To join in on this discussion, you must first log in.

Discussion:Amended return & kids returns

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Advanced Tax Questions --> Amended return & kids returns


Discussion Forum Index --> Tax Questions --> Amended return & kids returns

Theresa d (talk|edits) said:

3 April 2014
After I prepared and efiled parents returns they asked me to prepare their two college kids returns who generally do them themselves. As luck would have it the kids made enough money that it would be worthwhile to not have the parents claim them and have the kids get the college tuition credits (ugh!!!!). The parents get hit with AMT and their income is too high for the college credits so the kids only provide a small benefit on their state returns.

So now I have to amend the parents returns. How long after filing the parents amended returns do you think it is advisable to wait (if at all) to file the kids returns , so that there is no confusion as to them being dependents of the parents?

Thanks

Ckenefick (talk|edits) said:

3 April 2014
Hurry up and filing a superseding return, no 1040X needed.

Death&Taxes (talk|edits) said:

3 April 2014
Check to see that the removal of them from the State return does not take away most of the savings. The kids probably can't have the refundable credit.

Theresa d (talk|edits) said:

3 April 2014
Chris I didn't realize I could file a superseding return if the return had been e filed. Is the superseding mailed in?

Ckenefick (talk|edits) said:

4 April 2014
Yes, on paper.

Theresa d (talk|edits) said:

4 April 2014
thanks. D & T no refundable credit for kids but the credits outweigh what the parents will lose on the state.

To join in on this discussion, you must first log in.
Personal tools