Abby Normal

Everyone I've seen this year, you enter the proceeds, basis and wash sale amounts as is and it equals the gain(loss) on the 1099B. In the past, there were a few that did not include the wash sale adjustment in the gain(loss) and that always gave me pause.

Maybe you can get it for her. https://www.irs.gov/identity-theft-fraud-scams/retrieve-your-ip-pin

If you're using 75% in the Illinois column of form NR for the unemployment income, I think it makes sense to use 75% of the subtraction as well, but I only do 1 IL return a year. I wish all the states would get together and have conformity for part year returns. I've seen people get really screwed moving between states.

We give them candy.

Facepalm Sunday

Centrifugal force warning!

Turned out to be a good move to not have her name on anything so all of the land got a step up in basis, not just half of the land. It might be different in community property states.

It's interest.

20 boxes of paper would last me about 10 years.

Do you mean RRC (Recovery Rebate Credit)?

Thanks, Possi! Even though MD has excluded UI, they used lower income limits, so it's looking like the fed exclusion will be a MD addition, then if you qualify for the MD exclusion, you can calculate that.

I already posted the latest from irs.gov that covers the Social Security calculation and others.

My policy is to assume they got the stimulus if their AGI was low enough and let the IRS sort it out.

I can't believe they took down the site to check and see if the payments were sent.

From 4835 instructions: Partnership or S corporation with rental income and expenses from crop and livestock shares—instead report on Form 8825.

Sounds like it.

Use 8825? Is it a flat rental or rent depends on production? If 4835 doesn't work and it's not a flat rental, just put it on the 1120S.

I have some older clients with small W2's and low income. They make Roth IRA contributions just to get the retirement savers credit, knowing that they can take the Roth money whenever needed or leave it for their beneficiaries.

Nope. The loss goes bye bye.

ATX support called and said state forms for unemployment changes should start coming 3/29.

MD did July 15th before the feds due to MD law changes in February (that they still haven't fully implemented).

I was only half joking when I said a few weeks ago that we should all close our offices for a month, to let this all get sorted.

VA doesn't tax unemployment at all, and I think it's been this for a long time. MD is a new law, but has lower earnings limits (75k single, 100k MFJ & HOH) than the federal law, and it's a cliff. https://www.marylandtaxes.gov/RELIEFAct/docs/Maryland-Unemployment-Assistance-FAQs-FINAL.pdf

When figuring the following deductions or exclusions from income, if you are asked to enter an amount from Schedule 1, line 7 enter the total amount of unemployment compensation reported on line 7 (unreduced by any exclusion amount) and if you are asked to enter an amount from Schedule 1, line 8, enter the amount from line 3 of the Unemployment Compensation Exclusion Worksheet. See the specific form or instructions for more information. If you file Form 1040-NR, you aren't eligible for all of these deductions. See the Instructions for Form 1040-NR for details. Taxable social security benefits (Instructions for Form 1040 or 1040-SR, Social Security Benefits Worksheet) IRA deduction (Instructions for Form 1040 or 1040-SR, IRA Deduction Worksheet) Student loan interest deduction (Instructions for Form 1040 or 1040-SR, Student Loan Interest Deduction Worksheet) Nontaxable amount of Olympic or Paralympic medals and USOC prize money (Instructions for Form 1040 or 1040-SR, Schedule 1, line 8.) The exclusion of interest from Series EE and I U.S. Savings Bonds issued after 1989 (Form 8815) The exclusion of employer-provided adoption benefits (Form 8839) Tuition and fees deduction (Form 8917) The deduction of up to $25,000 for active participation in a passive rental real estate activity (Form 8582)

It redirects here, so it appears legit: https://www.irs.gov/identity-theft-fraud-scams/identity-verification-for-irs-letter-recipients