Possi

Amendments will have to happen after tax season. I've already done a ton.

I give them their papers back and wish them well. It happens rarely, and I do not take the client back. No judging... It's just how I roll.

I'll raise you a glass.... oh wait... different bet...

Taxwise doesn't have a way to enter a 1099Q, just the taxable portion on a worksheet. So, I'll not report it at all, and if he gets a letter, we'll respond with documentation. Thanks, @Lion EA!

My client (my b/f) rolled his son's Coverdell into a VA 529 plan. It could not be a trustee-to-trustee rollover because the 2 entities were not going to the dance together. Since the T2T box isn't checked, is there a way to report this in-and-out? It went to his checking account and he immediately sent the money to the 529. I looked online, but all I see is "don't report it."

One of MANY.... a stay at home mom worked for 2 weeks in a church nursery. W2 was about $250. Covid struck. She got over FIFTEEN THOUSAND DOLLARS in unemployment. She's a stay at home mom.... I'm working my butt off and got chump-change. wine... wine... wine...

I can prep it and send any payment that might be due with the extension, but I can't have them sign it. I'll have to re-create any e-file and get the signature when they actually file. But, yes, that's my plan. I do a lot of returns, and this is just a hiccup this little whiner didn't want. In other news, Bar Dog Cab is outstanding! cheers!

I read that the overpayments from the 3rd stimulus payment will be taxable income in 2021.

That would be me! He stays in his lane, I stay in mine. We get along real well! LOL He sends me flowers, I drink my wine. And the world turns.

So, my client is justified in holding her tax return. Great. not I'm a whiny baby, I know. I'll step away and have some wine. That always makes things better! Cheers!

Now I have clients who want to file extensions because the think they won't qualify for the next stimulus check when they file the 2020 tax return! These payments, if passed, won't even come until July. By then, the IRS will already have everyone's income statements whether they file a return or not. Is anyone else having these issues? I'm about to cut loose on someone. All this free money is crazy. It brings out the worst in people.

Yes. One breath of air is all it takes. I can't find documentation, but if the child is on the tax return, it should cover stimulus, too. Sad....so sad though.

I see it on every military W2.

Not for nothing, I pay my financial planner plenty and he makes me plenty more. I'd do anything not to drive that bus! LOL And yes, it broke my heart to lose that deduction. Since it's a cost related to making taxable income, I couldn't understand why we lost it. I just about ran out of wine on that one.

The only way for me to e-file a state is to e-file the federal. The state piggy backs on the federal.

"Job Security!"

This hasn't been a blip on my radar, YET. Since my state follows the federal AGI, I wasn't concerned. I'm so close to retirement that if they move, they get a new preparer! LOL LOL

I use Taxwise, same CCH company but different software. I enter the 1099R completely. There's a worksheet on the 1099 input page that leads me to the 8915E. I have been able to create the 8915E as a pdf and attach, yes. I hope this helps, although it's different software. One sidenote, I am encouraging my clients who have refunds AND are taking the 3 yr option to apply a portion of the refund to soften the blow next year. The following year, they're on their own. LOL

That's the winning response! She said it was "insurance" and the do not get social security, so you are exactly right. They have ALL ALONG excluded this from their taxable income and have never been questioned. That's what gets my goat. Oh well, step into a new world where we comply. Thanks, Hahn1040

Her box 2 taxable was "unknown."

UPDATE!! She must have checked on it. Called my assistant and said I could stop researching.... it's insurance. But, I will still follow up with OPM and ask about it. Not theirs specifically, but generally. ugh. Such a time sucker. Thanks, y'all. I really love y'all.

Client's argument is that box 2 is "unknown." My own sister has the same OPM 1099r exactly the same. I have never reduced her taxable because by the time I was doing her return, she had been retired a long time. Her now ex-husband was reporting ALL if it as NON TAXABLE, and it was never questioned. Makes a person go hmmmmmmm.......

I will do that if I can't get a decisive response from OPM, the issuer. I have emailed them.

It's almost $1100 difference in total tax savings.

Here's an example I found that says if the payer can determine the taxability, they do. In this case, the payer did determine that it is all taxable. http://www.mfprsi.org/retirees/1099-box-5/ IN MY CLIENT'S CASE, taxable portion is "unknown." But, like I said, the basis has been used. Is there any reason I should/should not reduce the taxable portion? GAAAAA I HATE THIS AND DON'T HAVE TIME FOR THIS.......