Ask a CPA

If your child's stock was sold through a custodial account and the tax information statement incorrectly reflects your Social Security number instead of your son's Social Security number, you should fill out IRS Form W-9 which is the Request for Taxpayer Identification Number and Certification.
Circle your child's name and his Social Security number on the form. Submit the corrected form to the financial institution that issued the incorrect statement. Instruct them to correct the information on the account and reissue you a corrected tax information statement.

In order to avoid any future problems and to avoid any mismatching reports with the IRS, you should include this amount on IRS Schedule B both as a positive and negative amount. Enter the Form 1099-INT amount on Schedule B, line 1 as income. Enter the same amount as a negative adjustment on Schedule B, line 1 and enter "Nominee Distribution" as the negative adjustment description. Speak to your local CPA if you have any questions about the reporting of this incorrect interest.

In order to avoid any future problems and to avoid any mismatching reports with the IRS, you should include this amount on IRS Schedule B, both as a positive and negative amount. Enter the Form 1099-INT amount on Schedule B, line 1 as income. Enter the same amount as a negative adjustment on Schedule B, line 1 and enter "Nominee Distribution" as the negative adjustment description. Speak to your local CPA if you have any questions about the reporting of this incorrect interest.

In order to avoid any future problems and to avoid any mismatching reports with the IRS, you should include this amount on IRS Schedule B, both as a positive and negative amount. Enter the Form 1099-DIV amount on Schedule B, line 5 as income. Enter the same amount as a negative adjustment on Schedule B, line 5 and enter "Nominee Distribution" as the negative adjustment description. Speak to your local CPA if you have any questions about the reporting of this incorrect dividend income.

Proceeds from stock transactions are reported to individuals on Form 1099-B.
The individual transactions are entered on IRS Forms 8949 and Schedule D.
The sales should be listed, including the trade date, not the settlement date.

For the same student, you cannot claim the Lifetime Learning Credit and the American Opportunity credit in the same year. You may claim each of the credits for a different student in your family.

If you itemized your deductions in the prior year and received a state tax refund in the current year (reported on a 1099-G slip), you may have to include all or part of the refund as income on your current year's tax return.
If you did not itemize your deductions in the prior year, you will not have to pick up as income the 1099-G refund amount.

If you use a dwelling as a home and rent it out for fewer than 15 days during the year, you should not include the rental income or deduct the rental expenses on your tax return. You may deduct the residence's mortgage interest and real estate taxes as a itemized deduction on IRS Schedule A.

Money won in a charity raffle is considered gambling winnings and is fully taxable and reportable on your tax return. It it should be indicated on IRS Form 1040, line 21 as other income.

Costs incurred while entertaining customers, prospective customers, clients, suppliers, employees and other business associates are valid business expenses that are subject to conditions and restrictions. For entertainment costs to be deductible, the following must be documented: the time, place and nature of the entertainment, a description of the business purpose involved, the amount of each separate expense, the business relationship and identification of the persons entertained. A calender diary is recommended to maintain this information.