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  2. If it was a trustee-to-trustee rollover from same kind to same kind of retirement plan, then you won't see any paperwork at all, most of the time. Ask some questions, such as, was that a traditional IRA going into a traditional IRA?, so you can make sure it was actually rolled over in the timeframe, doesn't need to be taxed (think TIRA to Roth IRA), etc. From where and to where was she moving such a small amount of funds, relative to her FMV and usual distribution amounts, anyway?
  3. MFJ client. Spouse reives Form 5498 with a rollover contribution amount of $307.10. Fair market value of $41,259. No other information is provided on the form. I do have a 1099R for the spouse from this brokerage firm for Gross and Taxable distribution of $14,159, but it's one she normally receives. How should I treat the rollover amount, if at all?
  4. Today
  5. Yep, multiple items to tick off to qualify to claim own exemption OR to claim AOC if could be claimed by someone else as a dependent OR to claim refundable credit OR.... I sometimes latch onto the ONE item that's the sticking point in one particular situation and don't enumerate all the other points that have to be met. Sometimes, I'm focusing on what I find difficult in the situation and not necessarily the issue the OP wants clarification for.
  6. duplicate the return. recreate the efile in the new copy of the return. efile
  7. Inherited 401k's don't have special rules AFAIK.
  8. GeorgeM


    Can he use a schedule C because he also has office expenses which he is not reenbursed for? I agree he is an employee, but the company makes him work from his house, is he a statutary employee?
  9. if they are living with a parent. then at least one parent is alive SO NO refundable credit (see above and Pub 970)
  10. One box says Inherited and the other says IRA. It could be an inherited 401(k) or other retirement account.
  11. Whoever changed the title on this post... THANK YOU. Very helpful!!!!
  12. I meant to say this and I forgot. Thank you Lion. DO NOT prepare the two returns and see who gets more benefit. START by determining who can claim the "exemption" for the student. If the rightly owner of the "exemption" doesn't not claim it, NO ONE can claim the "exemption" of the student and REMEMBER that the refundable credit follows the "Exemption". I was hoping Lion was going to say if a student with living parents, single 19 years old, who provided more than 50% towards his own support qualified for the refundable portion. My clients (sorry to say... latinos like me), seem to qualify for the refundable credit as long as they provide more than 50% towards their own support.
  13. cmiddy3


    Federal Return stuck in transmitted mode - What do I need to do?
  14. If the parent(s) could claim the student but do not, the student still cannot claim himself but can claim the nonrefundable AOC. He cannot claim the refundable credit until he qualifies to claim his own exemption.
  15. ATX just answered my question. On their checklist, a notice says that both boxes should be checked if it is an inherited IRA.
  16. Another wrinkle. Just entered one which is an inherited IRA. The 1099R doesn't show it is inherited other than the account name (beneficiary of deceased). But has IRA/SEP/SIMPLE box checked. But in ATX input screen, there is a separate box for IRA and Inherited IRA. If I check the Inherited box, ATX puts this in the pension section of their summary sheet and not the IRA section. ATX also allows both IRA and Inherited IRA boxes to be checked at the same time. If the IRA box is checked, ATX puts it in the separate IRA section even if both boxes are checked. So my question is which category does IRS consider an Inherited IRA to be?
  17. The suggestion above works if the Federal is the one stuck. In your case, you might want to keep both, the original and the copy 1 version because you will need proof that you efile and the federal will reside with the Original one and the state with the Copy 1 version.
  18. Sorry, I misread your question. I sent about 10 returns last week and all of them got stuck. Open the return, pull down the file menu and select "duplicate return". Close the original return and stay with the "copy 1" return, create the efile return and send the federal. When the efile is accepted by the IRS, send the "copy 1" return to the state. Once both are accepted, go to efile manager and delete the original efile files for IRS and for the state. Then go to return manager and delete the original return. After that and while in return manager, delete the Copy 1 in front of your client and you are back to normal.
  19. change your setting for a few minutes to DON'T hold my states. Recreate the efile file for the IL and send it to IL. Go back to your ATX settings and select to hold your state returns.
  20. Part of your question is that prior to 2018, you could see when some was claimed as a dependent because you had two places to check. One was the check box "YOUSELF" on page 1 of the 1040 and the other place to check was page 2 when the personal exemption amount was 0 for dependents. Now those places to check don't exist and you have single for the dependent with the same 12K standard deduction. These are the resources you have at your disposition to check if the person is filing as a dependent: 1.- If you are doing the return for both supporters and dependent, efile the supporters return first making sure you are claiming the dependent. After the federal is accepted, efile the dependent. If you make a mistake on the dependent's return, the IRS will reject it. 2.- When preparing the dependent's return, make sure you take out the X as shown on my post above AND even if the dependent didn't have health insurance, check the box for health insurance. If you did it correctly, ATX will not let you create the efile until you uncheck the health insurance question. If the efile is created with the health insurance check marked, you are filing as single and claiming the exemption. 3.- When the efile has been created, read that ATX will read something like" (someone can claim this person as a dependent).
  21. Filing a return is a different story. Yes, ANYONE is required to file a return if you have a 1099-misc filed correctly. That by itself doesn't change the rules of AOC. I start to understand why we have different answers. In my case both parents and students have W-2 and that's it and their livings standards are not of the Pacun tower. If you want to be more technically, ATX always want you to make the scholarships taxable so the student can take the refundable credit.
  22. The student has $1500 (1099-misc-line 7 non-employee compensation). I would think she needs to file a return because of that fact but whether the parents can claim the student (child) as a dependent is the big question? So far I have the student if you don't count scholarships, grants, federal subsidized and unsubsidized loans, federal work study, church matching funds with around $9003. The parents have contributed around $11000.
  23. I have a weird situation. 1120S is accepted & IL's tax says transmitted to EFC since past 6 days with acknowledgement of acceptance. When I called ATX tech support today he says it is stuck & suggested me to duplicate tax return, re-transmit both Fed & state of course fed will be rejected & state will be accepted. I duplicated & then deleted for some reason I was feeling uncomfortable about this. I am sure there should be some way out not just re-submit already accepted tax return. Does anyone else went through or has some suggestions how to get over this.
  24. it is not just providing 50% of support. The greater than 50% of support must be earned income. .... and having a living parent factors in: You don't qualify for a refund if items 1 (a, b, or c), 2, and 3 below apply to you.1.You were:a.Under age 18 at the end of 2018, orb.Age 18 at the end of 2018 and your earned in-come (defined below) was less than one-half of your support (defined below), orc.Over age 18 and under age 24 at the end of 2018 and a full-time student (defined below) and your earned income (defined below) was less than one-half of your support (defined below).2.At least one of your parents was alive at the end of 2018.3.You are filing a return as single, head of household, qualifying widow(er), or married filing separately for 2018.Earned income.
  25. Thank you for all the explanations. I have seen this post and I didn't bother to read before. Today I felt bored and I decided to read and to my surprised, I have a client exactly in the same situation. I am glad I read this because I was second guessing myself and I have an appointment with the client tomorrow. I am surprised that my client's 1099-R doesn't show the contribution amount since they have had this account since its inception. If the title on this posting would read something like "How do I report this Roth IRA transaction", I would have read it a while ago.
  26. If I am not mistaken, qualified higher education in the context of 529 means, bachelors degrees, and not technical schools. So as long as the dependent is going for a bachelors, I believe it should be OK and the money shouldn't be taxable.
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