Leaderboard

The client should keep all bank records pertaining to the transaction. It has been my experience that the IRS will send out a letter asking for them.

I would: Proceed to file 2024 return (with corrrect correct carryforward figures).

I think that you have to create the e-file first, then you can look at the tabs below the 1040 EF Info for the one that says e-filed forms. That should tell what forms will be e-filed.

I am just wondering if rather than replacing the statement for $30K this is actually an additional statement, in which case you could just add the -0- to the previous statement and basically ignore it. Although it says it replaces any previous statement, is the claim number in box 8 the same? Could they have "paid" on a different claim number in error and clawed it back before she even noticed?

What came up was Filing as surviving spouse. I looked at 1310 and the box autochecked is Surviving spouse requesting reissuance of a refund check received in the name of both the decedent and the surviving spouse. So no efiling of a return with a decedent spouse and direct deposit into a joint account? Based on this: https://www.irs.gov/faqs/irs-procedures/signing-the-return/signing-the-return I don't think a 1310 is called for as no check has been issued in both names.

Tax Notes has an article about this: https://www.taxnotes.com/featured-news/trump-border-czar-says-hes-hopeful-irs-agrees-share-data/2025/03/25/7rt6r

This is me: My clients hire me to correctly prepare their 2024 return. So, if I were you, I would do what Bart said. I wouldn't even bother to send people back to the other preparer since 2023 received the correct refund and so will 2024. Or you think the IRS will say "hey you have some left over credit from 2023, here your check"?

Don't allow yourself to feel like a loser. There was no way safely to predict this; better to file (once) and be safe than to skip it and possibly be open to nasty fines and investigations. Your advice kept them safe. Had it gone the other way, you could have been castigated for callousness or negligence by those same clients.

ohhhh - claim number is different. I'll bet you are correct. Thank you very much.

Looking into it a bit more, it does appear that both need to file 8962 if MFS even though only one had coverage. Both would be subject to repayment on their returns. I can't see how it could be allocated as only one had insurance. If you have a situation with ACA where it's better to file MFS, I'd be interested in seeing numbers.

To say the least.

Interesting article.

You don't mention how much she made and who she lived with, those two questions and her age are important in determining if she can be claimed by another person. It seems strange that while situation was favorable for her, she didn't file her taxes and now that "la tortilla se esta volteando", she wants to file her taxes. "She and her husband is a non citizen with a social security or Tin who has been living here since childhood apparently." It is not clear if you meant to use "without SS or ITIN" and the rest of the sentence is not necessary. If they don't have SS number or ITINs, you might have to request an itin for both of them since you might need them when filing MFS or jointly. You mention they are separated but you don't say when they separated or if the child went to live more time with the mother or the father. When not enough information, I pull my crystal ball and I believe that you most likely are going to file 2020 (no refund or rebate, if any, for that year because it is too late) MFS, 2021 might be too late too because by the time the ITIN is issued, April 15, 2025 will be gone. Again 2021 (according to my crystal ball) will be MFS, 2022 and 2023 will be MFS and those will be in time most likely. 2024 could be Head of household.

A few years ago I had a client of about 3 years and I noticed that there were lots of st trades - lots! I asked her about her understanding and she had no clue. I suggested that she take her portfolio to a couple of other firms to review and ask how they would invest and manage her account. She changed investment advisors within a couple of months. It certainly looked like churning to me and it was. Yes, there are too many greedy people out there just waiting to take advantage of the vulnerable.

I've seen three elderly clients in the last couple of years end up with huge capital losses on "managed" accounts. More like "churned" as "managed" implies they have a clue that someone in their 80s or 90s is looking to preserve capital not trade for gains (losses). It is infuriating. These folks are trying to live on savings plus leave something for the kids and grandkids, not lose it all to fat fees to callous churner scumbags. And reporting them gets one absolutely nowhere.

Reminds me of the joke of the IT professional whose only in-house electronic device is an ancient printer, and they keep a weapon near to hand in case it ever makes any weird sounds.

Most of the clients I've had in assisted living get a letter from the facility annually that states "32% of our charges are considered medical assistance" or "$1,312/mo is the assistance fee" or something similar. Sometimes the letter has to be requested.

Hi Marilyn, Sorry, I didn't communicate very well. I was speaking of entering what's on the 1099-R form in ATX and then what you can fill in on the ATX (1099-R) worksheet.

No, not the heir, but if you are preparing the final tax return for George & Elizabeth, they may be able to finally use some of the suspended losses. The property is considered disposed of on their final personal income tax return. Below is the paragraph that explains how it would work, and that is taken from this article by The Tax Advisor: https://www.thetaxadviser.com/issues/2017/jan/carryovers-death-spouse/

Actually have Dean, Tony Bennett and others on rotation. I listen to everything, well.. except rap and new country. Has to be old country. Chet Adkins, Merle Haggard, Charlie Pride. And then Judas Priest kicks in !!!!

joanmcq, the sister indicated that it was the gold that was sold. I don't understand that as I was also told that the scammers brought a box to the porch to 'prove' they had bought the gold, told client not to come out on the porch, then other scammers quickly arrived and took the box for safe keeping (or something). I think it could as easily been a box of rocks. Client really is having trouble with memory along with great embarrassment that this happened to her. This is why I want to see the entire 1099 packet from the investment company along with all the statements from 2024, especially those in the months of the scam activities. I'm hoping to get these this week. Sister had a migraine Friday and didn't want to deal with this at the time. I'm not surprised, this has to be tough on her especially as they were estranged for many years.