ETax847

This is his only rental and he has a full time W-2 job

If a client owns a rental property, can they take the home office deduction on their Sch E?  If so, where do you input the expense?

I  have read conflicting things on whether or not this is allowed.

Is there a worksheet for reporting the sale of a second home? This is the first time, I've come across this and didnt know if there was a certain way it needed to be reported in ATX?

It's way off. I'm hesitant to take this client on given that issue.  

A new client walked in wanting his S-Corp taxes done.  In his prior years' returns, his Schedule L did not balance.  Is this any cause of concern? 

Yes, thanks for all you help.  Now I just wish ATX would release Form 1116.

Form 5329 shows me a penalty of 10%.  What input is needed to remove this?

Thanks for pointing me in the right direction! 

Client is under age 59 1/2 and withdrew some of his contributions made to his Roth IRA.  Since he is able to  withdraw contributions he made to his Roth IRA anytime, tax- and penalty-free, how do I report this so there is no penalty incurred for the distribution of his contributions?

Is this done on Form 8606 or 5329?

Thanks guys.  I appreciate the prompt responses.  Client switched jobs for a different subsidiary under the same parent company.  I have notified the client to contact her employer and ask for a corrected W2 and refund.  I hope the company cooperates.

Client had too much social security tax from having multiple employers.  However, ATX is saying "you must ask your employer to refund the excess or file Form 843 to claim the refund.  You cannot claim it on your return."

The amount is only $3,500, but is ATX in correct in saying that the excess cannot be claimed on Sch 3, Line 11?

GA Sch 2 (500) is not allowing me to enter any tax credit information in.  Any idea what I am missing?

Has the IRS taken a formal stance on how NFT's are taxed?

Currently on hold with the IRS for over an hour now.  Tax season is only a few days old and I'm already dreading it.

A client's employer switched paycheck providers in September.  The old company (Paychex) gave him a W2 for just the income when they were with them.  The new company (ADP) gave him a W2 for the entire year, including the time with the old paycheck provider. 

Has any one dealt with this situation before and what should the client do to fix this issue?

Is anyone planning on adding additional questions to their 2021 Tax Organizers (Stimulus received, child tax credit, virtual currency)?  Last year created so many headaches that I am leaning toward adding these to the Organizer and perhaps more.

Thoughts?

Hi, I'm trying to file an Ohio State Tax Return for a client and keep receiving the following E-File Rejection Error:

"The XML dat has failed schema validation."

Has anyone else seen this type of error, before and if so, do you know of the solution?

The client's Federal Return and Indiana return were both previously accepted with no issues.

My rep is pressuring me to renew by the end of the month.  Is anyone else getting this pressure too?

$95 processing fee for a download always ruffles my feathers.

Im always curious as to people who can file early in tax season, always wait until the last minute.  Going forward, I think I am going to add a surcharge for those who come in the final week and expect their returns to be done before the deadline.

Just had a client email the following:

"I know I’m super late. Wondering if you’d be able to do my taxes again this year. Let me know what you need from me!"

Do you raise your fees for the late arrivals or tax season or just automatically put them on extension?

I am just running into this form for my first time.  Were the attachments posted anywhere?

Yes.  My rate jumped up quite a bit.  In the ATX Facebook group, people are discussing their renewal letters.  Quotes for the max package seem to range from $1,200 - $2,000

I just received the "best rate" expiring soon offer letter from ATX today.  Is anyone planning to renew before the current filing season is even over?

Client's child has $2,424 in capital gains from a brokerage account in child's name.  This is my first time filling out form 8615 and I show the tax to the child on her return to be ~ $1k.  Is there something I'm missing?