Randall

We discussed this last year with the S Corp shareholder health insurance. With ACA, Corp not paying the insurance, shareholder is paying from personal funds. W2 showing same amount in boxes 1,3,5. The question is can the shareholder still qualify for the 1040 page 1 deduction as self employed health insurance premiums. Are there any cites or references? I can never seem to find something that specifically mentions this.

Probably Fed but I don't know about PA. I couldn't with KY. ATX told me I could since the modified system started. But the KY returns still didn't go thru.

Some say the way to make a small fortune is to start with a large fortune.

I've found out that the scholarships are allowed to be used for other than tuition such as room and board. Can we assign the scholarships to room and board, apply payments and loans as parents education expenses for purpose of taking the education credit on the parents' return? Then report the taxable scholarship on the student's return. He has no other income and the scholarship amounts minus standard deduction results in no tax (no tax at state level either). Is this allowable? It doesn't seem right? Scholarship amounts are reported as W2 income. Would he be subject to SE tax?

Yes, KY. I'm near OH but the adoption is in KY. I have the question out to the client for him to contact his attorney. Thanks for the replies.

This works both ways. Some people just can't save money and a nice check each year is good for them. Even at no interest. Others who have to pay, whew. How do you get them to have more withholding or make ES payments. I have a few clients who don't do this year after year. And they wonder why they have to pay so much.

I give paper copies in a nice folder. It's just as much of a hassle for me to put things on a CD or flashdrive. I have a few clients who don't want the paper copy. I load it on my Sharefile site and they can get it there.

I give the client paper returns. Review it with client. Some clients, very brief, usually just mention similarities to prior year, nothing in particular to point out. Unless there is something to point out. Some might ask some questions, etc.

Thanks.

Any comments?

Court hearing for adoption finalization occurred in 2015. But still waiting on paperwork from State. Can the adoption be considered final in 2015 or do we have to wait until 2016 when paperwork is received. I'm assuming the court made a ruling and things would be dated as of the 2015 date.

It was a little convoluted getting to it. Login to eServices. Left side: Application; Services: efile application; choose existing name; Select EFIN status.

Jack, was the problem you've been experiencing fixed?

I'm a CPA and I just checked mine.

I've updated. I usually like to wait until the 2nd day. Yes, still a little cautious.

Anyone update to 15.5 yet?

Thanks. I will check with parent on what each scholarship allows. There are 3 different ones listed. No Pell grants though.

Am I correct? Tuition and other qualified education expenses charged on student's account. Room and board amounts also charged on student's account. Scholarship and grant money deductions and parents' payments shown on student's account. I must assume the scholarship and grant money applies to the tuition and other qualified ed expenses while the parents' payments apply to the room and board. Therefore, no qualified ed expenses available for the education credits.

I've always reviewed this carefully, making some changes between spouses. I use it as a quick look. If I think filing separately may be warranted, I duplicate the joint return twice and complete it for each spouse to get a more actual look.

I've used a PO Box on my own return for years.

It is a trust, going from revocable to irrevocable at date of death. There may be some DNI but my reading says these specific bequests will not count toward DNI.

When is this usually happening? I've had it happen a couple of times when I was in Fixed Assets.

Trust to distribute specific bequests of $1000 each to 24 grandchildren and great grandchildren. Remaining assets to 6 children. My reading shows these specific bequests will have no tax consequences. I couldn't find any specific mention of K-1s but it seems there is no requirement of a Schedule K-1 for these 24. Only 6 K-1s to the 6 children. Does anyone know of a requirement for K-1s other than to the 6 children?

This doesn't help your situation but a reminder to clients to keep all their annual statements for annuities and insurance policies. With these companies merging so much, it may be impossible to get a history of your accounts.

ATX puts it on the 1231 line on Sch K and Sch K-1. However, when entering on the personal return, the 1231 goes to Sch D of the 1040. For the 1065, I have the disposition tagged as long term going to 4797 Part I.