jklcpa
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Posts posted by jklcpa
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Check pub 525. With the repayment being over $3k, I think you can choose either to claim on Sch A line 16 or calculate a tax credit, whichever is better.
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32 minutes ago, Christian said:
A client has come in with a 1099-K for $1300 from Ebay. I thought the new rules stated that $5000+ was the amount needed to require the filing of this form. Soooooooooo what do we do just ignore it or what ?
My husband has a Sch C biz and was correctly issued one from Block (Square). I didn't keep the email because it didn't apply in his circumstance, but there were lower thresholds shown depending on the recipient's state that may be the reason your client received one from E-bay.
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1 minute ago, Abby Normal said:
Could be the time on your computer and phone are off by more than 30 seconds. You can tell windows to display seconds, then compare that to your phone. Or you could switch to a desktop authenticator, which is the path I chose.
Yes, this could also be a problem. My phone and computer have a difference of 2 seconds and the auth code will fail if I open the authenticator before trying to open the program, but it works every time if I open the program to the point of needing to get the auth code and then open the authenticator. Then it works every time.
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9 minutes ago, Patrick said:
I have followed the instructions, i get the authenticator code, enter it with and without the space, it fails every time. I have repaired the authenticator. Tried both Windows and Google, still fails!
Are you trying to pair the device to your computer by entering the initial code for that, or have you completed the pairing and are trying to open the program?
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Long-time Firefox here also, and my Bookmarks Toolbar is empty. It's been set up so long ago, I didn't know that news feed would be there, and that would be annoying to have junk stories as I work..
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Sometimes though, it is a holdup on the states' side of the testing, not the software vendor.
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Is this the first form 943 for this farmer? Maybe this to consider from the instructions:
QuoteWho Must File Form 943?
File Form 943 if you paid wages to one or more farmworkers and the wages were subject to federal income tax withholding or social security and Medicare taxes under the tests discussed next. For more information on farmworkers and wages, see Pub. 15.
After you file your first Form 943, you must file a return for each year, even if you have no taxes to report, until you file a final return. You’re encouraged to file Form 943 electronically. Go to IRS.gov/EmploymentEfile for more information on electronic filing.
The $150 Test or the $2,500 Test
All cash wages that you pay to farmworkers are subject to federal income tax withholding and social security and Medicare taxes for any calendar year for which you meet either of the tests listed next.
You pay an employee cash wages of $150 or more in a year for farmwork (count all wages paid on a time, piecework, or other basis). The $150 test applies separately to each farmworker that you employ. If you employ a family of workers, each member is treated separately. Don't count wages paid by other employers.
The total (cash and noncash) wages that you pay to all farmworkers is $2,500 or more.
If the $2,500-or-more test for the group isn't met, the $150-or-more test for an individual still applies. Similarly, if the $150-or-more test is not met for any individual, the $2,500-or-more test for the group still applies.
Exceptions.
Special rules apply to certain hand-harvest laborers who receive less than $150 in annual cash wages. For more information, see section 9 of Pub. 15.
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19 minutes ago, Terry D EA said:
I
The use of the zip code is never mentioned. All of the documents issued by the IRS indicated all 46 counties of SC. No, I did not give any reasons for the late filing. I do use Drake and really never thought of using the MISC screen for this. Good to know though for the future. I just did a terrible thing and assumed the IRS would follow their own rules. SC did without incident. No worries as it will not happen again. I have managed to get into a bad habit of putting my own return on extension and leaving it until the very last to take care of everyone else.
re: the zip code, I realize that the official pronouncements indicate the county. I only mentioned the zip code because the IRS used that to include that ever so helpful insert for you to consider the disaster relief for your late filing. Without indicating why you filed late, the IRS' system just saw a late return but based on your zip code, said you might be able to use the disaster relief as the reason. Your post trigger the memory of paper-filed returns with notations at the top such as "filed pursuant to blah, blah" and was the reason I asked.
My return is usually one of the earlier ones filed because I use it as the test.-
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I've used efilemyforms.com for a few years with ease.
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1 minute ago, mcb39 said:
My understanding is that e-file opens on the 29th of January.
This morning 9am eastern
https://www.irs.gov/e-file-providers/modernized-e-file-mef-status
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Yes, it was supposed to open at 9am ET today.
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22 minutes ago, Abby Normal said:
It probably is less secure, especially if you put a shortcut to your authenticator on your desktop, but any hacker would also need to break your ATX password, and 3 wrong guesses would lock them out and require a password reset, so I'm not worried about it.
True.
19 minutes ago, orst88 said:And in my case no one to be compromised by as it's just me, myself and I.
I agree. One thing I'd wish for is if we could get rid of the program timing out and requiring us to log in again.
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18 minutes ago, Abby Normal said:
No because you can't have two different authenticator setups. The last one you do will be the only one that works.
But I do agree that a desktop authenticator is superior to a phone based one because you can copy/paste the 6 digit code into ATX.
More convenient and maybe OK for a desktop, but isn't it somewhat less secure to have it on the same machine if that machine is compromised. I also see this setup as less secure on a laptop that travels with the preparer. If the laptop is lost or stolen, the MFA is there on the same machine as the tax software, or whatever program or internet site the MFA is protecting.
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On 1/23/2025 at 10:41 AM, Terry D EA said:
I live in Myrtle Beach SC and we are in those disaster areas. The filing deadline is extended until May 1, 2025. Yes, that means the IRA you are mentioning. Beware, I filed my LLC 1065 after Sept 15th that qualified for an extension and still got a late filing penalty. I called the IRS and got it taken care of but....... Funny thing was the notice contained an insert alerting me that I am in a declared disaster area and may qualify for relief.
No Judy I don't think your lucky with searches and you are just plain good at it.
I think IRS goes by zip code and would be the reason you received that insert with the notice. I am curious though, did you indicate the disaster area and reason for the late filing and then IRS ignored that? If using Drake, that would be entered on the MISC screen.
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Not enough information to answer. Is it a vacation rental used by owner?
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3 minutes ago, BulldogTom said:
How do you find this stuff? I skimmed the pages as well and I never saw anything. I suck at searching.
You are the best, as always.
Tom
Longview, TXSometimes I'm lucky with searches, I guess.
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Here's the whole page of IRS newsroom announcements by year, if that isn't the one:
https://www.irs.gov/newsroom/tax-relief-in-disaster-situations.
Also, here's a link to Rev Proc 2018-58 . link to it. Look in Sec 8, item 11 where it says this:
Quote11. Sec. 219(f)(3) A contribution to an IRA shall be deemed to have been
made by the taxpayer on the last day of the preceding
taxable year if the contribution is made on account of such
taxable year and is made not later than the time prescribed
for filing the return (not including extensions thereof) for
such taxable year.-
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Maybe, but it may depend specifically on which disaster and what exactly was extended. The IRS publishes guidance for each specific disaster that has all the details.
I skimmed through and found one for FL related to Hurricanes Milton and then Debbie that may be the one you are asking about. IF that is the issue, then the answer appears to be yes if your client had a valid extension until 10/15/24. It was the 12th bullet point down listed under 2024 that encompasses all of FL relief, and there were other IRs for each of the specific disasters below it. Anyway, the one linked does "stack" the relief, as you put it.
In the 4th paragraph under "Affected Taxpayers" it refers back to Rev Proc 2018-58 for the additional deadlines for payments to be extended and IRA contribs is one of them.
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24 minutes ago, orst88 said:
All right... Thank you. So now that I've re-paired my program to authenticator
(and this time copied that long-stringed alpha-numeric back-up value to have available just In case)...
where does IT go? I tried pasting into the 6-digit value field just to test... didn't work
Paste it into some sort of text document via Word or Notepad and save that document. Probably a good idea to save it on the computer and print it too. The code doesn't work anywhere now and would only be used as part of the recovery process if your phone is lost/stolen/broken.
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This is beyond me, and I'm not thinking clearly ATM anyway. Even if I could though, this needs to be incorporated in their overall estate plans, so I'd be sending them to an attorney that specializes in tax and estate planning.
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Just now, Lion EA said:
Is that the code that you copied and pasted to a document? I put mine in a Notebook folder.
Yes, that would be it.
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Watch the following ATX support video starting at 4:25 minute mark for how to reset the pairing. You will need your activation code to do this. You will have to go through pairing the device again and will show that recovery code at that time.
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Probably puts it in the computer's clipboard for use in pasting somewhere else, as in copy and paste.
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1099R and CA 540NR
in General Chat
Posted
Exactly what Tom said above. Drake is only generating the CA540 because of that "CA" you've entered. If the resident state picks up the data from the federal input, it should show up properly on the resident state return, but if it doesn't then you may have to make an entry for the state income to be correctly reported.