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Just dropped in to lighten a moment of your stress....Good luck and happy return's to you all....

Elrod always knows how to lift our spirits, and at the right time. Thank you Elrod, a good laugh is great medicine, Bill

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It is also possible that they would save by filing separately. I know the law says you can't get PTC if you're MFS, but what happens is they don't qualify for any PTC, correct, but the payback is limited. It seems so wrong because it really is incredibly unfair for someone whose income was too high to qualify for the credit to somehow get away with not paying it all back, but there are the two loopholes. They are legal and I'm with Tom on this law from h e double hockey sticks.

Not everybody knows the words to both Ring of Fire and Amazing Grace, but I bet you do, buddy.

In ASP we sang an Amazing Grace/Fill My Cup mashup...

The rules are only for full year income as far as I know. Judy gave me some great advice a couple years ago about getting them under the 400% level by making an IRA contribution. Is that a possibility here? The dollars contributed to the IRA may be partially or completely recovered. Other than that, I have nothing but political commentary to share with you, which will get @jklcpa on my case, so I won't do it. Except to say that this frikkin' law is stupid as $h1t. Sorry Judy, I could not help myself, you can whip on me now. Tom Modesto, CA

Amen and amen. When we've been there ten thousand years...

With a little help from my friends, like you (and a karaoke machine) I'm good to go with Ring of Fire. Amazing Grace always chokes me up.

This.

Yes, exactly so. Also, don't worry about the cussing because there are plenty of aspects about this that I don't like either.

Yes Try an IRA. I had one who had to pay ALL back because of the 401% but they put in 1500 IRA and it went below the 401% and only small pay back. They can use any refund to fund the IRA also as in my case.

Wondering if some contemporary worship leader has produced a mashup...

Not too long after the foreclosure for the next sale. It's not too distant (especially considering the long delays buying a foreclosure house) and so you can make a VERY strong case that THAT was the fair market value. So he was definitely underwater and so no gain.

My client in TX sent information on Hurricane relief. He doesn't itemize, so I was not even going to look because I knew it was not as much as the standard deduction, but something told me to exhaust all this knowledge he laid upon me. And look what I found: "Casualty and theft losses are generally deducted on Schedule A, Itemized Deductions, but, you may choose instead to increase your standard deduction by your qualified net hurricane disaster loss if you don’t itemize other deductions on Schedule A. See the instructions for more detail." I don't know what instructions they are talking about, but here is more... What do you think? It looks like I can boot the loss into the standard deduction and indicate "hurricane tax relief" at the top of the return. That tells me it will probably be a paper return. I hate messing with this right now with all these returns waiting, so I might file an extension. I found it here: https://www.irs.gov/individuals/tax-law-provisions-for-disaster-areas 2017 Act Casualty and Theft Loss Calculation and Instructions The casualty and theft loss deduction helps taxpayers who have unreimbursed losses. Ordinarily, taxpayers figure their deduction by starting with the amount their insurance doesn’t cover. Taxpayers must reduce each personal casualty or theft loss by $100 and then reduce their total personal casualty and theft losses by 10 percent of their adjusted gross income. Then, they may only deduct the part of the loss that exceeds these limits. However, if a taxpayer sustained losses due to Hurricanes Harvey, Irma or Maria, the 2017 Act provides a different calculation for many victims that allows a deduction for the entire portion of the disaster loss not covered by insurance that exceeds $500. Under the 2017 Act, losses qualifying for this relief include personal losses from flooding or other casualty, and losses from theft, that arose in the federally declared hurricane disaster areas announced before September 21, 2017, and that were caused by the hurricane. If your loss arose in Florida, Georgia, Texas, Puerto Rico or the U.S. Virgin Islands, your loss is subject to the $500 reduction and is not reduced based on your adjusted gross income. You must use $500 as the reduction when determining your qualified net hurricane disaster loss and indicate “hurricane tax relief” at the top of your tax return as outlined in the Form 4684 instructions. Casualty and theft losses are generally deducted on Schedule A, Itemized Deductions, but, you may choose instead to increase your standard deduction by your qualified net hurricane disaster loss if you don’t itemize other deductions on Schedule A. See the instructions for more detail. Note: This special calculation cannot be used to figure disaster losses in Louisiana and South Carolina. These losses must be deducted using the usual casualty and theft loss limits.

I understand the argument for starting with 2014, but only if significant refunds are due. and they are able to pay a fee surcharge in advance. Otherwise my regular clients work that is already scheduled takes precedence. If I am am putting it off until after tax season, then I am starting with the oldest year and working my way forward. How else would you deal with any carry overs and carry forwards efficiently.

I sent this to ATX, just wondering if any of you have any insight. I'm showing an addition to federal taxable income on page 2 of SC 1040 coming from Additions to Income list #19: Deduction for out of pocket medical expenses that exceed 7.5% of AGI. Client has no medical expense deduction. Program is calculating 10% of AGI and making it an add back to taxable income. Now that can't be right, shouldn't it be zero and needs to be overridden? Thanks for any help. First time I said ZEE ROW in my life, thanks Rita, I feel better.

Did the employer plan later in the year include an HSA/HDHP? Otherwise, IRA. Final try, MFS.

I thought about the HSA angle, but they would have had to bought a plan on the exchange that qualified for an HSA in the first place, correct? Tom Modesto, CA

I agree with the others to see if the IRA will help. The other suggestion that is in a similar vein is to contribute to an HSA, and that requires that the plan be eligible. If eligible and if the TP has existing medical expenses they are planning to spend out-of-pocket, it shifts the deduction from Sch A to an above-the-line deduction for AGI, and they can access the funds right away for bills they'd be paying anyway.

My experience with California is that they are very aggressive when it comes to money. That want as much as they can get so they can squander it on everything under the sun so that they can then ask for I mean demand more!

Just checked the other board and someone said it was this morning's update so watch out for this if you have any. ZEE ROW...I said it again, I must have some southern in me.

Ask if he used one of the tracking services, and get their full-year printout. Last year there were also different kinds of splits (bitcoin to bitcoin cash, etc) so it was more complex than usual.

Cpaacademy.com has a webinar tomorrow 032318 1400 hr. Established. Free & ce too.

Yes, I went back to the 2016 return, checked off the complete disposition and there is no limitation, 100% of the loss is following to the 1040, so amending the 2016 should be sufficient? Thanks MAS

Would you not have to file all years just to start (and eventually) end limitations? Agree do the 2014 so if refund you do not lose it.

I crank up the volume and put the phone on speaker and... https://www.youtube.com/watch?v=XcAl93uEYUA&feature=youtu.be&t=36s

Our area had primary elections yesterday and for the past weeks I've receiving robocalls to vote for %@#!! glad it's over, but to of the the right of the Alice Cooper video I seen the Stones 2120 South Michigan Avenue, this song was recorded a block away from my office.

Start with 2014. The statute on refunds runs on that one April 17th. If they can get you all the info for that return, and there is a refund, you might be a hero. Then call the IRS and ask them what years they want. They may not have you file all the years, or they may want more years than the client is telling you about. Regardless, you won't know until you call. And if there is collection activity, you can probably get it put on hold while you start working on the other years. I have found the PPL is pretty good about working with you when you are trying to bring a long-time non-filer into compliance. I have done a couple of these. Tom Modesto, CA

Too funny, definitely save worthy, Thanks.

Your chances are 'bout as good as Trump winning the state in the next election. Penalties are a revenue item in CA. They don't give them back very often. Tom Modesto, CA

And even some of those basis are not correct.

Stock options often come with basis adjustments in the supplementary pages, too.

Yeah, but for them to be a dependent, their other income has to be so low that NONE of the Social Security will end up being taxable.

Only for the portion that isn't taxed. If any of momma's benefits are taxable, that part of her SS benefits is included in gross income.

Judy just about always comes up with the perfect cite.

Good luck, @Possi!

Won't be able to address the above situation, but will use the opportunity to run my mouth. I had about a half dozen clients who took advantage of the $7500 loan back in 2008. In every single case it turned out to be a curse and not a bonanza. The first thing that happened for a couple of them was less than a month later, the govt came out in 2009 with an $8000 payment that didn't even have to be paid back. My people wanted to bite a 10-penny nail half into. Divorce. Actually had a couple couples who thought getting a new house would make them happier and solve their marital problems. I'm not a marriage counselor but solutions for anything need to go to the root of the problem. Getting a new house just gave them something else to fight about. House ends up on the market (in a depressed economy) and the $7500 just becomes another debt to have to deal with. Bad economy. The end of 2008 was a horrible economy, and the $7500 just subsidized a home that was hardly worth the amount of debt. A couple more of my clients lost their job and had to move. Often not being able to sell the house meant converting it to rental property since two house payments were physically impossible to make. There is always the didactic axiom to beware of something throwing money at a situation too good to be true. From old fogies - advice unsolicited is usually unappreciated. If I'm still alive in 2024 when the last of these $500 installments have to be paid back, I will be quite happy to see form 5405 arrived at a much-welcomed demise.

You could try running the property through one of the realtor sites. I think it is Zillow (could be Redfin or Realtor.com) will show a history of the properties including sale dates and amounts when the property has changed hands in the past. Type in the address to the properties on those sites and see if it will make your life a little easier. Tom Modesto, CA