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If you see a member sharing private information such as EFIN or client data, either in a post or screenshot, please use the "report" function and I will remove the private data and try to leave the rest of the post intact as much as possible. The forum sends me an email immediately with every reported item, but if you try to get the poster's attention in a followup post, in all likelihood the person will not see that before the 5-min editing window has lapsed. Thx.

Thanks for the post, Judy. And thanks also for attempting to scrub the information. Moderator Extraordinaire!!

I'll raise you a glass.... oh wait... different bet...

It would be nice if they make a decision and announce it soon. If they are going to extend, why the wait to announce it? Let the nation know and it would certainly help the tax preparers with their plans for the next month and beyond.

"The AICPA on Thursday sent a letter to IRS Commissioner Charles Rettig and Acting Assistant Secretary Mark Mazur urgently asking for the deadlines for filing all 2020 federal income tax and information returns and for making payments to be extended from April 15 to June 15, 2021, in response to a number of issues that make it impossible for many taxpayers to meet the April 15 deadline. The letter follows up on the AICPA’s earlier request for tax deadline certainty. Among the many reasons the AICPA stated that a postponement is needed are the delay of the start of the filing season until Feb. 12, a second round of Paycheck Protection Program loans, and changes to the employee retention credit. In addition, continued stay-at-home orders make it difficult to access taxpayer data, particularly among certain populations such as the elderly, and the IRS continues to be short of staff due to the COVID-19 pandemic. In the letter, the AICPA “urgently request[s] that the 2020 Federal income tax, information returns, and payments (e.g., extension and estimated payments) originally due April 15, 2021 be granted additional time to file and pay until June 15, 2021."

No, on the donor's return just handle this as removed from service and make sure that depreciation is correct for the year. You don't want to record a sale and trigger depreciation recapture or PALs to be allowed as if it is a sale. Reporting the gift on Form 709 is enough of a trail for the IRS to know that the property is no longer in the donor's hands. Son will have dual basis if FMV is less than donor's basis at the time of gift, for purposes of calculating gain/loss if son ever sells. If son is keeping it as a rental, for depreciation purposes his basis is the adjusted basis at the time of the gift, and the depreciation starts over with the appropriate method, convention, and life. If there are PALs, those are NOT passed through, but those PALs will be an increase to son's basis. Son will need details of basis so that if he ever sells the property, he will be able to calculate any gain that should be ordinary gain due to depreciation recapture that donor would have been subject to had the property been sold instead of gifted. TP will probably use unified credit instead of paying gift tax, but if any gift tax is actually paid on this transaction, then that would add to basis.

This is clearly a covid situation. Think about it. In December 2019, taxpayer's plan was NOT to use that money and he made a bank to bank transfer. He knew then that he would not pay penalty if the money was withdrawn because he was over 55 and separation of services. Then the pandemic came and he was forced to take the money out. As you know Dec 2019 is/was around the corner.

NO, "we" mean that employers were not hiring.

Randall.... if she is 19 and NOT a full time students, then she is not a qualifying child because she earned too much ($12K).

MOD NOTE: Please note that I moved the OP's post out of an 8 year old topic that he had revived with his current post, removed all references sharing his EFIN, and lastly, I hid another post that quoted the original OP from the original 8-yr old topic that was something about duplicate submissions and having two ATX databases.

I've seen quite a few goofy FICA withholdings. I suspect this is all going to snowball at some point.

I will take that bet Pacun

$100 bet that regardless of letters, the deadline will be extended.

When I tried Various I get Vanuatu, where I want to be

Since earnings are all from NY and fulltime NJ resident you don't need to use the Part Year Resident Allocation worksheet. The earnings are not subject to allocation, it will populate correctly on IT 203 page 2. You don't need the IT 203B. But you could use page 3 of IT 203B if worked at home days apply.

I am going to my other country during the "holy week". I will be there for 11 days with the expectation that it will be extended. If it is not extended, I will work extra hours after my vacation.

Yes, probably was something to due with the SS worksheet error in calculating taxable amount. If you already had the 8879 signed, keep in mind that you don't have to redo that if the change in tax < $50.

My beef is with the driver's licenses. In NY you have to put the document ID from the back of the license in to ATX. They can't print them any smaller! I probably have half of them input wrong. "is that a 6 or an 8? is that a capital I or a 1? is that an O or a D?"

1o is the Federal figure. NYS would normally base tax on the Federal figure +/- allowable NYS adjustments. So this makes sense to me. I've done plenty as I live very close to the PA border.

I think you have to know what type of well interest you have. So I'm in western NY and there are small producers all over this area. (Scrappers) They get a straight 15% depletion deduction (their interest or amount to be reported as income * 15%). If it's on a royalty, it is on Sch E. If they are working the lease, it's on Sch C. However, in the bigger oil world, there is a whole different set of rules.

Since her income was earned before the marriage, and they were only married a few months last year, i went ahead and took my chances. However, I suggested they get someone from TX who is more familiar with common law rules for next year, or else file jointly.

And then there is the requirement that employers issue a W-2c when they do withhold the additional SS tax: https://www.irs.gov/forms-pubs/form-w-2-reporting-of-employee-social-security-tax-deferred-under-notice-2020-65 Which can be ignored unless they held multiple jobs and this results in too much SS tax withheld, in which case, amended return!

yes, as long as she is not a qualified child of another tax payer. If she is not a qualified child, she will get: EIC, additional child tax credit, Stimulus of 500 and 600 for the child, if she was a dependent in 2019, she will get stimulus for her too which will be $1,200 and $600 AND she will get up to $1000 refundable AOC. She will get more money from the IRS and state(s) than the net she received from her job.

I sure worded that in a misleading way! He is younger than I am, but not by that much. 27th anniversary this June.

I got a good laugh out of it. I keep a 4 inch, lighted magnifier on my desk for such things.

Correct!

Hello Everyone, I am needing some assistant in the followings: Taxpayer is 21, - Full time student, and is not a dependent. He worked earned income $5K, and unemployment $16K. 1098T - Box 1 - 20,505 and Box 5 - 23,050 I entered the information as it appears on 1098T, and the system is bringing the full $23,050 as taxable. He received FAFSA and CAL GRANTS, all funds were used to pay tuition, books and materials to use for school. I am under the impression only a small portion will be taxable and there rest nontaxable, but the full $23050 are being added to 1040 Line 1 under other non w2 wages. Looking at the 10 EdExp - Scholarship Worksheet - 7a. Tax Free part, this amount is the most you can exclude from your income. $20,505. What do I need to do to fix the taxable income on ATX? Thanks, Pat

there is a box to check to indicate that he is a candidate for a degree. On the Input screen of the 1040EdExp. it is below the section that resembles the 1098T, It is just above where you check that the student received a 1098T

I don't know about ATX, but what they probably mean is that the $3515 is 15% of gross income, but if the taxable income is less than $ 3515 you can take no more than the client's taxable income; i.e. you cannot create a NOL with depletion.