Margaret CPA in OH

Nevermind, I was too impatient. I got there only to see that my CAF check failed which means not yet processed. Ugh! Sorry to bother y'all.

I faxed a client's 2848 last week and tried to check with e-services to see if was accepted yet so I could get transcripts. Well, I cannot find where it went. I searched and it took me id.me, I had to have my face scanned and uploaded the 2848 also. But I still can't figure out how to see that one or any of the previous ones listed. Where did IRS hide it?

Penalty for? Do you mean 2210?

Alas, the message says to create the pdf to attach. So guess I will do that. These folks have always, to my recollection, had more than $600 ftc. They are from Germany and I think some of their investments reflect interest in more global investments.

Oh we've filed 1116 every year. They always have ftc with their investments. I guess I can do this but am baffled that it apparently is not a part of the 1116 that would be e-filed, too. I mean, it's page 3 of the form, not a separate schedule. Sigh... at least the part-year resident thing got fixed. Small victories.

In running a Check Return today a red error message said that Form 1116 Schedule(s) B must be attached as a PDF... I've never seen this before. There was only a $48 co from 2020 so this seems overkill. I see the amount for the first preceding year on Sch. B but cannot fathom why this isn't part of the transmitted 1116. Might someone clue me in, please? I've had many clients with these carryovers and never saw this before.

Just lucky, I guess! I did look it up but still don't understand why the entries from the K-1 seemed to make this automatically appear. I will contact the client for any insight. I doubt there will be immediate help however. The trust was set up after father died last year and brother (I think, or other relative) is trustee. It may have to go to the trustee. Then again, maybe it's just ATX gremlins, you know. I could ask on the ATX Community Board but it seems to have disappeared. At least I couldn't find it. Another WK coup?

Client has a trust K-1. When I input the data, this form suddenly appeared thinking it is related to H, Adjustment for section 1411 net investment income or deductions, -10,753. Never have seen this before. Since Box 5 has $19,960 Other portfolio income, maybe it's related to that?

And I just checked the messages, ATX News, and yesterday it said NC was now accepting e-files, March 1 at 3:22:05pm. So I got lucky with timing but you should be good to go now, too.

Hmm, I just finished a client with NC return and uploaded for e-signature. I've seen no messages that it cannot be e-filed. I just created the e-file and transmitted to IRS.

Will do but grrrr.... And, of course, among best clients, high income with estimated payments that they like to do direct debit so have to figure it out soon.

I sort of thought the new State Info tab just might be helpful. Maybe not ready for prime time. Clients moved from OH to KY. Selected Part-Year forms for both. Filled in dates. Then comes Residency Status for Ohio. Checked Part-year resident then Indicate state: KY Red error message: Nonresident state should only be entered for Nonresident returns. Delete KY Red error message: Part year and nonresidents must indicate either state or country of residency outside of Ohio. I see no other options. Any ideas or is this unwinnable?

When I have the 8879 signed after returns review, I also have the client(s) initial the payment pages that they have confirmed the direct deposit/debit amounts AND the bank routing and account numbers whether for tax refunds or payments and/or estimates.

In ATX on the 1099-R data entry screen, scroll down near the bottom and check the box for QCG and input the amount. It subtracts it for the taxable amount on page 1. I've been doing this since the first year and just keep the support documentation in my files. I have never attached to the return. Sort of like the expenses and non-1099 income on Sch C, I guess. Make sure you have the support if needed.

One just has to remember to check issue and expiration dates but in Ohio that's every 4 years and I have it on the questionnaire. Much easier than reentering again and again and again....

I think you may be mistaken. This from IRS.gov: Who is an eligible student for AOTC? To be eligible for AOTC, the student must: Be pursuing a degree or other recognized education credential Be enrolled at least half time for at least one academic period* beginning in the tax year Not have finished the first four years of higher education at the beginning of the tax year Not have claimed the AOTC or the former Hope credit for more than four tax years Not have a felony drug conviction at the end of the tax year My bold above. This is why I have alerted clients with college bound children to carefully consider when to pay what. At times, it has been beneficial to not take AOTC for the first fall semester, at other times it was better to prepay the last spring semester to be within the four tax years.

Wow! With 62 years of marriage, you must have been a cradle bride. I've know only one other couple married that long - they made it to 74 years before the groom passed away. Heartiest congratulations! We just celebrated 43 years but have been together for 50 this fall. You are so correct that it isn't always easy but, for many reasons, we keep choosing each other.

I no longer do business returns but this link should lead you in the right direction if no one else replies. https://tax.ohio.gov/business I know a few years ago there were some changes in how flow through entities filed. I also have had very good experience in the past communicating with the tax department as a tax professional, but via email and by telephone. I wish you a good experience!

Thanks, Sara, for these words. Yes, we have enough. Enough to be comfortable with a paid off house and no debt. We have always lived pretty far below our means which, at times, annoyed our son. But, at 41 now, he is the same way. He maxes out his 401k and Roth every year. We still have fun (my dive trips, husband's golf) and share with church and many organizations because we live with older clothes, furniture, cars, etc. that still serve us fine. Funny, I don't even know what you mean by 'earn 80% in the market' so guess I don't! The best thing is that all our final arrangements are paid for and we believe that our son will have to provide nothing for our care. Unless we happen to live to about 125 or so. We tease him that he might have to choose the home but not pay for it. Actually we are hoping to move to a single level home within a year or two so as to make it the last one. Time will tell!

Sara EA, thanks for your concern about my rates but I have only about 45 clients, work only during the season, all 1040 with just a sprinkling of rentals or small Sch. C's. I downsized from businesses and payrolls, etc. about 10 years ago when my other CPA retired. I make enough money to cover expenses and pay for dive trips and a little extra. I take no new clients unless referred and are maybe extended family members and lose about as many as gained annually, usually to simpler returns. At 75 with a license expiring end of this year, I just may call it. Or not and go for 3 more years. I enjoy the 10 or so weeks of work and keeping the little gray cells somewhat active. And I love my clients. The biggest reasons for the low income last year are tiny home office deduction, nearly all free CPE from online webinars, QCD's from my RMDs, living off savings while my husband waited to begin his RMDs this year, and very little taxable SS for us. As I mentioned, 2022 will be a killer year for taxes as his income shoots way up and 85% of our SS will be taxable. We will never be in the EIC situation again which was why I questioned it. I agree with your other observations about Medicare, etc. Some things, well, a lot of things, just don't make sense - like me qualifying for EIC when we actually have a lot of nontaxable income in SS. But I will follow the recommendation and add to my Roth. One of them return 23.86% last year and the other was 18.36%. I'll go with the higher one knowing that past performance is no guarantee of future returns. Since inception in 1999, it has an 8.94% average so I'm okay with that!

Free money - well, our taxes are going to really jump this year so a one time thing, i guess. Adding to my Roth is a good plan with unexpected money. Thanks for affirming this is correct.

I just prepared my own return and was so surprised to see that we qualify for EIC! I didn't recall that now over 65 can qualify so read up on it. We seem to meet all the requirements given that so much of our SS isn't included and we live off of much savings. In 2022 my husband begins his retirement draws so surely can't happen again. Most of my IRA RMDs go for QCDs but I am just a bit uncomfortable thinking something must be wrong. Can it be real?

I always see the blaze but will now be checking daily to see the last backup. It was 5:52 pm today.

I, too, use Backblaze recommended several years ago by my computer guy (he has personally built the last 6) and set up for me. I also have a second hard drive next to the main drive and I back up to an external drive (alternating between tow) which I keep in a fireproof safe. That's what I am willing and able to do. It may not be enough but it's what I do.

Gulp! I replied to the totally wrong thread! This was supposed to go with the 2 family to single family issue. I just glanced at the reply without noticing the issue. I will now crawl back into my hole and bury my red face....