The Federal Tax Credits Blog

Posts Tagged ‘refund’

Question: Do I HAVE to file form 2555 or 2555-EZ?

I want to be able to claim the Earned Income Tax Credit this year like I normally do but the online eligibility questionnaire at the IRS website disqualifies me if I select that I am filing either of those forms. Do I have to report my foreign earned income on these forms or can I report them elsewhere so that I can still get the credit?
I will have only been overseas for 6.5 months as of the end of the year. About half of my income will be in the US and the other half Korea. I don’t seem to meet the criteria of 330 days for the exclusion, as far as I can tell. The IRS makes you exclude the income anyway?

Answer: You are not *required* to claim the FEIE, however not doing so won’t make you eligible for the EIC in your situation. If you are claiming the EIC with a qualifying child, one of the rules is that the child must have lived in your home *in the US* for more than half of the year. If you spent more than half of the year outside of the US, you cannot claim the EIC whether you file Form 2555, 2555-EZ, or not.

You can claim a proportional FEIE once you meet the 330 day test. The one year period need not fall in one tax year; it may spam 2 tax years.

NAR Buyer and Seller Survey Shows Value of Long-Term Home Ownership

RISMEDIA, November 9, 2010—Home buyers today have affirmed a long-term view of home ownership, the typical seller is experiencing positive returns and the vast majority of home owners see their property as a good investment, according to the latest consumer…

Advantage Real Estate Team’s quick video on the home buyer tax credit opportunities!

Question: Can I claim a IRS deduction for costs associated with getting an RN license back after it had been lapsed?

I am looking for correct information as I have spent more than $1,300 to get my RN license back from a lapsed status to an active status. I had to take an RN Refresher course that included 10 credit hours at a local community college plus work in a hospital for 90 hours without pay. This is for tax year 2007.

Answer: I believe you may deduct all of the costs you have mentioned.
In addition, I would come up with a value for those 90 hours and deduct those as well.
The IRS is fairly liberal with the deductions it allows in connection with legitimate costs related to employment. In your case, this would also include things like shoes, uniforms, magazine subscriptions, professional association fees, charges for seminars or continuing education requirements. You might also qualify for upgrading your status, i.e. going from general RN to surgical or other specialty.

Letters to the Editor: Sept. 6, 2010

Here are letters to the editor from recent editions of the Daily News.

Recovery: Time Is Run Out – December 2009

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Justice Department Files Six Lawsuits to Enjoin Preparation of Fraudulent Federal Income Tax Returns

Return Preparers Allegedly Prepared Thousands of Federal Income Tax Returns with Fraudulent Deductions & Credits Resulting in Millions in Lost Revenue to the U.S. Treasury

Mo Money Taxes.wmv