Randall

But if they have the auto extensions like last year, it will save a lot of time not to deal with the individual ones. Form 8878, etc.

I've seen an Edward Jones that shows a column for wash sales. But the gain/loss column is labeled 'unadjusted gain/loss'. When I input the wash adjustment, gain is increased. On some others, I've seen the wash adjustment already included.

Anyone hear anything yet whether IRS will extend the due date?

Thanks for that clarification.

Full payment for one person or two persons? I thought last year's instructions were to return the check if one spouse died before the check arrived. And only qualified for one person.

Yes, I would agree with 'exhausting any possible'

Client died April, 2020. Spouse received stimulus check for $2400 several weeks later. She returned the check to IRS and received a confirmation letter that the check was returned. She also received a letter from IRS saying it was too late for them to issue her stimulus payment. For 2020 return, she is still allowed to file jointly. When I input the stimulus info on the Line 30 worksheet, it is calculating the full joint payment of $2400 and $1200. Does anyone see a problem with inputting that she received $1200 and $600 so the balance she is due only comes to $1200 and $600. This seems to be the only option in order to get her the correct amounts.

I will wait for the software update. But my state Ky does tax it. And Ohio too (I do a few of them since I'm close to the border). So I guess I'll have to wait on the states.

Thanks Pacun. I would ask a few questions and make reference notes. But I wouldn't give him the 3rd degree trying to disqualify the person.

The way they've handed out money to profitable businesses, I'd call a hangnail qualified. If it's questioned, it's questioned. But the quotes seem to leave a lot to a judgement call on the individual.

Am I correct in thinking there are two things that will affect the 2020 returns? UI and the no pay back of excess APTC.

I've got one who is a maybe.

Can't remember where I read it this morning but it said IRS will use 2019 info and update when the 2020 return is filed.

I'll keep doing my preliminary work. If it looks like there are items that will be affected, I'll put them on hold. We'll have to wait for IRS, states and software companies to do their thing. Probably will be a extended filing due date.

I'm not sure what you mean. Are you saying your input gain/loss doesn't match the 1099B? But if the broker is adding back wash sale to cost basis, then why wouldn't it?

It's a tough thing. I went thru it 7 years ago. It's still tough.

I got an alert and put my computer on pause for updates.

I thought the 1098Ts were changed a few years ago and much more accurate than in the past.

Whoa! Amazing.

Thanks. I noticed for the expenses, it added it back on my Ky return. Ky is working on this with legislation so I'll be holding it for awhile.

Thanks Tom. I've asked him to get me his account statements for January & February, 2021 to take a look.

Client went crazy trading in his account. 1099B has lots of wash sales. Disallowing these losses produces a gain of $28k. Just a paper gain. I know it's his own fault. But when looking at the individual transactions, I'm wondering if the previous loss is added to the basis of the next transaction. I really can't second guess the 1099B but I'm wondering if these are accurate. Anyone have any experience with this? The 1099B is from TD Ameritrade.

I tend to agree with Sara. I assume if the 1098T shows tuition paid and scholarships, the scholarships are used for the tuition. I'm not going around the world to work this maneuver.

I did notice if I enter the amount for expenses, it does carry to my Ky return as an add back. Ky agrees with the Fed regarding not counting it as income. But they are in the process of some legislation requirement to allow the expenses. I'm still waiting on that. So I assume ATX is adding it back until Ky changes.

In 1120S form. At bottom. Pages 1-5, then Options, then PPP Amounts.