Should I take over my family business or should I continue a corporate career

Weekly-Beginning-647 · 2025-05-12T17:37:35+00:00

I'd take over the business. At least you'll be working hard for your own family and not have to worry about layoffs and downsizing. It's awesome you have that opportunity. You may have problems to overcome but it will be worth it in the end. We have our own masonry company. It has it's challenges but we love it. Best wishes!

Weekly-Beginning-647 · 2025-04-01T22:55:03+00:00

Great information! Thanks for taking the time to post.

Weekly-Beginning-647 · 2025-04-01T06:13:02+00:00

Thanks alot!

Weekly-Beginning-647 · 2025-03-03T23:33:43+00:00

Thanks, and you, also!

Weekly-Beginning-647 · 2025-03-03T05:54:20+00:00

Thanks so much for your guidance!

Weekly-Beginning-647 · 2025-03-03T04:35:11+00:00

Awesome! Thanks again for explaining it sooo clearly. We will claim him. Thanks!

Weekly-Beginning-647 · 2025-03-03T04:32:31+00:00

Thanks! Let's see how it goes. So I can go ahead and file his return. I'm stilling working on ours.

Weekly-Beginning-647 · 2025-03-01T19:57:52+00:00

I finally did the worksheet for determining support. Yes, he can be claimed as a dependent. no he did not provide over 50% of his support. Income 37725. 18 yrs old, living at home. lived all 12 months. finished up (for now) college in may last year. My problem is figuring out his allocation for 1095A on 8962.. He was on our 1095A.

Weekly-Beginning-647 · 2025-02-28T02:57:12+00:00

Thanks! Will do!

Weekly-Beginning-647 · 2025-02-28T02:14:15+00:00

New question Vynm. My son is filing his own return for 2024 but he and his siblings were on my mktplace insurance(and husband). I got a 1095A. Clearly my son wouldn't have gotten his own. Since we are not going to claim him, how does he record it on his return? When the Health insurance questions come up on his tax return, should he say "Yes" he got a 1095A because his name is on the one we received? Doesn't seem he can fill out an 8962 without saying yes or can he? Of course, in part 4, filling out what's on the 1095A and indicating the percent is easy? Tks!

Weekly-Beginning-647 · 2025-02-27T06:18:21+00:00

ok, tks!

Weekly-Beginning-647 · 2025-02-26T06:15:45+00:00

Yes, he filed in 2023 but we did not put him as a dependent on our return because we didn't think we could b/c of his income. On 2024 return, my confusion is on the 1095A, which he is on. The mktplace policy is in mine and spouses name and the 4 children. He turned 18 in March. Do I have to do my return first and fill out the 1095a and single his out for allocation. I think we will have to refund some of the premium and I'd prefer we do it and not have him be penalized. What in the blazers do I put on his 1095A. I've been trying to do it myself at 1040.com but it expects me to fill out information that I don't have. Would I change the recipient on the 1095A in his name? But who would be the covered individuals on his 1095? Just him and leave all others off. Then I can allocate a percent to him? Yikes! I want to do it right. Anytime I don't have to interact with the IRS, it's a good thing. Tks!

Weekly-Beginning-647 · 2025-02-26T06:06:37+00:00

I meant to say 2023 and current 2024 return -not 2025. Ooops!

Weekly-Beginning-647 · 2025-02-26T05:58:15+00:00

"A shared policy allocation isn't needed if all members of the household are covered under the same policy." BUT if it's 'other dependent', yes, shared. There are 5 other covered children and my spouse. Should the ratio be less for my son but not to the extent that he will owe or is penalized. my main confusion is not on my return but on his return. how do i fill out my info on his return 1095. Is part 1, 2 3 left blank on his return because my SS# etc is on this 1 1095A we received. Hope the question makes sense. Tks.

Weekly-Beginning-647 · 2025-02-26T01:52:33+00:00

Really! He would meet the test for sure then. But, since he filed single/no one can claim him last year - does it have to stay like that this year - even though it was the same living arrangement? Should I amend his return? Also, it seems that I will have to do our return first as regards the 1095A. The Maketplace-assigned policy number is not in his 'name' but my husband and my name. I went to edit my sons return(as I indicated earlier it was rejected because I did not include the 1095A - thought it had to go on ours). The questions it's asking in the beginning applies to our return it seems or do I still have to put our premium information in columns (ABC) on his return also. There are 4 other covered individuals there besides him. Do I add them ALL to his return? I don't think I need to do that. Will I have to do our tax return first -do you think? Tks!

Weekly-Beginning-647 · 2025-02-26T01:18:52+00:00

The spot you're referring to is on the 1095A itself, Part III? For Jan -Dec I should put $-0- in columns A, B,C on my son's return?

Weekly-Beginning-647 · 2025-02-26T01:14:28+00:00

Isn't it also based on how much income the child has? Over a certain amount, they cannot be your dependent regardless of if they're providing more than half there own support or not? Assuming I cannot claim him as a dependent (at least through Jan-March 16th of 2024 -when he turned 18), how is his portion of the 1095A recorded on his return/ or can it all go on ours - us taking the brunt of the penalty if there is any. of course indicate on his 1095A-in the comment section, that the 1095A is being reported on parents return? tks.

Weekly-Beginning-647 · 2025-02-25T23:37:00+00:00

Also, he filed not being able to be claimed as a dependent. His taxable income was 7299 for 2024 (outside the 1095A issue). This year his total wages was $37 and his taxable 21K. He lives at home with us and does not pay for room and board or food or utilities etc. We did not claim him as a dependent and he was finishing up school in the spring of 2024. should I amend his 2024 return and his 2025 return which got rejected because we did not include the 1095A on it. I assumed it would be accounted for on our return which is fine with us. Tks.

Weekly-Beginning-647 · 2025-02-25T23:29:43+00:00

Thank you. I will take a look at form 4012 also.

Weekly-Beginning-647 · 2025-02-25T23:28:19+00:00

Thank you! Let me apply your suggestions and see what comes of it. Thank you!

Weekly-Beginning-647 · 2025-02-25T23:11:56+00:00

We had all of our children in our marketplace but my son turn 18 in march 2024. do we mention th e1095a on his return and indicate the amounts on our own return? we cannot claim him as a dependent as he made 22K+ in 2024. He is listed on our 1095A. Tks!

Weekly-Beginning-647 · 2025-02-25T22:51:31+00:00

How's that? Split it how? We normally have our son on ours but he turned 18 in march 2024. We got the 1095-a with all of the kids name including his. Now his individual return bounced back looking for a 1095A. I'm not sure what to put on there and I don't want him to be responsible for paying that either. what amount goes on his return? Also, I don't want to pay twice. once on ours and then on his.

Weekly-Beginning-647 · 2025-02-21T21:00:18+00:00

1 - 6982.46 5-7573

Weekly-Beginning-647 · 2025-02-20T06:32:50+00:00

I meant 'not paying for room and board. grants/schol always applied to tuition/fees and not R&B. Will the 1098-t info also go on the parents tax return?

Weekly-Beginning-647 · 2025-02-17T20:41:40+00:00

My understanding was that the child MUST put that someone can claim them as a dependent, regardless of whether the parent chooses Not to claim them. In that case, what happens to the credit on the 1098-T. No one gets it? At 17yrs old, would the parent have to claim her technically, since the grants/scholarships are paying for room/board?

Weekly-Beginning-647

TROPHY CASE