mcb39

It will depend on how much, if any, income the student has at that time.

I cannot clarify that as she came to me with the Carryover loss already established and I don't know the particulars of the story. They have been with me for several years and have never been questioned by the IRS since I have known them.

That is correct. If she attends as a half-year student and is still under 24; they can take her back as a dependent. Always remember that the tuition credit follows the dependency and in a case like this will usually not help the student taxwise. It doesn't matter who pays the tuition. We have at least one of these every year.

This is exactly what I was going to say.

Before she became my client, which is many years ago; she inherited a $600,000 house from her father and sold it for approximately $400,000 just to get rid of it because it was standing empty. They wipe some of it out with CG; the most prominent one two years ago when they sold a Rental property. They still have a lot of CL left. Even more astonishing; WI only allows a $500 CL per year. They are a nice couple who are secure as one can be these days. They have invested wisely and live a happy, but not ostentatious life. They winter in AZ and come home in April. I have to say that when they first came to me, I was as intimidated as I have ever been. I thought they were way out of my league. That is no longer true. They trust me explicitly and I value them as clients.

That would be rare and amazing. My client is carrying a $200,000 carryover loss on the sale of an inherited house.

And, Inherited, is one case where she could possibly have a LT Capital loss. I have a client who will never outlive her carryforward $3000 a year loss.

Irregardless, Inherited is always long term.

In Wisconsin, it would be community property.

I just tell them that I have to have it as an attached PDF file. They will usually comply. I refuse to accept screen shots. It is on them to furnish me with the correct paperwork.

I just had one as well. He swore he didn't have an ID Pin. He told us to refile with last years pin, which, of course, also got rejected. These pins are issued because clients are or were at some point subject to possible identity theft. We ended up paper filing the return. Client was not happy with US and I doubt that we will ever see him again. We know he got the pin and just discarded or can't find it. He was not willing to ask the IRS for a copy of the Pin for 2022.

Good Grief!!!!!

Thanks to all of you and my daughter-in-law; even though I wasted a whole day, I have a handle on this now. The next hurdle will be to get the program to accept the contributions. Again, THANK YOU all so very much. Happy Holiday to all.

But, is the Marketplace considered a HDHP?

Can a retired person contribute money to an HSA when they only insurance she has is the Marketplace? I thought you had to be employed. Correct me.

A few extensions every day; a few new clients every day. we, too, are finding that we care less. We cannot let this business get the best of us. We will continue as we started; doing concise and thorough work. So many interruptions. Unexpected surgery for hubby; he is still on the recovery list though getting better every day. He makes our lunch. Too many people walking in without appointments. All that and we continue to smile and try not to rush anyone. Now ATX is pushing for early renewals and I am afraid to ask what the price will be this year. Good for you!

I didn't! (ATX)

Many of my low income clients are extremely classy, kind and appreciative individuals.

I know that I am on the lower end of the spectrum. I agree mostly with Yardley CPA. I charges according to the circumstances. I know I am probably charging way too little, but you have to consider what the market will bear. In Central semi-rural Wisconsin, I don't have many high-class clients. I try to adjust fees yearly; some up and some down. I continue to tell my clients that this business is not all about money. They are first and foremost the most important presence in my office at any given time. I would never think of charging per form, per page or any other set method of pricing. I generally pull a number out of my head based on time and complexity; but I also consider the situation of the client. This might be wrong, but my clients are happy, I am happy and I sleep very well at night.

Many, many taxpayers under 25 and over 65 did benefit last year and it was a sweet credit for the hard working low income clients. This year, no soap and I have seen it over and over and over. It was never a lot of money, but it was a little extra and I think it's a shame that they did away with it.

I had a small business go from S Corp to Qualified Joint Venture. I just had to write a letter to the State informing them what had transpired. Actually just a copy of the IRS letter dissolving the S Corp. They kept the same name.

We have so little guidance on Wi tax law. Seems like you either "know" it or you "don't". Call the people at My Tax Account. They are very knowledgeable and helpful.

And I knew about the exceptions as well. Sorry!

You cannot take the PTC on a MFS return.

I always file them separately. First Fed and then State. WI requires a copy of Fed to accompany State return.