Randall

Thanks jklcpa. Yes, that's the situation. That's what I was reading too regarding the IRA contribution. Thanks for the heads up on SEHI. I was thinking of the IRA but there would be no SEHI deduction.

As for compensation requirements for IRA contribution eligibility, is Box 1 or Box 3 the determining amount. Just wondering regarding the s corp health insurance deduction. If that drops Box 3 down to zero, would Box 1 amount still allow for an IRA contribution.

Whoa. But I can understand when you pass these things so late in year

I only do a few. I always order the forms (red originals).

Any word on when the filing season will start?

I'm waiting on my new computer. It should have been here a couple of weeks ago. The support number I have from sometime back is 1-800-638-8291. Not sure is it is still current. I don't know what the concierge number is.

ATX still hasn't updated the worksheet. Both go on Line 30, but the new worksheet has two separate lines. They're calling it EIP1 and EIP2.

I saw the IRS instructions on line and the worksheet does have 2 separate line items, one for each stimulus.

I do it the way Margaret does. I'm working on mine, a little each day. I noticed the questionnaire did not have anything about receiving the stimulus.

I know anything is possible in our whacko world. But if they forgive the deferral, how can they not give credit back to those who did not defer.

Good to know. Fortunately, I only do a handful of these.

Good, ATX should be soon.

ATX has it for the first $1200/2400 payment. Not yet updated for the latest round. There's a line item in the area of tax payments with a jump to worksheet. If the person is eligible, the $1200 or $2400 will be included in the total payments and/or credits amount.

Ok, good news. Now we just have to wait for IRS to get the forms ready and open up the filing.

I agree. If they haven't gotten the first stimulus but should with their 2020 status, it's supposed to be on their 2020 return. If they're going to have to delay the filing season to make changes in the 2020 forms, why couldn't they have the latest stimulus payment included too. Especially if the payments will stop Jan 15. Hopefully they will at least have another round of payments later based on 2020 filings. Oh well, we'll just have to wait and see.

Yes, but you could not efile 2019 amended returns until August. I wish I knew in May they would be getting this efiling available soon. Back in May, paper filing the amended returns was the only way. I think the Covid situation brought this on faster. At least going forward, we'll have efiling for amended returns.

I had one (1040X) mailed in May. Recently received a response on the IRS link that the return was received but not yet processed. The response gave a phone number and extension to call. I waited a few weeks assuming it would take a while to be processed. I finally called the number yesterday. The agent said it was received in May, but they did not begin to open these mailed in returns until August. This return was not put into the system until Oct 20. There would be about a 16 week processing period for these. So he projected Feb 9 as the date this return would actually be processed. At least I got a status report on where this return is in their system.

Windows 10

Anyone seen a draft of how the stimulus payments will be handled on the 2020 form? If they received it or if they have not but should have?

I haven't had any problems. I wonder too about all the tech warnings. Then when reading about security concerns, they tell us to update regularly to keep out the bad guys. I don't think I have much choice. Go with the updates and I assume my programs will be on top of the Windows updates.

I'm not sure about the FAFSA reporting. But I think there are some new rules and options for the 529 accounts. Primary & secondary school eligibility and also payments toward student loans. This may be limited to $10k. But if FAFSA is affected, it may be better for the student to borrow more and then have the 529 funds go toward the loan.

I just checked again with the IRS amended return link. I got a new response. A notice that the return was received May 19, 2020 but has not been processed yet. So at least they have done something. Logged the return into the system to acknowledge receipt of it. Previously I got no response other than the standard comment that it is not in their system. I'm assuming maybe the 3 week period may start now. Hoping anyway.

That would be helpful if we knew they were finished with the backlog in time for the 2020 filing season.

Anyone thinking about submitting an efile amended return and just wait for the chips to fall if they ever process the paper amended return?

This is interesting. I have a similar situation but it is an adult son of parents. I filed a paper amended return but that is hung up in IRS never never land. I assume once the amended return is processed, he would be eligible for the stimulus even if we have to wait for the 2020 return. I wonder if the IRS info was correct. I also wonder how the 2020 returns will show the stimulus situation.