mcb39

7 hours ago, Lion EA said:

My tech guy specializes in tax prep offices (and lawyers), so I'm comfortable with my current security. (I have him on a monthly retainer.) The above date is not until October 2025, so I don't feel an urgent need to update my OS or buy a new computer with a new OS in 2023. But, I stay in touch with him.

Who knows where we all will be by October, 2025?  I have already been told that my not so old computer will not update to Win 11, so my plan is to coast for at least another year.  My techie stays on top of this so I will let him worry about it.  When I have to update, I might just have to retire.

On 4/28/2023 at 12:35 PM, Medlin Software, Dennis said:

Until the EOS date, sticking with 10 is a valid option. After the EOS date, it is negligent (and likely indefensible) for those managing data for others to keep using 10.

I will stick with 10 as long as it is supported.  My hardware is not receptive to updates to 11.  I am not ready or able to invest in all new hardware; nor do I want to.

4 hours ago, cbslee said:

"Thanks to Inflation Reduction Act resources, the IRS delivered dramatically improved
service in Filing Season 2023.The IRS achieved 87% Level of Service, exceeding Secretary
of the Treasury Janet L. Yellen’s goal of 85%. The agency also answered 2 million more
calls through live assistance, cut phone wait times to four minutes from 27 minutes,
served 100,000 more taxpayers in-person, digitized 80 times more returns than in 2022
through the adoption of new scanning technology, cleared the backlog of unprocessed
2022 individual tax returns with no errors, launched two new digital tools, and enabled a
new direct-deposit refund option. This marks a vast improvement over 2022, when, due
to a lack of resources, the IRS hit just 15% Level of Service to taxpayers and millions of
refunds were delayed for months."

I made several time consuming  calls regarding Form 941 last year , but no calls this year.

I still have a unresolved CP 2000 that I  originally responded to by mail back in December 2021?

 

I will believe it when I see it.

15 hours ago, Slippery Pencil said:

I've always received similar discounts in December. 

I am not willing to agonize over it all Summer.  No interest on money in the bank anyway.  I renewed last week!

9 hours ago, G2R said:

For those that do renew this early, have you found the discount is worth it?

 

Yes.  Peace of mind, if nothing else.  With the cost of all supplies increasing, every dollar saved is critical.

Today I treat myself to my first ever (just because) hairdo at the salon.  I might work this afternoon or I might just take a nap.  Ah, sweet freedom.

Although I don't gamble, I want to be that person.  Both of my parents lived into their 90s as well as my maternal Grandparents.

4 minutes ago, Randall said:

I ususally renew by May 31.  With only a few years left, I don't want to change so I just get it out of the way.

 

I will probably do the same.  I have been looking at other programs and have already turned down ATX.  However, due to my age, as well, I will most likely bite the bullet.  Just get it over with, move on to finish the extensions and enjoy a happy summer.  

1 hour ago, cbslee said:

I used  Parson Tax Edge as my second tax program before ATX.

Don't remember the name of the first program, it was from Florida.

My first program was a pencil and paper; second was a typewriter and a copy machine; third was Parsons and on to ATX.  And away I went.

19 minutes ago, JimTaxes said:

Been a ProSeries customer since the days of when Intuit bought out Parsons Personal Tax Edge.  I did use ATX for a few years for entitiy returns when it was explained to me the ATX program was basically built upon excel sheets.  Maybe it is differnet now.  I moved all returns over to ProSeries and haven't looked back. 

Having been a Parsons Tax Edge user and losing them to Intuit is the reason that I will never use an Intuit product.  They purchased and trashed a beautifully operating program and almost put a lot of us out of business.  Fortunately, I found Saber and have been with them through their entire evolution to what ATX is today.  I have never had a serious issue with either Saber or ATX and due to my age, will probably stay with them until the end.  The assistant that I am training is learning and loves the program as well.  I, personally, am too old to make a drastic change at this point.

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

11 hours ago, DANRVAN said:

 

That raises a couple possibilities. 

 

(a) The house could have been overvalued by $200,000   or

 

(b) The house was sold for less than FMV and the difference should have been reported as a gift.

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.  

On 4/13/2023 at 9:40 PM, Terry D EA said:

Thats what I thought too and without a reference. Client inherits the property at FMV date of death. That's their basis and start over.

 

This is exactly what I was going to say.

4 minutes ago, cbslee said:

I can't even imagine how that could have happened?

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.

On 4/11/2023 at 11:27 AM, cbslee said:

The stock market has been pretty volatile, there is an equal chance of significant price changes.

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.