Possi

I have asked every. single. client. Every. Single. One. So tired of this...

Yes, prayers lifted~

Oh, but we get an extension of one month. One month to explain and hand hold 500 clients because of late changes. Perfect.

Ohhhhhhh @RitaB!!!

I'd tell him buh-bye and I DON'T have COVID. Bonnie, you just worry about you, and get rested. This stress must be an immune suppressor at the very least. We are all praying for your healing, and that great health be restored. God bless you..... get some rest.....

Nah.... just give her a hug....

Is there a signature line for "whiny procrastinator?"

So, some back taxes MIGHT be paid with the third round? How practical!

The depreciation must still be re-captured, remember that first. Other CG can be exempt. I'm not sure the mechanics with ATX, but someone will chime in on this.

I'm getting hit with clients who didn't get the full amount of (THIRD) stimulus regarding their children. They will eventually get the full amount, when the IRS catches up. Here is a good article that I am sending my clients: https://www.kiiitv.com/article/news/verify/verify-dependents-third-stimulus-check-money/77-087f2213-3fc1-417c-a60a-eb21210b171e I hope this is helpful.

He inherited that IRA (she died in 2020) and moved it to his own IRA. There isn't a 1099 for that move, so next year when she is off the return, I believe I can move her basis onto his 8606. It will come out the same. Yes, I'll wait.

Too late to edit, so here it is... I know the basis carries to the beneficiary, who is her husband. I believe I need to wait until he has a distribution from the account before I can claim the basis. So, my question is how to keep track of it. Do I leave the 8606 in the tax return? When he takes a distribution from this inherited account, that's when I deal with the basis? I'm just anticipating. He might not ever take it.

What happens now? Both had basis in IRAs, and I have the 8606 forms year to year. What happens to her 8606 and basis after death?

Is there ANYBODY in government standing in the gap for Tax Pros? #askingforafriend

Well, one would think that if UI was not taxable to the state to begin with, then just don't amend the state. BUT, it's not that simple because the state begins with AGI which will change. Lord, I pray that they can adjust the 1099G data entry to keep things (at least SOMEWHAT) copasetic. You explained that very well, as you always do. Thank you!

Yes, but it has its own line. It is specifically subtracted as Unemployment. So, unless the federal adjustment is specifically "unemployment" which has already been deducted from VA.... in other words, if the new adjustment comes off the taxable income as any other kind of adjustment, VA and states like it, may not identify that federal adjustment as unemployment... which was already adjusted off the state. Maybe I'm over-thinking this.

But.... DON'T ANNOUNCE AN EXTENSION! ermagerd

Right.

Although I can't find documentation on this, I would not take the deduction.

They will never figure out this rat's nest. Like I said just the other day, "Hold my beer and watch THIS!" LOL

We better watch these states, everybody. Don't double dip! VA is very slow to act on anything.

Here's an issue with reducing "other income" by the unemployment reduction... Many states, mine included, already do not tax unemployment. If I reduce my AGI by any other means than negating it as unemployment, (on the unemployment LINE), I will create a double-dip on the state requiring me to adjust the state to add it back to my AGI. I need to call the WAAAAAmbulence

GAHHHHH What next? goodgrief

But wouldn't it be fun if everybody amended their returns right this minute?