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  1. No, he is not an employee of the casino. Those 1042-S is just reporting his gambling winnings. If send the paper copy, where would i put the 1042-S? or should it be enter as a W2G?
  2. I have a taxpayer filing with and ITIN, he has lived in the USA for over 5 yrs. He works a W2 job, and received a 1042S for the casino with 30% withheld. I am using ATX, if I fill in 1042S, I receive a message stating Form 1042-S is only supported in 1040-NR Return. In the past he has always file with the 1040 Form. Where should 1042S be reported? Thanks, Patricia
  3. "Filer and spouse name, formatted per IRS specifications is too long for e-file" Paper file this return What should I do to efile?
  4. Taxpayers filling jointly both worked, and child 7 yr old. Employer paid a third party to take care of dependent child, W2 Box 10 Dependent Care benefits show $3,600, which is what the employer paid for the dependent care expense. I am listing that in form 2441, Line 1 - (e) Amount paid $3,600, and (f) Check if employer furnished care (X)-Check Line 2, I am putting the "Qualify expenses you incurred and paid in 2021 for the person listed" $3600, and "dependent care benefits received" $3,600 This qualifies taxpayer for a "Credit for Child and dependent care expenses" of $1,800. Just want to make sure I am doing it correctly since none of this expensed were paid by the taxpayer. Thanks,
  5. Perfect. I appreciate the help. I was under the impression parents needed to report and pay taxes on the "Gift".
  6. thanks for the comments. For the rental properties they purchased them back in 2000 - 50% parents and 50% the son. So technically in 2019 when they did the "Parent to child transfer" the parents only gifted their 50% since the son owned the other 50% already. On Son Tax Returns - for example if the house purchase price was $100K, so the each owed $50K. but at the time of the transfer FMV was $300K. 1. Would he now depreciate on a value of the property of 200K (50K 50%original purchase price + 150K FMV at the time of the transfer)? 2. Would parent have had to report anything in 2019 on their tax return?
  7. Hi Everyone, I have two clients parents and adult child, they owned rental properties together. 1. Parent 1 transferred their 50% of the rental properties to adult child before passing away late 2019. My understanding nothing was reported to the IRS in regards to the transfer. In 2019, adult child reported 100% of the rental income to the IRS, and depression was left the same as 2018. What is the correct way to handle this? Should anything have been reported to the IRS? 2. Parent 2 transferred primary resident to adult child in 2020 - parent 2 continues to leave there. Does anything need to be reported to IRS, if so, what should they report? I appreciate the input. Thanks, Pat
  8. Just for testing, I added an addition 5K to the w2, but AOC still shows 0. Any thoughts? Thanks, Pat
  9. Sorry I checked the box "Candidate for a degree" and now his taxable income from the scholarship is only $2545 ( 23050 - 20505) which seems to be correct. And this change seems to disqualify tax payer from the American Opportunity Credit. Does this sound correct? Thanks for all the help. Pat
  10. Box9 - does not have a check mark. Would the 23,050 be consider taxable income?
  11. No, he does not have a degree yet, this is his 3 year will be graduating next year.
  12. Hello Everyone, I am needing some assistant in the followings: Taxpayer is 21, - Full time student, and is not a dependent. He worked earned income $5K, and unemployment $16K. 1098T - Box 1 - 20,505 and Box 5 - 23,050 I entered the information as it appears on 1098T, and the system is bringing the full $23,050 as taxable. He received FAFSA and CAL GRANTS, all funds were used to pay tuition, books and materials to use for school. I am under the impression only a small portion will be taxable and there rest nontaxable, but the full $23050 are being added to 1040 Line 1 under other non w2 wages. Looking at the 10 EdExp - Scholarship Worksheet - 7a. Tax Free part, this amount is the most you can exclude from your income. $20,505. What do I need to do to fix the taxable income on ATX? Thanks, Pat
  13. General Partnership (2 partners - sisters) with 7 Rental properties and 1 addition property use for personal use, home office and to handle property management and garage use to store misc material and tools for Repair and maintenance of rental properties. 7 Rental properties have been added to Form 8825 listing all related expenses and depreciation. Additional property used 50% for personal and 50% for other business and rental properties related items was listed to add to form 1065 for depreciation purposes and to add the Value on the Balance sheet portion Schedule L1. K1 was generated showing loss due to the deprecion on “additional property” “1. Oridinary Business Income(loss) = (2k) “, 2. net rental real estate income (loss) 1k, and 14. Self employment earnings (2k) i tried to due efile but get the following efiling error If checkbox “ThreeandOnehalfPctGroIncmTxlnd“ is checked then Form 1065 line 22 “threeandOneHalfPercentAmt” must have a non zero value. Current amount is ($4k) due to depreciation which show up on the 2 partners K-1 as (2k) for line 1 and 14 of K-1. Pls Advise, on what needs to be corrected.  I appreciate the help and thank you in advance. Pat
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