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The tax experts at J.K. Lasser have answered a lot of your tax preparation questions, ranging from 1040 filing, income tax deductions and credits, self-employment taxes to tax planning for college and retirement, estate and real estate taxes. Ask J.K. a question by filling out the form below. Or browse Ask J.K. answers or use the Search box to see if J.K. has already answered your question.
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Education

  1. Several years ago I set up a Coverdell ESA for my child, but the account lost money so I withdrew the funds and closed the account. Can I deduct a loss?Free
  2. My child is a sophomore in college and I pay her tuition, fees, books, and room and board. Can I claim both the American Opportunity tax credit and the exclusion for interest on the savings bonds I cashed in to help pay for the costs?Free
  3. I have full custody of my child but released the dependency exemption to my child's father. I paid some of her college tuition. Can I claim an American Opportunity credit with respect to my tuition payments?Free
  4. I want to cash out my child's UTMA account of $20,000 and transfer the funds to a 529 plan. What are the tax implications of this?Free
  5. I have a new grandchild and want to set up a 529 college savings plan for him. I live in a different state from my grandchild. Where should I set up the plan?Free
  6. I contributed $15,000 to a 529 savings plan several years ago for my child's education. He starts college in February 2009 and the account currently is worth only $13,000. When the funds are withdrawn to pay his tuition, can I take a tax loss?Free
  7. Can my family-owned corporation (C corporation) sponsor my education?Free
  8. Can a partnership set up an education assistance plan?Free
  9. May the taxpayer take both a Hope and a lifetime learning credit for the same dependent?Free
  10. Can I withdraw unused 529 funds without penalty?Free
  11. Will savings in a Coverdell account affect a student's chances of receiving financial aid?Free
  12. Can I claim my son as a dependent if his aunt pays his tuition?Free
  13. Can I deduct any of the expenses associated with my child's ADHD and autism?Free
  14. Can I create a scholarship for my child?Free