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About Pacun

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    ATX Supreme Guru

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  1. Pacun

    1040X for client that came back

    I prepared the mother's old return and then I amended. That gave me child tax credit for 593 on 1040X. It gave me the amount for EIC for $3,200ish and the additional child tax credit for $1407. I printed out that 1040X and deleted that 1040X while leaving the mother on top on the 1040 that was not deleted. I added husband on the second line and I added his W-2. Then I clicked "amend return" one more time and I made sure that the correct amount (column C) was $2,000 for child tax credit, and 0 for EIC and 0 for additional child tax credit. While copying Column A from the 1040X printed before. I also added on 1040X on column $18K for standard deduction (he itemized) and that the correct amount was $12600, and the software entered automatically $5,400 on column B: The last thing was to adjust the refund and the payments made. On page two, on column A, said that only one exception was claimed on filers and I entered 2 on column C. The software automatically entered 1 on column B, which indicated that I was adding 1 more exemption (should I have put 2 on column A?) I also stated that I was changing HOH status. If I amended the husbands, I would have to enter the children info on form 1040X and more entries would be required. So for the amended return the wife is on top which might cause me some issues with DC but se la vie. By the way, he called me at 10AM and his appointment was for 9, so I told him next week... meaning I still have more time to correct anything else.
  2. Pacun

    1040X for client that came back

    So, what would you select when answering "status originally filed"? Husband Single, wife HH. The more I read, the more I realized that that doesn't matter since the IRS only cares for the end product and the fact that they are filing a joint return. It is my understanding that 1040X returns are read by a person and that person has access to all other returns filed for that year. Tomorrow is the day. I already started the return and I will see what happens.
  3. Pacun

    I really am not that dumb - report 6252 sale

    What years will the $27,000 be received? If I am not mistaken form 6252 is only for installment sales.
  4. Pacun

    1040X for client that came back

    I have a better idea. Since I have the old return, I will roll it over. This will bring all SS# date of births bank accounts etc. I will take out the wife and start as HH. I will enter the wife's W-2 and this will give me all the credits they took. Then I will amend it. On the amended return, I will enter the wife's name and husbands W-2s. After I enter his W-2 all EIC will become 0 and it will calculate everything correctly. Husband didn't pay what he owed so there is nothing to consider on his side. Remember, I am sending this on paper and attaching all W-2s and the program only cares about the numbers not who took the credits. The only issue I see on this approach is that the husband will be listed first and I will be changing from HH to MFJ.... but filed as single. I don't want to recreated him because they itemized deductions for him, the EIC will not be accurate. The other solution will be to file her on top and put him as the spouse but I will have issues with DC because they will create a new, third profile for them and new profiles have caused me to make many trips to the DC government.
  5. My client left last year and he is married and filed and single. Wife filed as HH with two children and got $$$ from EIC. I can roll over my client but I think it is better to recreate the wife's return and then add him to the 1040X. If I roll over my client, no EIC credit will be enter and I will have manually enter it. Keep in mind that if I do on his return, by the time I enter the wife's income the EIC will disappear and I will have to manually enter it on 1040X. If I recreate the wife, I will have to start from 0. I told them to come back next Saturday so I have a whole week to think about this one.
  6. Pacun

    Is this possible

    JohnN that's a good idea. I do have a field with an * for people who started doing their taxes the second year I was in business. I could easily use that same field since only a few clients have an * on that field and for the rest it is empty.
  7. Pacun

    Is this possible

    ILLMAS, that's the idea. It will be nice to search for social security numbers and then call your people in November so you can make extra dinero AND avoid reduced refunds and letters from the IRS.
  8. Pacun

    Is this possible

    Does ATX have a feature to search for social security numbers, which include filers and dependents? I would like to search for *-82-*
  9. Pacun

    Quick question about 2018

    My understanding of a wash sale is that you sell stock and then your replace it with a similar one.
  10. Pacun

    Quick question about 2018

    So, no more like-kind exchange except for real estate in 2018. does it mean that no more wash sales?
  11. Pacun


    Maybe you can save them some money if you allocate 50% to the son or 100% to the son. or 99% to the son and 1% to the parents.
  12. Pacun

    how do correct a 1099misc with ATX

    You will have to paper file it. Just check "corrected"
  13. Pacun

    Uber Drivers Losing Money

    In prior years, UBER reported only miles while the "taxi" was occupied with passengers. Last year, they sent the reports including miles that the driver was on line. That makes sense. I do believe that as soon as you start the application, you are working since you cannot be refusing pickups or your ratings will go under. All my uber drivers make money if not, common sense will tell the to get out of the business. I saw another preparer's returns for 3 years where the uber driver made 26K and after repairs AND MILEAGE his profit was 2K. His wife brought him to me because she was not getting a big refund and she wanted to file MFS. I showed her that her 25K filing MFS she was going to get a refund of $400 vs the $1,100 she got for the last three year, she gladly went back to the old preparer. I don't want this type of clients so it is better they go away. My brother was as an Uber driver and for sure he makes money and pays a lot of taxes. As for the employee relationship to Uber... there is no way that the courts, states or IRS will make that relationship become other than independent contractor. Uber doesn't not train these drivers, Uber doesn't control their schedule and there is no employee/employer relationship.
  14. Pacun


    I found this and I wonder if other countries SS equivalent can be entered on our regular SS worksheet.
  15. Pacun

    IRS Audit Letter

    This might not apply in your case but it is a good idea for all of us to remember that if a student took the HOPE credit, it counts against the four times a student qualifies for AOC.