Abby Normal

https://www.accountingtoday.com/articles/irs-to-automatically-process-refunds-on-jobless-benefit-payments

I think it does because I believe the law is written that IRA contributions are due by the tax return due date, although I couldn't find it in the IRC earlier when I was looking for it. I didn't look in the reg's.

I think Rita entered the date of death for when she's plans on murdering the surviving spouse.

Have the trustee add the beneficiaries to the IRA then split the IRA into 4 separate beneficiary IRAs. No need to distribute it all out. https://www.fiduciary-trust.com/insights/naming-trust-ira-beneficiary/

Fast, quick or quickly? Fast and quick mean moving with great speed. Fast is both an adjective and an adverb. Quick is an adjective and the adverb form is quickly. Compare It was a fast train. We need to have a quick chat before the meeting. Fast and quick are adjectives. You walk very fast! Not: … very fastly. We should do it as quickly as possible. Fast and quickly are adverbs. https://dictionary.cambridge.org/us/grammar/british-grammar/fast-quick-or-quickly

'Quickly' is an adverb and yes too many people use grammar incorrectly, dropping the '-ly' way too often, such as in 'Drive safe.'

No, just use the total actual PTC allowed as the subtraction.

I don't think you need type of bet, but I can't be sure until I look at one of the few I do each year. As a general rule, I always enter the bare minimum and the see if there are any red errors.

Plot twist: She actually wrote the check on 1/2 and backdated them to 12/30.

Yes. I've never had one like this, so I don't know if ATX handles it like it does for partnerships or whether you'll need to do overrides.

You'll enter the 1099G as is and the software will add a subtraction on line 8 of Sch 1.

Earlier versions of the law used the word 'household' when referring to the 150k income limit, and I was searching for where they defined 'household.' Now I see they've changed it to 'taxpayer,' and that raises the question of whether that will mean 300k on a joint return. My guess is no, but it makes clear that MFS will help some people this year, even if the MFS rule makes the income limit 75k.

The IRS can and does recalculate EIC.

No, 10,200 per taxpayer means 20,400 on joint but not more than 10,200 for each.

Correct, they will not have to pay it back. The Child Tax Credit has to be paid back if your income is over a certain amount. That's going to bite a lot of divorced parents next year.

Woo-hoo!

Excellent point! I hadn't even considered this new dynamic.

Wah wah.

Why can't they write these things more clearly? A simple "per taxpayer" at the end, would make this really clear.

If you enter on Sch K as a nontaxable income, it should flow to M-1. You should also show this on the books as other income. This has the added benefit of flowing to the basis worksheet.

Yes, I see the negative reactions from many on various sites I read. I think it should be permanently moved to 5/15 and we can work less crazy hours, especially in January. And efiling should never start before 2/1. Plus, anything that leads to fewer extensions is a win for me.

https://content.govdelivery.com/bulletins/gd/MDCOMP-2c630db?wgt_ref=MDCOMP_WIDGET_C7 ANNAPOLIS, Md. (March 11, 2021) - Using statutory authority granted to him, Comptroller Peter Franchot today announced that he is extending the state income tax filing deadline by three months until July 15, 2021. No interest or penalties will be assessed if returns are filed and taxes owed are paid by the new deadline. The extension, which applies to individual, pass-through, fiduciary and corporate income tax returns, including first and second quarter estimated payments, is due to recent and pending legislation at the state and federal levels that impact 2020 tax filings and provide economic relief for taxpayers harmed by the COVID19 pandemic.

(4) INCREASE IN EARNED INCOME AND PHASEOUT AMOUNTS.— ‘‘(A) IN GENERAL.—The table contained in subsection (b)(2)(A) shall be applied— ‘‘(i) by substituting ‘$9,820’ for ‘$4,220’, and ‘‘(ii) by substituting ‘$11,610’ for ‘$5,280’. The Earned Income Tax Credit (EITC) helps support working individuals and parents by supplementing a fixed percentage of their household income until the maximum credit is reached. The maximum credit increases for each child, with the 2021 tax year payments being $3,618 for one child, $5,980 for two children and $6,728 for three or more children. While it's been applauded as a necessary boost to parents with low to moderate incomes, it's been criticized for doing little for those without children. For tax year 2021, the maximum credit for individuals without children will be $543. However, the American Rescue Plan would nearly triple that credit to about $1,500 and increase the fixed percentage from 7.65 to 15.3 percent for the 2021 tax year. It also increases the phaseout amount from $5,280 to $11,610, the same amount that is applied to people with children. The phaseout amount threshold is when the payments begin to gradually decrease to zero.

Final version of bill (PDF): https://www.congress.gov/117/bills/hr1319/BILLS-117hr1319enr.pdf

That isn't so.