Dave T

Yes, checked that as well. Think I'll do as suggested and put total of the two on line for Business 1.

Yes, Business 1 is t/p's teaching business and Business 2 is wife's. Both have same amount of premiums but only t/p's is transferring to line 16 Sch. 1

Yes, they do. That was the first thing I thought of but yes.

T/P and wife are both self employed music teachers and both are over 65 and thus paying Med B premiums. When I attempt to put amounts on Sch. 1 line 16 it is only carrying over t/p's premium even though I put spouse's on separate line under Business 2. Am I doing something wrong? Thank you

She was under contract with a company called Sight and Sound in Branson, MO and was able to live with a family there. Made approx. $ 25K

Thanks Lynn and Lion. Not sure why I was having such a hard time with this one. She is definitely not a dependent as she moved out to pursue an acting career.

Yes, I understand that but am wondering if daughter was a dependent in 2019 but not in 2020 was she eligible for one or both? I hate to be obtuse on this and I have done several Rebate Credits for other reasons but for some reason I had a hard time with this one. If the payments were in effect an advance based on 2019 info and the dependent was no longer a dependent in 2020 they then would be eligible for both? Thanks very much

Just trying to get confirmation on something. EIP 1 and 2 were based on 2019 tax return, correct? T/p's daughter was 18 in 2019 and their dependent but in 2020 she turned 19 and was on her own. I know she is eligible for most recent check ( $1400) but I don't think she is eligible for EIP2 and thus the Recovery Rebate Credit on her 2020 tax return. Thanks very much

Just checked NYS Department of Taxation but no mention of the unemployment issue.

Rita, I recently lost my Dad at 99 and at his funeral eulogy I quoted from Billy Graham who once said " At some point you will hear that I have died, don't believe it, I have only changed addresses." May the Lord bless you and your family.

Just a bit of follow up to my original post on the early IRA withdrawal. Clients readily admit that distribution was not Covid related and had based their decision on assurance from financial advisor that there would be no penalty. There is a bit of irony in that if they had taken funds from the wife's IRA it wouldn't have been an issue as she is over 59 1/2. To their credit, they have kept emails from advisor of this assurance and to the advisor's credit they have said that if indeed this is not Covid related they will reimburse my clients for the $5K penalty incurred. This top

Yes I suggested putting $25K back into the 401k but as we've all experienced you can only suggest. I plan on calling him again tomorrow and suggest again.

T/P took out almost the max from his 401k in 2020 due to Covid ( $99K). I do the 8915-E comparing paying off the full amount vs. the 1/3 option. T/p and wife decide to pay off full amount in 2021 and be done with it. Fine that's their decision. The problem is now their income in 2020 exceeds $150k and thus no third stimulus unless IRS goes by 2019 income. Seems like in light of this the 1/3 would be the way to go. Am I missing something?

I had that issue yesterday. Tried to e=file a return and wouldn't transmit. I re-created the file in question and tried later and it went through.

So many questions surrounding this: Will states have to reissue 1099-G's? Will states comply with the exemption? If we have returns in hand with the 1099 should we hold off on filing?