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jklcpa

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About jklcpa

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  • State
    DE
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    Female

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  1. How to withdraw/resign from a POA

    Withdrawal by representative. If your representative wants to withdraw from representation, he or she must write "WITHDRAW" across the top of the first page of the power of attorney with a current signature and date below the annotation. Then, he or she must provide a copy of the power of attorney with the withdrawal annotation to the IRS in the same manner described inRevocation by taxpayer above. If your representative does not have a copy of the power of attorney he or she wants to withdraw, he or she must send the IRS a statement of withdrawal that indicates the authority of the power of attorney is withdrawn, lists the matters and years/periods, and lists the name, TIN, and address (if known) of the taxpayer. The representative must sign and date this statement.
  2. SEHI deduction?

    It's a regular health insurance policy not medicare. As I said, practitioners on other forums are using the deductibility of the non-SE spouse's(or dependent's or child's) medicare as SEHI, and applying that to regular insurance premiums too. When I said that IRS opened a can of worms, it was item #3 from the memorandum below that was issued in 2012 that addressed the issue of whether a spouse's, dependent's, or child's medicare premiums could be included in with the self-employed person's premiums for purposes of calculating the SEHI deduction. BTW, no need to point out that this memorandum says it shouldn't be relied on or cited as precedent, because for anyone who IS including the "others' " medicare for purpose of computing the SEHI, this is the memorandum they are relying on . . . and they are extending that logic to other health insurance too. This was the reason a opened this discussion. https://www.irs.gov/pub/irs-wd/1228037.pdf
  3. SEHI deduction?

    Wife has schedule C and 1095B is in husband's name. Clearly, the policy isn't in the business name or wife's name but they are filing a joint return, premiums were paid from joint account, and policy covers the family. Are they completely dead in the water for taking the SEHI? I've seen some arguments for taking this deduction as SEHI in this situation where practitioners argue that IRS opened this can o' worms when it allowed the spouse's medicare premiums to be included in SEHI, and these same practitioners argue that a similar situation would occur with this policy since the coverage is "family" and extends to the self-employed wife. What say you?
  4. Retrospective look at 2017 tax filing season

    If your pdf program has a typing function, you can add that zero into the pdf without using scissors and glue. I used the typing function frequently this season on the 2-column planner to highlight and make notations about the tax law changes.
  5. Final "Star" week 4/7 - 4/17/18

    Nope, I'm one of the night owls and awarded that star before retiring for the night. We'll have to figure out something fun for next year. Should we leave this year's stars up indefinitely, start over next season, or something else?
  6. Final "Star" week 4/7 - 4/17/18

    Congratulations to @jasdlm on winning the final star of the season. Thanks, everyone, for playing along and making the busy time a little more bearable.
  7. If ATX will allow you to file a federal extension after the actual federal return has been filed, maybe you could try that so the system will think your state returns are timely. Just an idea. Not sure if it will work or not.
  8. This is from the OH Dept of Taxation's News Release section of its website: https://www.tax.ohio.gov/Portals/0/communications/news_releases/FilingExtension4-18rev.pdf If you don't like clicking links:
  9. NT So - how did YOU celebrate?

    I had a chocolate cupcake with peanut butter filling late afternoon and then tried to take a nap. Wrong order, the sugar and chocolate had me wired and I barely drifted off. I'm feeling tired but not too beat up.
  10. I'm as done as I'm going to be!

    Yay! We're done. Now take life at a slower pace, check in once in a while, and enjoy your trip, Bonnie!
  11. Scholarship taxable?

    That makes sense to me and I suspect that all of the spring 2017 tuition was billed and included on the 2016 1098T. No education credits were claimed in 2016; mom's a doctor with income that well exceeded the limit anyway. I guess this wouldn't be a problem if the spring 2018 was included on the 2017 1098T, but the kid moved to Australia this year for school. Now I will need to find out if the school this young woman is attending is one that is one the list of int'l schools that participate in our federal student aid program and how much tuition she paid, if any, before the end of 2017, right? I hope there isn't some sort of scholarship that is taxable there for 2017 too. Is there any reconciling or matching of the tuition and scholarship that would allow this (timing) difference to not be taxable?
  12. Scholarship taxable?

    I would agree if the parent or student had actually paid tuition, but what doesn't make sense is that this scholarship was automatic based on GPA and SAT scores and fully covered tuition, so I'm assuming that the enrollment and scholarship award would be somewhat simultaneous with the scholarship being applied at the time tuition was charged. How would the student receive a refund if no tuition was ever paid?
  13. Yes, it's been down since early this morning.
  14. Scholarship taxable?

    New client is single mom claiming 2 children. Older child is 19 years and a full time student with taxable scholarship income that will be subject to the kiddie tax. This child's 1098T reported totals of 15K in tuition and 29K in scholarships, with the excess created because of the timing of when the tuition and scholarships were reported on the 1098Ts. Scholarship is Temple U's President's Scholarship award that appears to fully covers tuition and is automatically awarded to qualifying students. The problem is that the 1098T tuition amount is for fall 2017 tuition and fees only while the scholarship appears to be for spring and fall 2017, and that is creating the excess scholarship of $14K. The details don't make sense to me when I see this: Trans date 1-17-17 tuition $1296, scholarship (same date) $14484 Trans date 8-28-17 tuition & fees $14,282, scholarship same date $15264 Is there any reconciling process that would allow the scholarship awarded for the spring 2017 semester to be considered nontaxable? I don't have the 2016 1098T to know if Temple included the spring '17 tuition on that form, or would that even matter?
  15. MeF is down

    MeF is down, nonoperational at this time. They're working on it. Here's the IRS page to check its status. This outage has also taken down : Where's My Refund, Direct Pay, and Get Transcripts.
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