Pacun

I had two tickets opened with ATX. The best solution is to override. I don't like overriding but I hope efile likes it. 

I doubt anyone using ATX has given this juicy credit (70% of Federal EIC) to his/her clients. No warnings, no alerts, NOTHING from ATX when you have missed this credit. 

This is my work around. I save after I created the efile file for the federal return. Then I go to SS# and change the first 9 to a 7. Then I go to all EIC questions and forms and filled them out. That will calculate the EIC on the federal. Let's say that number is $6,000 for 2 children. I write down $6,000 in a piece of paper, change back the the first 7 on the ss# to a 9 and save the return. (It seems you have to prove that the person qualifies with all the IRS except SS# for the DC credit).  You go to DC D40 type a number on box 27a and override it to 2 (children). You go to line 27c and enter a number and then click override and then enter 6000. Then go to Line 27d enter a number to invoke the override command and type 4200. Save the return and business as usual. You have recover $4,200 to your client. 

"Taxpayers with a high deductible health plan can deduct up to $4,300 ($8,550 for family coverage)."

Why not double the solo coverage amount to $8,600 for family?

That's why everybody was got off guard. ATX didn't prepare the software. I believe they are working on an update as we chat. 

Other sanctuary states might follow suit next year or in the years to come.

Silence is golden

In ATX, how do you claim Earned income credit for ITIN holders? Have you missed that credit on the DC return? Will you have to amend?  Thank you.

The first question I have is how much "profit" we are talking about. Let's say (assuming here since the info was provided) the profit was $1,000. Then I am sure that if you report 1/3 to Kentucky and 2/3 to Wisconsin (prorated to the length of time on each state), your return will look neat and no one will bother for those extra $100 in taxes. Now if we are talking about a million dollars in profit, I am sure Kentucky might want it all the taxes on that million.  

A spreadsheet can be created at any point and during an audit, it might leave an aroma. 

Paper records, along with a couple of pictures sent to your email every 6 months will not be challenged. 

Thank you for your suggestions and going to my local store sounds excellent. 

I have purchased a few stock logs booklets and they have extra columns that I don't use. I want something simple like:

Date purchased - Date sold - stock name - amount of stock - price purchased - total cost - price sold - amount collected - Profit/loss and notes.

Do you know of any company that can make me those booklets? 

so, technically, it is a no brainer to make it taxable since the parents return is not negatively affected... only the AOC benefit, correct?

At worst, the student would have to pay at parents rate.

If your client is not a World Bank employee exempt from US tax, even though he is not a US citizen or green card holder, if they are present in the US for more than 183 days, they are considered as US residents for tax purposes by meeting the Substantial Presence Test SPT. Therefore, they are required to report worldwide income on his US return. Substantial Presence Test | Internal Revenue Service (irs.gov)

ALL of you should do this to your windows 10 or 11 computer. Run cmd as admin, type sfc /scannow and press enter. (any corrupted file will be replaced) I do this every time I remember maybe once a month.

To the poster:

Remove ALL your printers from Windows. Restart your computer, install ONLY the printer that you use. Do that for a couple of days and see if there is a different. If you need to install other printers, do one every other day.

Also do this:

1. Press Windows Key + R then type services.msc and hit Enter to open the Services window.

2. Scroll down & look for Print Spooler service and then select it.

3. Right-click on Print Spooler service then select Stop.

4. Press Windows Key + E to open File Explorer then navigate to the following folder: C:\Windows\System32\spool\PRINTERS

5. Delete all the files in this folder and then close File Explorer.

6. Go back to the Services window and right-click on Print Spooler service then select Start.

5 hours ago, Lee B said:

https://www.atxcommunity.com/forum/2-general-chat/#:~:text=atx software closing or crashing usually during print function

What is this link? an endless loop?

14 hours ago, Randall said:

Are you talking about taxable scholarships that would be included in earned income to increase the standard deduction for the student who's W2 was less than the standard deduction?  What about taxable 529 money?  Would that also increase the standard deduction?  It doesn't appear so on the ATX input.

No, I am just making the scholarship taxable so that AOC comes to play.

That's exactly what I did but I think there is a more elegant way of doing it. In any event, the end result is the same. 

I entered "Less scholarship already reported as income elsewhere in the return" 3,000. And then I entered 3K on Sch 1, other income, SCH 3,000

Thank you.

If I recall correctly, line 7 on 1040 used to dot SCH for taxable scholarship if entered correctly. How do I do that on the new 1040 line 1?

It is interesting to see that if you have profit on a house and you stablish residency on another state where there is no capital gain taxes, you can save about 100K in a million dollars capital gains. 

The organization clearly has its income exempted if you are NOT a us citizen or resident. He is a resident based on the days he has being in the US since he doesn't hold a G4 visa, which pretend that you don't "exist" in the US. I am going to send my question to NATP research team and see what they say. 

6 minutes ago, Lee B said:

I just did a return with a 2023 Model 3 which qualified for the $7,500 credit

I won't efile until tomorrow  morning after I meet with the clients.

Is the form easy to prepare? I think I have done only one a few years ago. 

Venezuelan got advance parole in Colombia and was sponsored by one of his clients. The world bank gave him a job upon arrival and he made $35K.  To me he has to file taxes, but he has consulted with the "tax department" of the world bank and has been told that ONLY US Citizens and Legal Permanent Resident ("green card holders") are required to pay taxes on world bank income. 

That's is correct but the way I interpret it is: If you have a G4 visa through the world bank, the income is not taxable. 

Any suggestions? I do believe he has to file but my world against the HR department and "tax department" from the world bank is weak. 

Married US citizens went to live in Spain 10 years ago and left a house in the care of their three children. Children lived there and maintained it and paid house taxes yearly. Cost of home, $400K sold for $1,200,000.  Improvements $100K. So profit was $700K. 

Their income is only about $10K each in SS.  Any breaks on the profits of the house? 

Do you know if Tesla's 2023 qualify for the EV credit? I would assume that Tesla has used up the quota a long time ago.

Do a fixed asset and then link it to Schedule F or C as needed. You have the choice of mileage or actual expenses which include depreciation.

FOMO will be next year when my glass is almost empty and bribes for the bartender will be flying left and right. 

DC hair stylist was hired by a mini star and he traveled twice to CA, 3-day and 4-day trips in 2023.  The company for which he works issued his W2 with CA withholding. 

At first glance, I thought I was ONLY going to ask CA for his withholding refund but because he traveled to CA, I think I should do something different. 

On 3/1/2024 at 10:19 AM, JohnH said:

I'd be concerned that the whiskey is watered down and that all the top-shelf bottles had been refilled with rotgut.  Next morning, while I'm still sick from the adulterated product and examining the overcharges & inflated tips on my tab, I'd come to realize that neither the bartender nor the owner will be around as I discover the fraud and have no means of restitution.  

This bar, with the bartender and all people involved will be open for good drinks again in a couple of years after you respond to the "last call". 

This is the common reaction. Next year, when I will be enjoying my drink, people will see me enjoying and they will want a drink. They will give extra money to the bartender in order to join me but at that point, the bartender will nicely take their money and serve them exactly what you are describing. TIMING is everything!!!!! The bartender has started softly saying "last call" it is up to you to order a drink now and join me and other enjoy the party. 

Why did I say for ever: because this time will be remembered as the best run ever. More runs will come, but not like this one. 

By the way, QNT and Gala above are now in profits.

Gala 

GALA $0.04471
QNT $125.42

I think I will post again on April 24th ish to follow my original plan.