Janitor Bob

I also do he father's taxes, so I KNOW he will not be claiming child for EIC.

Yay me...just filed all 2014 1099-MISC forms for clients!

Yes KC...Kristin at ATX is notifying proper folks to get the table corrected.

I answered yes, but that this taxpayer would be claiming the child for EIC

It is possible that the reimbursements will be included on their W-2s as taxable income or they will get a 1099-MISC...In this case, I would go ahead and claim the Hope as normal...students will pay taxes on the reimbursements when they receive them.

Yes...The actual FAFSA pulls the 1040 easily and quickly...once it is available. But like Jack pointed out, the time frame is the same. This client was thinking it would be quicker to request the physical transcript immediately upon acceptance from the IRS web site....and bypass that wait time. I will point out to them that the time frame is the same and it would be faster to pull automatically from the FAFSA.

Jack, my experiences have led me to the same conclusions, but FAFSA does a pretty good job of scaring students/parents into thinking everything needs to be filed yesterday. I wanted the above reference in print to show my client.

I found it: When your original return shows a ... and you filed electronically, then and you filed on paper, then refund amount or no balance due, allow 2-3 weeks after return submission before you request a transcript. allow 6-8 weeks after you mailed your return before you request a transcript. balance due and you paid in full with your return, allow 2-3 weeks after return submission before you request a transcript. we process your return in June and you can request a transcript in mid to late June. Note: we process all payments upon receipt. balance due and you paid in full after submitting the return, allow 3-4 weeks after full payment before you request a transcript. balance due and you didn’t pay in full, we process your return in May and you can request a transcript in mid to late May.

Client needs a transcript of his 2014 tax return as soon as possible for college financial Aid. However, I am just now transmitting his Federal return. Does anybody know how soon after Fed return is Accepted can client request a transcript from the IRS website?

Currently, I have mom filing as Single...claiming the child for dependency exemption, EIC and CTC. Father filing as single with no dependency exemption or credits. what I was wondering is if father could file as HOH (without claiming dependency exemption) instead of single.

I need to refresh myself and consult with others every year...and still not sure I'm understanding. unmarried parents live together all year with their child. Dad has income of $29,000. Mom has income of $16,000. Both agree to put child and all associated credits on whichever return maximizes the refund. Can mom file as Single and claim the child for Dependency, CTC, and EIC and Dad file as HOH with no dependency exemption?

Just FYI for my fellow Ohio preparers. ATX auto-populates with the incorrect income tax rates for both Piqua and Sidney on the OH Gen City form. Both cities increased their rates effective 01/01/15...but ATX is using the higher rates for 2014. Sidney: 2014 is 1.50%, 2015 is 1.75% Piqua: 2014 is 1.75%, 2015 is 2.0%

Assuming that client is claiming the child as dependent, I'd say yes she can claim it all. However, I think there is a $3,000/child max so your point may be mute

Has anyone looked at the new 1040? What shananagins is this line 61? What is "Healthcare: Individual Responsibility"? Is that part of the ACA that all the kids are talking about these days? Damn Kids bunch of hulligans, they are

Your client sounds EXACTLY like my couple. Hopefully, I can train them on proper bookkeeping since they just started and seem eager to do it right.

They have a banking account NOW for the LLC, but did not have one last year. However, their "cash" account on e-bay may be the same thing.

These two clients have no idea what they are doing or what they want to do...certainly no GP agreement. Basically, they wanted to start a business and a friend told them they should form an LLC so they did. They have no idea how to keep books/records other than the most basic sales/COGS. The only reason their records are as clear as they are is that almost everything was done on-line through e-bay...which kept track of their sales, returns, fees, and withdrawals from their capital account for them. I am just trying to work with them to find out what they spent on purchases (COGS) and other expenses. My original question about the withdrawal was because I saw a $3,000 withdrawal from their e-bay cash account that was not related to any e-bay fees/expenses....just cash out of their account into partner's pocket. I now need to find out if that $3,000 was used to purchase more items for re-sale (COGS) or just for personal use. one partner (who initiated the withdrawal and is really the most active partner) contributed all of the capital to start the business. He is 75% and girlfriend is 25% in the partnership.

Thanks...found that 5 seconds after posting. I remember liking this explanation from Pub 17 because its is easy for the client to understand.

Unmarried clients live together with their child for all of 2014. Mom wants to claim dependency exemption and CTC and have dad claim child for EIC purpose Financially, this is more advantageous...but is it allowed? Can the unmarried parents choose who gets dependency/CTC and EIC? Every year, I refresh myself on this, but every year, I doubt myself.

Thanks to all of you...Good Points

couple forms LLC in 2014...buys cheap/scrap electronics. Buys parts and repairs the electronics, then sells them for a profit. $11,000 sales with $6,000 total expenses. I see cash withdrawals of $3,000 from their checking account (not used for business expenses). Should I treat the $3,000 as salary or guaranteed payments to partners? Forgive my ignorance, but after more than 20 years doing taxes, this is my first 1065....I'm used to Sch C

Just got back from vacation and not in my office yet. Can anybody tell me if the 2011 and 2012 program updates are ready yet? My first task when I get into my office will be to get 2011 and 2012 returns transmitted for a client...I know we could not do that until program updates were released for those years.

The humidity was 90% so my time suffered, but it was in Key West, so it was amazing. I try to get at least three runs in per week during tax season...more than anything as a stress-reliever. I will also be doing the Flying Pig half in May. I ran my first ever half marathon last September and ran 4 more after that...Air Force (Dayton) was quite the experience (HUGE crowd) but I think my favorite was the inaugural Grand Lake Half...along Grand Lake St Marys from Celina, OH to Saint Marys, OH

Spent 5 days in Key West, FL...ran the half marathon...now back home. I feel refreshed and ready to take on this season...at least that is what I am telling myself.