Possi

Don't we have a liaison or representative standing in the gap for us? Last year the deadline was extended for COVID. What the heck changed from last year to this year? geeeeeezzzz

In Taxwise, my 1099R has a worksheet, line 5 that, when checked leads to the 8915E.

How do you spell "job security?" LOL

Well, we can bump it up, now, Sister! COVID working from home, and don't even ask! Internet... BOOM... there ya GO....

I know, it was probably not a shining star of a question.

I wouldn't take them normally, either. But now with COVID and being forced to work from home, I'll take it. Thanks for chiming in!

Since teachers can take up to $250 above the line for expenses, many are wanting to take their internet and cell phones this year due to teaching from home. Is that allowed? One just asked me, and I am firm about no home office expense. Am I cheating them by not taking internet and cell? Since misc Sch A deductions went away, $250 limit stands, correct? No padding the Sch A with the balance, correct?

#goshimisseverybody

Hobby expenses must be deducted on the Sch A. That is what I always thought, and it's in that link you sent: Deductions for hobby activities are claimed as itemized deductions on Schedule A (Form 1040). These deductions must be taken in the following order and only to the extent stated in each of three categories: Deductions that a taxpayer may take for personal as well as business activities, such as home mortgage interest and taxes, may be taken in full. Deductions that don’t result in an adjustment to basis, such as advertising, insurance premiums and wages, may be taken next, to the extent gross income for the activity is more than the deductions from the first category. Business deductions that reduce the basis of property, such as depreciation and amortization, are taken last, but only to the extent gross income for the activity is more than the deductions taken in the first two categories.

If she worked for the money, it ain't a hobby in the eyes of the IRS. If she LOSES money 3 out of 5 years, the IRS can look back and deem it a hobby. But, they will want the SE tax.

If the income is over $400, I always use the Sch C.

Thanks, Judy!

You're right, no BAQ or military rank. I didn't know it was merely connected to the Navy but civilian-run. I have my answer. Thanks, y'all!

My client got a job with NCIS (Naval Criminal Investigation Service) and is paid by DFAS. (Defense Finance Accounting Svc). Is this considered active duty military for moving expenses?

I think it was 3 years ago. Two clients got hung up. One was completely lost. After that, I will never send on opening day. I will send on the 15th. I have one 2019 that I sent to TW a couple of weeks ago. I thought *maybe* they would take a prior year. When that ACK comes back, I'll feel a little better.

Oh, well... there ya GO! Thanks!

Very clear, thanks. I did split the distribution over 3 years. Turns out the whole fam damily had COVID. Easy qualification. She had 2 other regular 1099Rs, normal code 2 early retirement accounts. But, the $60k was code 1. Paid tax on 1/3 of the $60k, the rest will follow in the next 2 years. Zero penalty. And, I'm a hero. Who'da thunk it.

Hey, I had a novel idea and READ THE INSTRUCTIONS so kindly posted above. Sorry for the dumb question!

"It is interesting that if a distribution up to $100k was taken on January 2, 2020... it can be treated as a corona virus distribution and the tax payer will not pay penalty and it can be repaid back by April 15, 2023." So, it's taxable income, but not subject to the penalty if COVID related, but if we take this exemption, MUST they pay it back by April 15, 2023?

My client is 66, disabled, and receiving Soc Sec. He took $12k from his IRA. So far, he's not required to file. BUT, he sold his home and he didn't yet receive his second stimulus payment. So, I was going to file so that the 1099S won't come back on me, and to claim the stimulus. Should I?

I'm so sorry. It's the Virginia Employment Commission. I can't see anything on the website that would allow anyone to access the 1099 yet.

I did not know this even existed! I have 2 in my office waiting! Thanks!

https://www.individual.tax.virginia.gov/1099G/login.jsf

https://www.vec.virginia.gov/unemployed/Claimant-Handbook/Claimant-Handbook/Applying-for-Benefits Is this what you want?

My 90 yr old client's daughter did her taxes for 2018. In 2019, she THOUGHT she did her mother's taxes. When daughter's husband was diagnosed with cancer and soon after died, she didn't realize her mother's taxes were prepared online, but not filed and certainly not paid. I don't believe this is "reasonable cause" to abate the penalty that will come. Am I right? By the way, she didn't take a little known VA state deduction for Long Term Care Insurance which sparked a savings over the years that practically paid my very reasonable fee.... that just went up....