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Dave T

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  • State
    NY
  • Gender
    Male
  • Interests
    Running,bicycling, rollerblading.<br />Spending time with my 3 boys.<br />Studying the Bible

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  1. Quick update. The Lifetime Credit did calculate correctly. Had just forgotten to check one box. Bigger issue still remains is degree or no degree?
  2. I will obviously need to get clarification from my client but wanted to run something by the board as I have great respect for the knowledge as well as the willingness to help. A couple weeks ago I posted about my client that had a 1098T with 26K in tuition and 34K in scholarships. I asked about this and she said it was for off campus housing and food. Check box as at least half time student and so it seems 8K of income. I did specifically ask her about her studies and she said it was toward a degree. Well her parents are also clients and when they were over the other day we got talking about the daughter and how well she is doing etc. and the Dad says she is there earning a certificate as she has already earned her undergraduate as well as graduate degrees and she is there because this is an athletic scholarship and still had a year of eligibility left. So I go into ATX and uncheck 'Candidate for a Degree' and now the whole 34k shows as taxable ( and of course big tax liability ) but for whatever reason it won't let me at least calculate the Lifetime Learning Credit. Any advice would be appreciated. Thank you
  3. New client emails me her tax docs. a couple of small W-2's and a 1098T from a major Texas university. She is on a running scholarship and the 1098 shows 26K in box 1 and 34K in box 5 Scholarships. I call her to get more info and she says the difference is for off campus housing versus room and board on campus as well as for books. She says she has had this situation in prior years and preparer didn't include anything as income. Seems to me, and as I read Pub 970, that this excess, apart from the books, she has about 8K of additional income and no Education Credits. Am I correct in this? As an aside, she said she just got picked up by one of the major shoe brands which will take effect in 2024. Thanks in advance for your help Dave T
  4. Marie, What is the error you detected? I have just been working on a MO return. Rather simple, just w2's and unemployment. Thank you Dave T
  5. Taxpayer was appointed to the board of a nonprofit in 2023. It is a 3 year term and they meet quarterly. He received a 1099_NEC from them and I know it is taxable but is it subject to S/E tax as well? Thank you
  6. This was a new one for me. I had an e-file rejected because the primary taxpayer didn't have an IP PIN. I haven't been putting that on any of the returns and haven't had any rejections. The only reason I can think that this occurred is that they wanted to pay their balance due with a credit card. Could that be what triggered the rejection or would it be something else? I guess I need the t/p to contact the IRS to obtain the PIN Thank you.
  7. Thank you. Yes, this was filed a couple of weeks ago.
  8. Client just texted wanting to know if direct debit date can be changed? Return was submitted and accepted with a scheduled payment date of 4/14/23. She would like to change the date to 4/18 but I believe that once the return is accepted that's it. Any thoughts? Thank you
  9. Had a similar situation only it was 28 trips in total to 10 different organizations. Weill try and remember the 12/31 trick next year.
  10. T/P normally takes auto expense on line 9 of Schedule C but this year he purchased depreciable asset and needs to file form 4562. I believe I now need to show standard mileage on the form as well. but when I go to part V of 4562 , line 24 I don't see where the input screen is. What am I missing besides my brain at this stage of the game? Thank you
  11. Should have read instructions more closely. If he meets other requirements, he must file it regardless of dependency or not.
  12. Full time undergrad student, non-dependent, age 22 has unearned income over $2,300. Does he have to file form 8615? Thank you
  13. Yes, I was working through it but it doesn't seem to calculate a carryover yet it seems as if it should.
  14. New client in 2021, full time student with nominal earned income ($230) in 2021 and clamed as a dependent. In 2021 he was in the market and generated a short term loss of $2k. Perhaps I am overthinking this or more likely not thinking correctly but his 2021 standard deduction of $ 1100 was greater than his earned income so shouldn't his loss be carried forward to 2022 ? In 2022 he is still a full time student but instead earns $ 8K in short term gains and I am wondering if these should be offset from the prior year loss? Not sure how this is going to play out as he is going to have file form 8615 and Mom made quite a bit in 2022. This is a new one on me so appreciate the help Dave T
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