jklcpa

@mcb39 Marilyn, I am coming up with a repayment of $550, and this couple would have a repayment cap of $1,900 anyway according to the figures and the table in the 8962 instructions. You can ignore names and SSNs as this is from one of Drake's practice returns that I modified to fit the purpose. Please check forms to see that I've entered dollar amounts correctly and the answers to questions about the coverage and marriage date. You can download and print the pdf, and I've attached screenshots to view on screen for anyone that may want to check my work (probably a good thing at this point, very tired after really bad last 3 days. 8962 Alt Calc-Married Nov.pdf 8962, page 2 is mostly blank except for Part V that shows this: MAGI 8962 worksheet: Alternate Calc in Yr of Marriage Eligibility Worksheet: Worksheet for Spouse Alternate Monthly Contribution Amount: Last worksheet, Alternate Calc for Year of Marriage Totals Worksheet

I'll try to have an answer for you by the time you are back. In the meantime, I hope you enjoy the weekend away and not worry about this or the others on extension.

@mcb39 If you will post the following, I'll plug in some numbers for you and see what I get using the alternate formula in the year of marriage: MAGI The 3 amounts from the 1095-A: monthly premium, SLCSP, and APTC used. Tell us if the amounts from 1095-A are the same for all months of Jan-Nov

Which part specifically? Can you give us some data to work with, and what is going wrong, or what you don't understand?

Agree with both above. SSNs don't even show up on the 990 because they are available to the public, so it is for only the e-filing signature. Just have either use the current treasurer or one of the other officers sign and use that SSN.

Lots of that around here with medical practices too. My husband usually has to drive to his GP's office because they never answer the phone and their portal is useless ever since they were bought out by the major hospital here. It's right here in town, so only about 1/4 mile away. That hospital is buying up lots of the smaller independent offices. Today, husband drove about 10 miles round trip to his new ENT's office in order to change an appointment. They also never answer, and last week he'd left a message, someone called back on Monday only to have a click followed by silence on the other end when he answered the call. Yesterday he tried to call back 4 times without success, so he was mad enough to go in person today. Receptionist said that scheduling is outsourced to a third party. There are numerous and frequent complaints on social media about this particular office being hard to contact, and I knew it would be a problem. It's a shame because the original office was very responsive over the years my mother used them, but they merged with a larger practice sometime last year and this is the way the larger practice runs. Simply awful.

Best I can figure, he may be referring to the one-time setup of the MFA.

No reciprocal agreement for nonresidents selling WV property. Taxpayer will need to file a WV nonresident return that will include the cap gain on the sale of the property and will calculate the total WV tax. Then the tax withheld on the sale will be applied against that. Here is the WV code sec: https://code.wvlegislature.gov/11-11-5/ Seller or settlement agent should have filled out WV form NRSR at the time of sale which calculates the tax to be withheld from sale proceeds. This form must be attached to the WV nonres income tax form. You should check the WV IT-140 instructions as to whether paper filing is necessary, but it may be possible to attach the form as a pdf attachment. https://tax.wv.gov/Documents/Withholding/nrsr.pdf The withholding at sale is claimed on the WV nonresident income tax form. It should be entered on WV IT-140, line 15. Your client will receive credit for that withholding against their total tax, and they may owe some if the withholding wasn't enough to cover what they owe, or they will get a refund if the withholding exceeds their WV total tax before payments and credits. You should read the instructions to line 15 to make sure the appropriate federal forms go with the WV filing. This link contains the IT-140 and its instructions. https://tax.wv.gov/Documents/PIT/2024/it140.2024.pdf

My bank has that option for certain accounts, but the account holder must set up that feature, kind of like setting up the online bill pay or online banking for statements. The account I have doesn't have that feature available, and I don't have a savings account there anyway because their products aren't worth investing in.

You already received the best answer is to have client use IRS' Direct Pay. About the above statement, don't ever assume that a bank or credit union offers overdraft protection or that the account is of the type that even has that set up.

@Pacun and everyone, I fixed the link so that it now goes to the official IRS page for direct pay.

Attorney should get 1099. IN GENERAL, the part for services provided to your client should be on NEC box 1. The settlement portion should be on the MISC, box 10. The amount to include will depend on how the check was made out. My basic understanding is that if the check was paid to only one attorney, then obviously that attorney gets the 1099 for full amount. If one check is paid to co-payees, I think they each get a 1099 for the full amount. If attorney gets money and part is for co-counsel, then attorney gets 1099 with full amount, and they issue a 1099 for amount they paid co-counsel, but again, that depends on who check is made payable to. There is also the issue on what type of settlement the payment is for. Example, as the article below explains, payments for personal injuries don't require 1099s to the injured party but will be issued to the attorney, depending on how the check is made out. I'd suggest start your reading with the article below from the ABA that is written in more layman's language and is informative before going to the 1099 instructions for preparation, and then the code . The 1099 instructions do reference the applicable code sections. Also, perhaps a separate post would be better for what portions of these payments are deductible by your client. Slippery Pencil is correct that attorneys are an exception to the corporate rule. They get 1099s regardless. Anyway, here is the ABA article to start with: https://www.americanbar.org/groups/business_law/resources/business-law-today/2020-february/irs-form-1099-rules-for-settlements-and-legal-fees/

Ask more questions. Every day rented at below market rate is considered personal use, and this may not be a rental at all as far as deductions are concerned. If that is the case, the income becomes ordinary income, deductions evaporate except for those that would be allowed on Sch A.

Is this client using a management/rental agent? If so, those companies usually have a report that shows the actual days rented and the days it was owner occupied. If you can get that, you may be able to see if receipts for fixing up and repair costs match up to any of those dates after it was put in service. If there are no receipts for repair supplies but the report shows owner usage, then what exactly were they doing there? Even something as simple as painting requires materials, but if it is a nice enough property to be rented as a vacation spot that the owners choose to stay themselves, then what would be needed at that point other than routine cleaning or fixing something minor that was broken by a tenant? Are you sure that all of the $75K is furnishings that would allow the bonus depreciation? Is it available for rental this year, or is it already out of service? I also wonder about the $2,000 of income for 61 days of rental. That seems really low to me, but maybe it is your location compared to mine. What kind of property are we talking about here? Are these short-term rentals in a nice vacation area or a more rustic site like a cabin in the woods?

Delaware doesn't have reciprocity with any state, and we are so small that I can be in PA in 5 minutes, NJ and MD in about 15-20 minutes. Especially where I live in the northernmost county, we have many out of state people working here for the big banks, chemical companies, oil refineries, etc. We also have a lot of residents with out of state wages in neighboring states, and that means many of my returns are multi state with the credit for taxes paid to nonres states. Doctors and other professional medical staff that work at our largest hospital frequently have W-2s for DE, PA and now MD as our main hospital is expanding by buying the smaller ones including in our neighboring states.

Now that the convo seems to have exhausted and concluded, I found this funny clip about those farm trucks. It is a Facebook clip, so I'm sorry that those of you not on that platform won't be able to see it. https://www.facebook.com/share/r/16AqLmzUXp/?mibextid=D5vuiz

I'm confused by this. How is it possible for the ATX program to allow the 4868 and the 1040 to be filed at the same time? Extensions I file are because I am missing data and the input has estimated amounts in it about 99% of the time. Will these returns require amending now?

If you haven't yet done so, I would go to Drake's support site, and under "Reports," print out the "E-file Detail Lookup Report ." That report is more detailed than what is available through the software. For Federal and each state return, it shows the time stamp, its e-file status, the e-file submission i.d., and the DCN. The submission i.d. is unique to each return, so CA's identifier will be different than the federal or any other states for the client. Because by Monday you will be beyond the 5 day correction period for rejected e-files, that report would prove that e-filing was done timely, because if you end up resubmitting the e-file for some reason, it is my understanding that a new e-file submission i.d. is generated and that may make it appear as if these returns were filed late. If you don't have acks by Monday, I also think you should escalate this to a higher level with Drake than with those that provide basic telephone support. There were other years where posts here indicated a delay of 2-3 days immediately after the deadline, but this seems too long to me.

Are these returns on extension? The reason I ask is that my state doesn't accept e-filing of its extension, so when I send the 4868, I always click the box to suppress the state from being sent just in case. Then, I always have to remember to uncheck that box when I file the returns themselves. Any possibility something like that happened? Another thing, have you checked the e-file database for these 5 returns, either through the software or Drake's online site to make sure they were sent and for the timestamps?

Sounds good, but I would suggest this substitution: After reflecting, I realize that I need to reduce my workload to a more manageable level.

When I read posts like some here in this topic and others, and I think back to the workload I endured in my earlier career, I worry about some of you and about us as a profession overall. I haven't made nearly the amount I could have for whatever talents I have, but I have made a concerted effort for a healthier work-life balance and am happier because of those choices. This work can be extremely rewarding, but I believe that it shouldn't be at the expense of our health and well-being. I wish you all well, hope that you recover quickly, and are able to enjoy some quality time away from the office. I also hope to see you here in the off-season as we continue to work at a less hectic pace.

If someone did that to me, I wouldn't have wasted an hour and may have considered not continuing on with the client, all depending on the tone of the lecture and insistence. Probably not over rounding though. Twice in my career I had returns ready to file, took them back from the client and disassembled them, handed original source documents back, and showed the (former) client the door. However, it was people who had outright lied, insisted I file a certain way, and when I refused to file fraudulent returns, accused me of not knowing what I was doing! Fine, they could go find someone else!

So much BS. My BCBS rep told me today that I should have had the Part D drug policy in place by April 1st also. She'd never heard of Part A ever being earlier than Part B, so when she looked into it, she could see that about my Part D date.

So, I will be 65 next month and applied for Medicare. I did not realize that really special people are born on the 1st of a month are eligible for Part A the month BEFORE turning 65, while Part B can begin in the month of the birthday. This means that I was not eligible for that HDHP or to contribute to my HSA for the month of April, but at least I haven't overfunded it. But WHY is eligibility a thing where Part A kicks in a month ahead? WHY?! Next, I decided to renew my state permits to practice. The portal is always very slow and now has a box that requires the date when I first registered for peer review. Well, I found the original letter from the AICPA showing my registration back in 1998, so the state is getting a copy of it! So there, take that you pesky state! I mean, It's only been 27 years already! And then in the middle of that renewal, my most procastinating client ever called (again) to say is "working" on get documents together. I still don't have anything from for 2023, let alone this past year! Arrggh! On a brighter note, I delivered my final returns that have been completed for the season and filed the few that are on extension. I am taking a few days off now and will take hostilities out on some clay pigeons tomorrow!

You already have the answer for the federal superseded through ATX, but this topic came up earlier this season, and at that time when I checked, there were only three states (CA, UT, NY) that accept superseded individual returns. That means that if your client's state return(s) also requires correction and isn't one of those three states I listed, then you will have to create a separate file for the state amendment. It may be easier to process by amending both the federal and state at the same time.