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  1. Well then at their modified AGI they do not get any deductible loss and have to carry it forward. My thinking was that a married couple had a limit of $150,000 before the $25,000 began to phase out. The $100,000 limit applies to couples ? The $75,000 limit applies to singles ? No rental clients I have dealt with ever reached the applicable limit on the $25,000 allowed so regrettably I must have misread the applicable limits. I thank you for clearing this up and will review the material referenced by you. The 8582 clearly shows that when their $192,000 AGI is subtracted from the $150,000 limit wallah they get no allowed loss for 2023. I am assuming going forward the loss can be applied to years in which they show a rental profit.
  2. A client couple has approximately $192,000 in modified AGI for 2023. They have a rental loss of some $6,500 for last year. ATX shows none of this loss as deductible even though I checked box 8 for active participation. In doing the math $192,000 - $150,000 = $42,000. $42,000 times 50% = $21,000 of the $25,000 loss allowed if their MAGI was less than $150,000. $25,000 - $21,000 = $4,000. ATX does not show the $4,000 as an allowed deductible loss on Form 8582 with the remaining $2,500 loss carried to next year. Have I missed a toggle or what ?
  3. I always have them mail them in so no problem there and will advise that even though the estate bank number is provided they will likely get a check.
  4. A daughter has been appointed executor of her late father's estate and has of course set up an estate checking account. Will the Service direct deposit his refund to this account or do they send a check only ? I see no reason why they would not the return is going in with the required Form 1310 and court certifications but I like to make sure.
  5. Ah Abby such a treasure you are.
  6. Christian


    I was thinking it was in the 2% category which was formally used on Schedule A. Well trying to help a client never hurts. Many thanks.
  7. Christian


    Ac client has come in who is a highly skilled mechanic employed by a large truck sales dealership. She receives a W-2 each year as an employee but curiously must provide the tools she works with at her own expense. Her costs in 2023 for these tools is close to $4,000. The question here is are these tool expenses deductible for her and if so where on the return. She is not self employed so I am left wondering if these expenses are in fact deductible.
  8. For the life of me I cannot find the toggle to suppress printing zeroes in the two year comparison report. I have checked preferences and all over and cannot find it.
  9. Resolved. Upon recreation of the efile with the corrected info the system deletes the rejected efile and you simply transmit the corrected one.
  10. A client has provided an incorrect SSN for her newborn child which has caused a rejection by the Service Center. If memory serves I simply return to the original return and correct the number. I then recreate the efile and resend. However, do I delete the rejected efile before or after I send the replacement. I hardly ever receive an efile rejection and want to make certain I am handling this correctly without a foul up.
  11. Well I am going ahead and figure her return allowing both credits which I had thought rightly was correct. The manner in which the regs were written are less than clear. Much better to say a child born in a specific year who qualifies as a dependent qualifies for the respective credits regardless of their birthdate in that year.
  12. I referenced this to the PPS and they came up with this from Pub 596 "Birth or death of child. A child who was born or died in 2023 is treated as having lived with you for more than half of 2023 if your home was the child's home for more than half the time the child was alive in 2023." The child was in mom's womb for nine months of 2023 but surely was living with her. Strangely they did not come out and say the child qualifies for the EIC advising I might consider filing a paper return. I am of the opinion I can enter 12 months in my ATX software in the dependent section and proceed from there. Their thought may have been that since entering 3 months in the software it would not allow the credit my solution was to have her file on paper which meant I could show him as 12 months of residence by penciling it in.
  13. A single mother client just had her second child on October 7, 2023. He is of course a qualifying dependent but not having lived in the home for over six months can she get the EIC for him. If memory serves she gets both the EIC and the Child Credit for him but it never hurts to make certain. She already claims HOH as she has an earlier child already.
  14. An unmarried couple who reside in the same home now have two children. They would like to each claim one of their children and file as HOH. Since they both will be reporting the same physical address on their returns I am none to anxious to file their returns this way. I feel sure many of you are running into this issue and would appreciate what solution you came up with.
  15. He is out of employment for some time and needs the money. I was a bit skittish about using the "Where's My Refund" function to obtain refund info on a client.
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