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Early but here it is. Tom Modesto, CA

If you look at the instructions for those boxes, the amounts in those boxes are for contracts/straddles that are reported on form 6781 and then ultimately flow onto 8949/D.

It would appear from the original post that there would be no earnings. Thus no penalty or tax.

The penalty applies to earnings and not the principal. He can take the principal at any time without penalty and tax.

I have been looking at this form for some time now and have been trying to figure out where the employee who is a new hire enters the desired withholding. It appears after running the withholding estimator from the IRS website, the amounts of withholding go on line 3 in the claiming dependents section. This is where the website pre=populates the form.However this amount is the total withholding of all jobs and is the annual figure. After reading Pub 15T it appears the employer has to use the appropriate table to calculate the withholding based on the information on the new form w-4. I need to know if my thinking is correct. I run payroll for a few companies and I want to be prepared for new hires. Also, when using the IRS estimator, the total withholding is based on numerous factors and returns the final amount as a total withholding for all jobs. So, as I see it, the employer needs to only look at their particular job and calculate the withholding plus any additional amount the employee indicates. I can see employees really getting this messed up. Also, I have clients that are asking about this form and felt really stupid this evening that I couldn't help them very much. They said their employer's accountant told the existing employees who were under 2019 w-4 and earlier they had to fill out the new form. That is not accurate and this accountant is showing zero federal withholdings based on what I don't know. Does anyone have a simplified explanation to get my head straight on this??? Medlin maybe??? I appreciate anything anyone can add to this.

I'll be right over!

Did you already use AOC for four years? Do you have the bursar's statement? I might chance it on the bursar's statement showing a 2019 payment plus the 2018 with 2019 expenses billed. But, make sure you didn't use 2019 check on 2018 return. In fact, without the 1098-T, I'd review all the way back to freshman year to make sure you took paid and not billed and didn't use the AOC on four returns and...really do your DD and keep copies of 2019/2018 info. Explain to client the risk of receiving an IRS letter and to keep all documentation and returns from freshman year forward, and let them make decision, if you are willing.

This is just me.... but that, for me, has been a high audit area. I must have the 1098T AND the full Bursar's report (a detail from the student's account) in order to take the education credit. We'll see if anyone else chimes in, but it might be just us today. I did go to church this morning... just sayin', y'all.

Europeandeli dot com; it's in the post, above the picture. We buy them by the *case* - a case of six boxes lasts us a couple of months. There are also chocolate covered cherries, assortments, and milk chocolate. Direct link, for those who will click: https://europeandeli.com/products/asbach-squares-in-large-gift-box?_pos=4&_sid=a61037d45&_ss=r

It's pretty bizarre changes. I've had one client need help with it so far. Basically it assumes the Standard Deduction based on your filing status, unless the employee claims otherwise and goes through all the work. For her employee, claiming just Single ends up taking out about $20 less per paycheck than the old Single 1. Since the employee wanted to raise her withholding from each check by $20, i had to tell her to claim extra $40 - that was fun explaining.

All of a sudden I received a message saying I cannot restart or shutdown my computer because I do not have permission, did a quick google search and it seems people are getting this message since yesterday, here is the fix. https://www.bleepingcomputer.com/news/microsoft/windows-7-users-suddenly-cant-shut-down-their-pcs-how-to-fix/

Oh, Windows. Can't ever have an update without breaking something. I got one of those messages last night when I was trying to open settings on some program. But as soon as I hit Continue, it let me open it anyway, so I guess they don't really care if I have permission or not!

There's no penalty on withdrawing a ROTH contribution. I'll try to recall what happened and what I did to get rid of the penalty - it was three years ago, I think. https://www.google.com/search?q=is+there+a+penalty+on+withdrawal+of+roth+contributions&rls=com.microsoft:en-US:IE-Address&rlz=1I7TSNF_enUS426&ei=3lQ_XtueHpPrtQaCwaeYCg&start=0&sa=N&ved=2ahUKEwjbhYDmncPnAhWTdc0KHYLgCaM4ChDy0wN6BAgMEC0&biw=1311&bih=588#spf=1581208809174

Just in time for Valentine, my favorite Dear Abby: http://www.nedmartin.org/v3/amused/_img/dear-abby-cheating-motorcycle.jpg

I could understand why, and thank you for the gift idea!

My spouse of 33 years thanked me today, for us not being homeless.

try these: Asbach luscious dark chocolate filled with brandy. Europeandeli dot com

He didn't meet the 5 year rule, so the penalty applies. The distribution itself is not taxable because he had basis exceeding the distribution.