Malissa

Quote

From a topic 5-years ago that the OP quoted:

Transferees who cannot claim percentage depletion.   You cannot claim percentage depletion if you received your interest in a proven oil or gas property by transfer after 1974 and before October 12, 1990. For a definition of the term “transfer,” see section 1.613A-7(n) of the regulations. For a definition of the term “interest in proven oil or gas property,” see section 1.613A-7(p) of the regulations.

Under 1-613A-7(n), inheritance is one of the transfers.

So, for the years between 1974 and 1990, no depletion allowance.

How do you enter depletion in ATX?  Do you attach it to a Sch E?  and does the above mean after 1990 a TRANSFER can take depletion?

On 3/18/2017 at 11:50 AM, BHoffman said:

HSA contributions are deducted in the year paid on line 25 of form 1040.  

HSA distributions are reported on form 8889, from form 1099SA, on line 14a.  You have to ask the client if the entire amount on 1099SA was used for qualified medical expenses.   If their answer is yes, then enter the amount on line 15 of form 8889 and you're done.  If not, then ask them how much was used for qualified med expenses and enter that amount on line 15.  The remainder will flow to line 21 and you might need to consider the additional 20% tax.  

There is no annual netting of contributions and distributions.  The HSA account prior year contributions can be used in subsequent years, so it's possible to have a larger distribution in one year than contributions in that same year.   The HSA distribution is not reported on Sch A as medical expense.  

Line 15 of form 8889 does not allow you to input the amount of qualified medical expenses for 2020 ATX like the 2019 did.  What is the work around?

2020 ATX seems to be different for 1099-SA and 8889.  I used to put the amount of qualified medical expenses on line 15 of 8889 but it won't let me.  How do we account for that?