grmy2h
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Posts posted by grmy2h
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It's the third year that I know of for sure, but I've read on the Drake board that it's many more than 3.
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So again, no price increase for Drake!!! Happy, happy day!!!
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8 minutes ago, RitaB said:
Me, too! I will sign for both of us! How many hours you want?
Me too. I deal with a Simple IRA for my husbands S-Corp payroll, but learned now how to handle it with a Sch. C business owner.
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I get 841.50 30,374 x .9235 = 28050 X .03 = 841.50
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IRS web says net earnings is amount you report on line 6 of sch SE, before you subtract any SIMPLE IRA plan contributions you make for yourself.
https://www.irs.gov/Retirement-Plans/SIMPLE-IRA-Tips-for-the-Sole-Proprietor
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http://www.tax.virginia.gov/content/military-tax-tips
Members of the armed forces on active duty are taxed on their military pay only by their legal states of residence (home of record). If your legal state of residence was Virginia when you entered the armed forces, and you have not legally changed your residency to another state, you are still a Virginia resident, although you may be stationed elsewhere. Report all of your income on your Virginia return, Form 760, whether it was received from within or outside of Virginia. If your spouse is also a Virginia resident, you should file a joint return, using Filing Status 2.
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I efiled a few about 2 weeks ago. Have not seen any charges yet.
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3 hours ago, JJStephens said:
Thot I'd followup on this from forever ago.
As I mentioned in my OP, I made the jump to Drake last May. Garsh, I wish I'd done this years ago. Sure there have been a few learning glitches but now that I have the hang of it I'm finding that my prep time is about 50-60% what it was previously with ATX.
That is really great to hear. I'm so glad it's working out for you!!
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..........and maybe a generator.
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From Pub 970: "To determine if total distributions for the year are more or less than the amount of qualified education expenses, you must compare the total of all QTP distributions for the tax year to the adjusted qualified education expenses."
There is no requirement to pay these expenses in the same year - only that the same expenses cannot be used for other education benefits.
(Bolding is mine)
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Do you have a transaction history for the student? Even though they only paid 9K, they could still have incurred more than that as QEE. Room and board can be used as QEE for a 529 also.
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You could always get the PPR and use for the really involved ones. I believe PPR comes with 15 returns for the initial cost of $300. You only spend more if you need more than the 15 returns.
I started with that my first year on my own.
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The 1095A was not reported on either return? Is the $6,000 APTC?
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It sounds like you added sons income to the return. If he is filing his own return then his income wouldn't be added. If I'm understanding the error message correctly.
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If you switch, I'll be happy to answer questions also.
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I didn't find that Drake had that big of a learning curve. I used ATX for 10 or so years and switched to Drake without any problems whatsoever a few years ago. Once I switched I found I like Drake much more than I ever liked ATX. I absolutely love the document manager. It will pdf and file the paperless copy all in the same step as printing your client copies. The document manger also works seemlessly with my scanner and files all the customer documents with just a click. Accurate returns, time saver and paperless capability.. It's worth every penny.
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Use Form D-40B, Non-Resident Request for Refund.
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Something sounds wrong in the ATX message. How else can you reconcile the 1095A if its not entered in lines15-23 (Apr- Dec). I no longer use ATX so I'm not sure the correct entry screens to get the numbers where they need to be, but they should end up in Part II, lines 15-23.
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6 hours ago, Lion EA said:
(yes, two Octobers for H) with three columns. Help!
Did he actually pay 2 premiums on himself for October and receive 2 APTC's for the same month? If not, then one of his 1095A's is in error. He may need to call the Marketplace.
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Health and accident insurance premiums paid on behalf of a greater than 2-percent S corporation shareholder-employee are deductible by the S corporation and reportable as wages on the shareholder-employee’s Form W-2, subject to income tax withholding.
However, these additional wages are not subject to Social Security, or Medicare (FICA), or Unemployment (FUTA) taxes if the payments of premiums are made to or on behalf of an employee under a plan or system that makes provision for all or a class of employees (or employees and their dependents). Therefore, the additional compensation is included in the shareholder-employee’s Box 1 (Wages) of Form W-2, Wage and Tax Statement, but is not included in Boxes 3 and 5 of Form W-2.
The Affordable Care Act (ACA) did not change the above rules regarding the federal tax treatment of health and accident premiums paid for a 2% shareholder.
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You can just check the box that all are covered all year.
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Yes, but after alocating they would only owe their portion back. Son would be responsible for his share.
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Allocate sons portion of 1095A to son.
ACA 2% Penalty Pro Rated?
in ACA
Posted
https://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/ACA-Individual-Shared-Responsibility-Provision-Calculating-the-Payment
"The annual payment amount is either a percentage of your household income in excess of the return filing threshold or a flat dollar amount, whichever is greater. If you have coverage or an exemption for only part of the year, you will prorate your payment for an amount less than the annual payment. The amount you will have to pay may be limited depending on your circumstances."