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Margaret CPA in OH

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About Margaret CPA in OH

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    ATX Supreme Guru

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    CPA with 28 years experience and MBA specializing in taxation including individual, corporate, and fiduciary; Master Scuba Diver Trainer; Emergency First Response Instructor Trainer; marathoner; singer

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  1. There isn't an exemption, only a standard deduction. On the Main page just above Signature there is a check box to check if someone CANNOT claim you as a dependent. Seems odd but if that box is checked, the standard deduction goes to $12,000 instead of a much lower amount. Bunny hop from line 8 for the worksheet. I think that should explain it.
  2. A TIN is a Taxpayer Identification Number which can be an SSN or ITIN (easy Google search ) So the qualifying student must have one of these.
  3. Yes, Judy and Catherine, I was less than explicit. I meant the earnings was subject to the penalty unless an exception applied. I just did one of these last month. I did say to use 5329 for clarity even when I am not.
  4. If an exception doesn't apply (over 59 1/2, disabled, first time homebuyer, etc.) penalty applies even if 5 years has passed since first deposit otherwise not a qualified distribution. See Form 5329. I think.
  5. Australian clients have 2 kids in college now and are using 529 funds from plans set up years ago when living in Ohio. The Aussie schools don't qualify for ed credits but it seems the tax should only be on the earnings. When contributions were made, they were deductible in Ohio but not federal. When looking to enter in Other Income, it seems to want the total of distributions and earnings probably expecting offset from education credits. But that doesn't seem right to include the initial contributions as taxable income. The instructions state that "(d)istributions from these accounts may be taxable if (a) in the case of distributions from a QTP, they are more than the qualified higher education expenses... my emphasis. So all this nondeductible money from the past is now taxable? What am I missing?
  6. Thanks again, Lion. 62 year old is not taking SS, was fully on Medicaid in 2017. They have to repay some tax credit. So be it!
  7. The lapse is Jan-April so more than 2 months but not over 2 years. Of course the SSA-1099 shows medicare premiums deducted but I've never seen that it indicates full year coverage. Would it if only for part year, receiving benefits for less than a year? Medicare partner is fully covered for the year. Non-medicare partner has marketplace coverage for 8 months. Guess I leave fully covered box unchecked and see what happens. Thanks again!
  8. Thanks, Lion. I thought there was something about being without for 3 or 4 months that didn't count against you but could misremember. Also, the one on Medicare did not receive a 1095 but she is on Medicare. Or maybe she didn't provide. I will ask.
  9. Married couple with one over 65 and on Medicare the other 62 and uninsured for 4 months, 8 months on marketplace. Combined income is 327%, monthly contribution amount is $424. From 1095-A, I entered the figures for the 8 months in columns a,b and f lines 12-23. However column e seems to want data entered and there are no calculations for c and d. I expected to see $424 in column c as it references 'amount from line 8b' but it is 0 and data entry is not allowed. I did manual calculations and input the difference in column e. Is this appropriate? It saves the taxpayer $200. Also, how to answer the single question about MEC for one taxpayer that did have coverage for full year and one who didn't?
  10. Thank you so much!!! I just tried it and am so happy! I could not find this in the KB but really should understand the REAL KB is right here on this board.
  11. I thought it was possible to drag and drop or something in the past to move forms into a different order for printing. Just now I had client with 2 forms se (sequence order 17) the appeared on the print list and printed before the 1040, nowhere near sequence 17. I ended up printing them separately then inserting in the 'right ' order. I couldn't find anything spot on to me in the kb. Is it possible to move things before printing? I certainly could not drag and drop.
  12. It may not apply here but another option is to do this: Trustee makes a regular practice of distributing capital gains: pursuant to Reg. 1.643(a)(b), trustee is making a regular practice of distributing capital gains to the beneficiary as the trust instrument permits. The drafter of several trusts for which I've recently been trustee included this language which allowed the benes to have the cash to pay the tax on the distributed net income. I thought for these trusts and these benes, it was a good idea. And that 65 day rule proved very helpful as determining the distribution correctly was a challenge to manage by Dec. 31.
  13. Just curious here - does the student receive all the money from the scholarships that are in excess of the tuition, etc. for which they are meant to cover? I thought many/most scholarships were paid directly to the school, not to the student, so am wondering about the excess. I haven't had any of these, just average smart students, I suppose
  14. Ringers, THANKS! These are, in my opinion, things of beauty. I so appreciate your willingness to share even as I have only 4-5 that need something like this. It still irks me that I can't just say that, for example for one family, that I've known them since the kids were babies, one parent and one child even worked for me, we live a block apart, I vouch for them.
  15. Thanks, HAHN104, I did not know that and did not see in the instructions. I have only one client with this and it is completed. So Christian, there you go!
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