Gail in Virginia

I would be cautious about a schedule c with no expenses, even though he had spent some money he did not keep receipts for, if this does generate EIC as someone mentioned earlier. If he has enough other income that EIC is not an issue, then I would be less concerned about the lack of expenses.

I think I need another drink or two.

I thought that the partial exclusion only applied if you meet a further test - moving for work, health, unforeseen circumstances, or other facts and circumstances that qualify as hardship.

I find with a lot of my clients that they university/college does not "furnish" the 1098T, the student must go online to their account and print the form. Did the parents actually check or is this just an "I did not get it in the mail so it doesn't exist" situation.

I have a client, MFJ and both over 65, who has a decent amount of interest income (around $12,000), a little bit of social security (around $17,000 for both of them) and a DC pension that is non-taxable of around $45,000. He has no tax liability with this kind of income but does he have a filing requirement if this is all that he has? Does the non-taxable pension count as gross income? If so, I would say he has to file. If not, then unless he has investments that he sells which would kick his gross income up it doesn't appear that he needs to file a return. Any opinions please?

My first inclination was the same as Possi. But I did not think that Robinhood provided management/advisory services. So if these were actually expenses of the sale (although they seem high for that) then perhaps Grace is correct. So basically, like all tax questions I need to know more information and until then my answer is "it depends."

What a blessing she must be!

Was this a traditional IRA where the $8,000 originally contributed was deducted from the taxes for that year? I don't think it counts as basis if it was originally deducted.

Do remember that Virginia is a fairly large state and I am about 4 hours drive from Fredericksburg. But a Saturday in June would work for me.

I don't have a pool, but I do have a pool table. And i have a big field for parking. I think it is about time to work something out.

I am not familiar with that particular school, but in general if the school is eligible to participate in student financial aid programs from the US Department of Education, they would most likely qualify for 529 plans. Do you know if they do?

I see that a lot too, Lion. And many times the 1099S is right under the copy of the client's statement answering all the questions that would allow the title company to not prepare a 1099S.

I love guessing games!

Are you looking for the 8965? The individual shared responsibility form for health insurance?

I am sure you are right. Sometimes I remember old law better than new law if I haven't had to use it for a while.

I think from a 401(k) it should have been transferred to a traditional IRA (a conduit IRA) and then converted to a Roth. I don't know if you can show it as a rollover to an IRA and then a conversion or not.

I don't think that the IRS cares - this seems to be a state issue. ProSeries actually rolls this information forward and just requires you to click a box that you have verified the information. A couple of times I have been the one that let my clients know that their license was either expired or soon to expire.

I have a client who is on a payment plan with the IRS as a result of an OIC that was accepted in 2013. He is current on his payments. He is still working full time, but he asked me if he starts drawing his social security if the IRS will want to increase his payments due to his increased income, or if they will garnish his social security. I think that as long as he stays current with his payments they will leave him alone unless they revisit this when he gets close to the 20 year statute expiring but I am not sure. Does anyone have any experience/knowledge of this? TIA.

I don't create e-files until the 8879 is signed. Unless something has changed, I understood that we had so many hours to efile after the authorization was given to us to do so. And I never mailed my clients returns, so I did the return, they picked it up and signed it and mailed it themselves. I don't know why I would need to have a blank form signed to be able to prepare the tax return.

I got my first acks for NC. So they are accepting returns.

I am just trying to figure out how, when the IRS can't currently answer the phone or finish their paperwork, they are going to have time to do virtual interviews with people to set up their accounts.

I am confused. The difference between COGS on tax return and purchases on QB is $1,000,000 which is the amount of the increase in inventory from beginning of the year to end of the year. Am i missing something in the question?

It will only check original returns, not amended. I think that it does the three active years. If you need to check amended returns, there is a separate tool for that.

Thank you. Those seem to be the only forms, and only because they have carry forwards from previous years, I think. If this is the only one that will be a problem, and if the minimum charge is $345, it might be better to file and pay the extra $400 in tax caused by these forms not being ready and then amend the return when the forms become available.

I can't help with this because I don't know anything about OK, but just curious. Is there no ordinary income due to depreciation?