDK how to report the distribution/loan/thing, but DON'T IGNORE IT.

I made this mistake once, got fucked by it very very hard, and it's taken a decade to recover.
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Old 02-07-2019, 09:20 AM   #344
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Report the nine cents. It will round to zero on the next line anyway.
this

I would report it unless it changes my filling.
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Old 02-07-2019, 09:41 AM   #345
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IDK how to report the distribution/loan/thing, but DON'T IGNORE IT.

I made this mistake once, got fucked by it very very hard, and it's taken a decade to recover.
You too huh? I think I paid a small amount of tax at distribution. Turns out the tax amount is enormous.
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