Leaderboard
Popular Content
Showing content with the highest reputation on 05/08/2024 in all areas
-
He is not a qualifying child as he was not under age 19 or a full time student 5 months of the year. He is also not an other dependent as his income is above the 4,700 income limit for 2023.5 points
-
It's in the 1040 instructions, pub 501, the interactive tax assistant on the IRS site, tax research books such as The Tax Book, Master Tax Guide, should easily be found using a search engine such as google, etc ....4 points
-
When we do an amended in ATX, we open the original return and click "Returns" then scroll down to amend return. This creates a new return as originally filed. Close the original return. Make the changes in the Amended Return and all should flow correctly. By copying and adding the 1040x, the flow gets broken.2 points
-
If 1099LTC is only for reimbursed expenses, you don't file 8853.2 points
-
Gross income test applies to qualified relative but not to qualified child, so it depends.2 points
-
I suppose they blow it off as immaterial when their balance sheet doesn't add up by $2045. But when I try to use it it kinda messes up my spreadsheet. Does my little heart good to show my client that they were way over-paying for inaccurate financials.1 point
-
I should've put that phrase in quotes! I meant to say that if he insists upon filing that form, it has to be filed and paid on pay.gov anyway, so he may as well do it himself, because none of us see a reason for him to file it. It would be nice if he tells you which criteria he meets for filing. Or, if he gives you a cite from his "tax-savvy" advisors.1 point
-
Sounds to me like they only think there is a form to complete.1 point
-
Under the age of 24. When the son no longer qualifies as a Qualifying Child, then look to the requirements to be a Qualifying Relative. The IRS has a lot of material regarding dependents and even an Interactive Tax Assistant (ITA) dependency wizard: https://www.irs.gov/help/ita/whom-may-i-claim-as-a-dependent https://apps.irs.gov/app/vita/content/globalmedia/4491_dependency_exemptions.pdf1 point
-
Unfortunately, the original notices were suspended during COVID. The IRS restarted sending out notices in February which is why clients are receiving these balance due notices now. You will need to have your clients request a "Record of Account Transcript" which will show everything.1 point
-
The proposed regulations are here: https://www.federalregister.gov/documents/2020/06/10/2020-12213/certain-medical-care-arrangements, but indicate that they take affect when finalized. I also don't believe they have been finalized.1 point
-
Pat Dimmitt over at the NAEA site in February commented that the rules remain in proposed form and therefore sticks with a previous opinion:1 point
