Janitor Bob

My "I need my refund yesterday" EIC clients will be disappointed

I would get on my soap box and bitch about how my tax dollars are going to people working the system...both fraudulently and legally....but I'm just to exhausted to climb up there.

My "I need my refund yesterday" EIC clients will be disappointed

I assumed as such.  I've told clients that all bets are off due to the increased security measures.  Last years letters caused me a lot of headaches.  Most clients that received them either thought something was wrong with there returns or that the letters themselves were fraudulent

Fellow OH preparers...Are seeing delays in Ohio refunds?  I have many clients (and myself) who received Federal refunds a week ago, but still have not received OH refunds.  Ohio was always pretty fast in the past.

3 hours ago, jklcpa said:

It might make sense. It is based on MAGI, not taxable income. They may have included only the taxable portion of the SS benes when applying or possibly underestimated the pension income, for example, if they took extra out of an IRA. Is they income consist with the 2014 year? 

You should also check to make sure that the numbers being reported on the 1095-A are correct. I've seen one that was in error so far and waiting on a corrected form.  At the level of income you indicated, I'm getting a calculation that their monthly contribution toward the premiums is just over $300 (form 8962, line 8b).  The calculation also depends on the premiums for the plan they chose and the second lowest silver premium. On an annual basis, what are those figures?

Thanks...I also get $302 as their monthly contribution.  that gives them a $363 monthly premium tax credit allowed.  The problem is that based on client's income estimate, they were given an advance tax credit of $494/month. 

Does this sound normal?  Based on what I assume was my client's income estimate, they received an advanced payment of the premium tax credit of $4940.  When I enter all of their income (Just 1099-R and Social Security, zero taxable income), The 8962 is stating that clients should have only received an advance payment of $3,630....Meaning they need to repay the difference of $1,310.  I need to be able to explain this to what I am sure will be devastated clients....they have no money to pay this.  Is this normal?  their only sources of income were $31,977 Social security and $10,153 retirement....zero taxable.  Obviously, income in this case includes taxable and non-taxable?  Is it just a case where taxpayer underestimated their income and is now paying for it?

Am I doing something wrong or is this common?

Not looking forward to this conversation.

Thanks....and this is how I did her return this year (and last year with same situation)....I just start overt-thinking these things and doubting myself.

client is divorced.  Son lived with client all year, but father gets to claim son as a dependent per divorce settlement.  I know client can file as HOH, but is the son also qualifying child for EITC or does that benefit only follow the dependency exemption?

after 2011, I think I'll always be scared of ATX program updates....jeesh...I shudder at the memories of that season.

I installed 15.5 and was greeted by several Spanish-speaking guys in sombreros at my front door.  They shouted something in Spanish, patted me on the back. and handed me a chimichanga.  Gotta say I like the newest update.

Oh my

data only available for EAs...I guess us lowly PTIN preparers have to just take our chances.

On MFS returns, ATX provides a warning/reminder that if spouse itemizes, taxpayer must also itemize...but it is small and can be easily ignored.

As a side observation, this preparer's lack of tax knowledge frightens me...this is basic stuff.

I know when my daughter was in school she had several scholarships.  The one from the school specified that they were for tuition.  the other outsid scholarships could be used for and secondary education expenses.

For a large number of my clients for whom MFS was always better...It is now better to file MFJ.  Is anyone else witnessing this trend?

I have looked at a few and if you want the client to be able to receive the 8879, sign, it and send it back to you...ALL electronically, I think cPaperless Signatureflow looks like a great option that only charges so much per signature.  Personally, I just need an affordable way to encrypt the 8879 to e-mail to my customer (I use Virtru...$48.00/year).  I want them to print it, sign it, and either bring t to me or mail it to me with payment...then I transmit.  Although the 100% electronic method sounds cool...I do not really need it at this point 

my cat just yacked a furball that looks eerily like Oprah....Think I'll donate it to Goodwill.  Easily worth $15,000.

Scenarios like these are why I have filed taxes in so many different states 

I registered and obtained my NYTPRIN.....my registration got "locked up/lost"..had to call the department, get transferred several times...wait on hold for what seemed like forever...but it's done.  All of this for one client...for a one-time part-year return.  I should have charged more.

I need a drink

Thanks...That is what I was thinking...MFS unless they have a child that qualifies her for HOH.

I understand the "6 month apart" rule when it comes to potentially filing HOH instead of MFS, but my confusion lies in the situation where client could not claim son/daughter as a dependent....Would the same "6 month apart" rule allow her to file as single or does it only allow for HOH if otherwise qualified?

Client left her spouse and of May 2015 (divorce not final until Jan 16) and lived apart from him the last 6 months of 2015.  Can she file as Single or must she mile MFS/MFJ?  In all my years of tax prep this is actually the first time I have dealt with this scenario ...Just want to make sure....Single sure would be better than MFS

every error message I time this get, drink I scotch glass another of.

Can I use exclusion code 09 and just do his NY return for free (only charge for Fed and OH)?

Help me out fellow NY preparers!  I have a client that moved to Ohio this past August.  He wants me to file his NY return but it appears as though I need a NYTPRIN...is that true?  How many hoops must I jump through to do this one return?