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The referenced website is for the 25C credit for Windows and Skylights. Eligible windows and skylights must be labeled "Energy Star Most Efficient 2023". However, the requirements for that label changed from Energy Star V6 to Energy Star V7 on October 23, 2023. Anything manufactured after that date must meet the new requirements (detailed here). The website only recently removed the old requirements, and it's not clear whether they still list products that meet the old requirements (though they would still qualify for the credit if manufactured before Oct. 23). But this post is asking about the requirements for the 25D Residential Clean Energy credit. All that is required is: It appears the manufacturer is saying that the skylight generates electricity which is used to open and close the skylight. In any case, I don't think tax preparers are required to be experts in efficiency standards, etc. The instructions for Form 5695 for both credits say that: So if the taxpayer has a written certification from a reputable manufacturer that the purchase qualifies for a particular credit, that would be enough for me. The problem arises when a salesman tells them it could qualify for a credit, but they have no documentation.

I think you need to leave the entries in for the software to weigh whether standard or itemized is better. The software should still carryover the appropriate amount to next year. I'd make a note in the software or client file to pop up as a reminder on the 2024 return. If you are using ATX, here is a CCH KB on this handling: https://support.cch.com/kb/solution/000195265/will-charitable-contributions-carryover-when-using-the-standard-deduction-in-a-1040-return

I give a $15 credit if they bring them back filled out! along with the Drop Off Client Form ... D/WI

If the state is classifying the money as stock proceeds, to me that means the state sold the stock. Now they are passing the proceeds to your client. He must report on Sch D. If he knows the cousin's date of death, just look up the value on that date for basis.

Hey, Frog, don't you love it when the statement shows custodial fees of $7,500 but the client whines about your $750 fee?!

I'm not sure why you would have a SD return. It is a separate return. My school district has no tax and I've never filed an SD return in 35 years for myself.

https://www.revenue.wi.gov/DOR Publications/pb503.pdf pages 5-6? If that's what you're asking about, did she qualify for those years or not? Does her estate qualify? When there are dueling siblings, it's often better to step away. Unless the monies involved are large enough to cover lawyer's fees, you'll do better leaving it to the PR. It's tax season, so you have more productive returns to prepare than prior year returns for which you won't get paid by a brother who doesn't value your work. The PR has your opinion and the returns you prepared; he also has a CPA and can engage for returns from that source. Take a deep breath. Take good care of your clients who trust your work. You can always vent to us. We love you!

It depends on the area of the country and checking the model number to see if it is energy star efficient. Click on the link provided in the previous post above. Right above filter your results, find your climate zone it will say click here. Enter category, state and county. Once you know your climate zone it will also provide the energy efficient criteria for that zone. Next select skylights in this example and look at the brands listed. Once you find the brand, click the link for more info, this brings you to a different website and you will see a list of model numbers and what zones are energy efficient. You can also go to the manufacturer's website as well. Some certificates can be printed from the energy star site, others you need to go to the manufacturers site.

You might want to suggest the client converts enough IRA money to Roth to have enough income to take advantage of the charitable deduction.

I'd be concerned that the whiskey is watered down and that all the top-shelf bottles had been refilled with rotgut. Next morning, while I'm still sick from the adulterated product and examining the overcharges & inflated tips on my tab, I'd come to realize that neither the bartender nor the owner will be around as I discover the fraud and have no means of restitution.

I'm thinking of providing mine only when they ask for it, but also providing a list of everything we used on the previous return--this has been the week of the missing form.

Try this website make sure you pick the right climate zone: https://www.energystar.gov/most-efficient/me-certified-windows/results?is_most_efficient_filter=Most Efficient

I think you need to look at what the AMT NOLs have been over the years to see if they are available to be used against current year income. I would need to do some refreshing of my own since it has been a while since I have never done a farm NOL and I am speaking from my faulty memory. Don't take this as gospel, just a thought. Tom Longview, TX

The certification says they qualify for tax credits, but they don't specify which of the seemingly-endless categories it falls under. So the sales folks tell them all about the big credit, but they don't know/care if the product really qualifies for it.

Manufacturers/Installers are required to give them the relevant documentation as to the credit they qualify for. I have had several clients in the past come to me with their tax stuff anticipating a big tax credit, promised by their salesperson. but they had no documentation. When I had them call the company who did the installation they were told no credit was available. Of course their salesperson no longer worked there.

I had the same thought. But right now, I just hope they get it under control and the people up in the panhandle can get back to their property and start rebuilding. Tom Longview, TX

We do what Frog does. Been with our gal a very long time, and she's seen us through the ups and downs of the market with our retirement monies and with our investment accounts, and now with our RMDs, too. This client has little to nothing in cash/securities. She buys a house, lives in it with her fiancé, perhaps does some fix up (fiancé's in construction), mostly profit by buying in improving markets, and sell in a couple years. Both high income from day jobs. My client works for a company with a great defined-benefit pension building for her. (Not familiar with fiancé's finances, because he was my client for only one year when he started a side gig at the very beginning of Covid. His construction biz rebounded quickly with outdoor projects in FL during Covid.) They've lived in FL for years, but want to sell that house and move to SC in an area they've identified for their needs. This time both will purchase house together. High earning years for both, but starting to look to how things will change in retirement, or how things could change if the one in construction has an injury/illness. The houses they purchase are not expensive compared to Greenwich, CT, where she lived when she first became my client (NYC commuter back then). So they do have disposable cash, over and above the house purchased for cash and her building pension and whatever her fiancé has. They want to be more diversified and intentional than just their house buy/sell method. Or, they might expand their RE holdings. They want some guidance in their long-term planning, but it might not lead to traditional portfolio of financial investments at a brokerage. Therefore, their request for a FA who has no profit motive in their next steps, just charges for planning services.

He will have penalties each year the excess remains in the IRA unless he corrects it by withdrawing with earnings now, is able to recharacterize to traditional, or until the year he distributes enough through a normal ROTH distribution to eliminate that penalty on the form 5329. Give the client his options because at over $400 in penalty each year, he may want to correct it. With my last one of these, the excess into his trad IRA was only $500 and client opted to leave it in because the penalty was only $30 and a distribution would be taken the following year and would eliminate the penalty anyway.

Yes, he can withdraw the contribution and what it earned by due date without penalty. Next year he will receive a 1099R and the earnings will be taxable but no penalty. When you say they does it mean MFJ? Would spouse maxing traditional make AGI low enough to keep Roth?

I think I will invest my money in my mental health and spend it on a nice vacation

I thought brokers might go back to collecting commissions on transactions when the Schedule A deduction disappeared. Nope, they like collecting that % of assets (regardless of whether you had a good year or not). I think the most egregious commission I ever ran into was an elderly lady whose bank had her 100% in municipal bonds and charged 5% of her holdings (annually).