Jump to content
ATX Community

GGRNY

Donors
  • Content Count

    47
  • Joined

  • Last visited

About GGRNY

  • Rank
    Member

Profile Information

  • State
    NY

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. You honestly, genuinely and sincerely just made my day
  2. Resurrecting this beast as I'm really trying hard to do this RIGHT, and it genuinely feels impossible using the 974 as a guide. I'd honestly LOVE to see an IRS auditor explain this whole thing. I'd bet many can't. Regardless I've got a CRAZY method and I'm hoping one of you can logically talk me out of it. I'm using ATX. I've already completed the SE Health Ins. worksheet, Worksheet W & Worksheet X and form 8962. The only thing blank on W is the very bottom where it asks for the simplified or iterative method results. THEN, I took total premiums listed on 1095A (ie $16k) minus premium tax credit listed on 8962, line 24 ($13k) = $3k. So I then reduce my SE Health insurance deduction by $3k. Let's assume I was deducting $7k in premiums originally, so now it only says $4k. I go back to 8962, see what the newly calculated premium tax credit says and continue to adjust the SE Health insurance number up and/or down until I get a summation of SE Health insurance and Premium tax credit that's most closely totals the total premiums. Is this crazy? Is this in effect the Iterative calculation?
  3. GGRNY

    Catch-22 SEHI PTC

    Resurrecting this beast as I'm really trying hard to do this RIGHT, and it genuinely feels impossible using the 974 as a guide. I'd honestly LOVE to see an IRS auditor explain this whole thing. I'd bet many can't. Regardless I've got a CRAZY method and I'm hoping one of you can logically talk me out of it. I'm using ATX. I've already completed the SE Health Ins. worksheet, Worksheet W & Worksheet X and form 8962. The only thing blank on W is the very bottom where it asks for the simplified or iterative method results. THEN, I took total premiums listed on 1095A (ie $16k) minus premium tax credit listed on 8962, line 24 ($13k) = $3k. So I then reduce my SE Health insurance deduction by $3k. Let's assume I was deducting $7k in premiums originally, so now it only says $4k. I go back to 8962, see what the newly calculated premium tax credit says and continue to adjust the SE Health insurance number up and/or down until I get a summation of SE Health insurance and Premium tax credit that's most closely totals the total premiums. Is this crazy? Is this in effect the Iterative calculation?
  4. Ugh, I did a search in the forum for this before I posted and came up dry. Guess my searching skill need work. Thansk Pacun.
  5. And I found it. Never mind. For anyone looking, it's under the "over 65, blind, deaf, etc." boxes.
  6. Rolled over a client's return from last year where his mother claimed his exemption. His mother cannot claim him this year, but the box at the top for "Someone can be claimed as a dependent" is checked and for the love of me, I cannot find out how to remove this. HELP!
  7. GGRNY

    Timeshare

    This is what I thought too, however, after researching it and I think because it doesn't qualify as a 2nd home (they didn't stay in it the minimum of 15 days necessary to qualify as a 2nd home), then that rule doesn't apply. https://www.redweek.com/resources/articles/tax-aspects-renting-timeshare
  8. GGRNY

    Timeshare

    Client owns a 3 week timeshare. Uses it for 11 days personally, rents it out for 10 days. Got a 1099 for the rental income. Just want to confirm. The timeshare doesn't qualify as a 2nd home because they didn't personally use it for 15 days correct? I report it on Sch E, but losses are limited to rental income. After that they are disallowed, correct? Do I have to split the association fees and other expenses between personal and rental? Meaning, only (10/21 or 48%) of expenses are deductible on Sch E? Are the disallowed losses carried forward or permanently disallowed?
  9. Did you complete this line?
  10. This data entry is very tricky indeed. I always have to pull away the cobwebs from last year to remember how I did it before. After I've enter everything I think should be enough, the business name never shows up in the "choose the business under which the plan is established" list. Then, on the K-1 schedule data entry, in the DETAIL tab, Box 12, letter S, "amounts paid for medical insurance," when I enter the SE health insurance amount again here, this seems to illuminate the business name in the Line 29, Sch 1 worksheet of the 1040.
  11. I didn't even know about this feature. Been doing it the old fashion pen-and-paper way! Thanks for the tip!
  12. On the 1120S page, click on the pages & worksheets tab on the bottom, jump to the line 17d page worksheet, scroll to the bottom and start with line "V."
  13. I'm stunned by the number of NEW clients I get that were incorporated by other lawyers, accountants, etc and did not have the articles of incorp, by laws, minutes, or stock certificates issued. None of this was completed. Some clients have no idea where the corporate book is? Some were just given articles of incorp and blank by laws, minutes, stock certificates and did not provide guidance or insistence that this be completed BEFORE the company opened (let alone before the first tax return was filed.) So my question is. Do you request to see the corporate (black) book when interviewing a new corporate client? Do you verify the corporate details against what's on past corporate returns filed by another accountant? When, or if, you incorporate a client, do you just send them off to legal zoom or a lawyer and leave it up to them the corp in order? Do you ever check the book for accuracy? My terror on this subject comes from a story father (also an accountant) told me that happened years ago. New client comes in, says he's being audited. My dad reviews the bookkeeping and financials for him, requests to see the black book, but the client forgot it. On the day of the audit, the auditor requests to see the black book. New client says, "Oh, I've got that this time Bob!" Hands it to the auditor, (so my dad never got to review it) and low and behold, the lawyer screwed up the paperwork with incorrect dates and names, and worse, the stocks certificates were blank. The auditor denied the incorporation & S election based on the book being wrong. My dad said, the penalties and fees put the guy out of business. Has the IRS relaxed these rules over the years?
  14. Interesting, I didn't know this. Thanks!
  15. I think I see where you went astray. The instructions say for the IT-203B to enter NYS income info for when you were a nonresident of NY. You've entered the entire year and backed out the IL time. I think it should be entered like this (I'm just assuming $60k earned while in IL). You manually enter the IL wages on line 1o of the IT-203-B worksheet, then manually DELETE the Column C wages ATX flows to the Part-year Resident Income Worksheet for the NY IT-203
×
×
  • Create New...