Abby Normal

Actually, I usually recommend "borrowing" it from the IRS both for lower interest rates and it doesn't show as a debt on his credit report.

With that amount of federal tax, it must have been all short term? 72/186 = 38.7%. But a 'bomb' like this on a return can cause a lot of other things to go away, too.

Yes, quite some time ago the UCE subtraction was added to 1040 Sch 1.

Were the stocks sold before the divorce was final? Good luck getting the ex to report her share. Did the ex get any of the proceeds?

Another important thing to do (and something IT techs often ignore) is turning off all that crap that runs automatically without asking you. There are several places to manage "Startup" programs in windows but the only way to see everything is to download and install Autoruns from Microsoft/Sysinternals. I turn off all 'update' programs that run 24/7 in the background, and lots of other stuff that I don't need or use, including a lot of Google, Adobe, QuickBooks, GoToMeeting and even some Microsoft programs. The leaner and meaner your machine, the better off you will be.

And printer utility software that comes with printers should never be installed. If you buy a new printer, just connect it to your computer and let windows find it and install it.

It's part of the bargain. If you like the software enough, you'll learn to live with it. If you can't live with it, find other software. Complaining on forums might make you feel better but it's not going to fix anything. If you want it to not crash while printing, close it before printing. Or print only to PDF first like many of us do. Search this forum for installing Large Address Aware instructions. It does help. This problem has existed for almost 10 years and the likelihood of it being fixed anytime soon is nil.

Don't worry. We won't be able to access you computer from that link.

No, the IRA due date and the tax return due date are always the same.

It sounds like it might be a qualified nonpersonal use vehicle, like a dump truck, or is it just an SUV? It's definitely not equipment, unless it's an unlicensed off road vehicle. Look up the VIN to see what the gross vehicle weight is to determine if it's 6000 lbs or more. https://driving-tests.org/vin-decoder/

You're talking about something totally different, a mailed in estimated payment applied to the wrong year. I'm talking about applying a refund to the next year, right on the 1040. I've filed returns in October and covered any missed estimates and not had any problems with late payments since they were all deemed timely paid.

Amounts applied forward are always timely because the IRS already has the money.

Newbies need to learn that you should close ATX after every return. If you have a good computer, closing and restarting ATX should only take 15-20 seconds. I sometimes close ATX in the middle of large returns because I can feel it slowing down.

You don't need to delete the efile form, just create the efile again and the submission ID will update to 2021. At least, that's worked for me 100% of the time for the past 7 years. You must have started working on this return in 2020.

Well, when you reboot your computer these services are all restarted anyway, but you restart them in Windows Task Manager in Control Panel Services. Speaking of task manager, keep it running so you can see which programs or hardware (CPU, Memory, Disk) are causing the slow performance. You can sort by CPU usage, memory usage or disk usage so the programs are sorted by whichever us using the most of that resource.

Try this: https://returnquery.atxinc.com/ Don't enter any dashes in the ID#. If the status online is different than in ATX, click on rehang, then wait about 10-20 minutes before receiving acks.

If a shareholder has no basis, then he can't deduct the carryover losses. Usually, I'm dealing with sole shareholders and the basis comes from cancellation of debt income, selling of assets or putting in personal funds, as happened here.

If MFS doesn't result in very much additional tax, then it's not a huge concern. Besides, our job is only to advise. It's up to the client to decide to amend or not. In some cases, deciding not to amend might make the client too unethical to keep, but in this case, maybe not.

I'm still waiting for the form revision because those over 400% might well be entitled to additional credit, especially if they didn't take the full advanced credit they were entitled to.

The problem is, they might be entitled to additional PTC and without the 8962, they'll lose out.

That's what I do, unless the business doesn't have enough income to cover it.

The IRS will check and adjust Recovery Rebate, so I'm not spending any time chasing the amounts down from clients. If they're in the phaseout range, I'll call them, but if they're below or above the phaseout range, I make entries accordingly.

And she already paid you to open the envelopes and unfold the records. I love my far away clients who download most of the records as PDFs and scan the ones they receive in paper form, and just upload them to our portal. We don't have to store their records and we don't have to send anything back to them.

That's not a 'filing system,' that's a 'piling system.'

The dirty little secret of 1116 is that even when it's not required to be filed, the calculation must still be done. Many of us, including me, choose to ignore that when we're under the 1116 filing requirement limits. ATX has a checkbox to facilitate using the 1116 for the calculation but not including it in the return.