TexTaxToo

The MeF (efile) system will not allow future direct debits to be scheduled after April 15 when efiling a return. The IRS does not modify it for postponements due to disaster declarations. I believe the taxpayer can still schedule future payments using Direct Pay or EFTPS at https://www.irs.gov/payments

There have been a lot of disasters which postponed the deadline to November, but certainly not for everyone (so far https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

Since Room & Board is not a qualified expense, a scholarship for Room & Board is taxable to the student. Any amount used for tuition and other qualified expenses is not taxable.

Here's my guess at what is meant: Total income other than SS: 44671 Gross SS: 16860 Taxable SS: 13736 AGI (as originally stated): 58407 MAGI for Form 8962: 61531 (this assumes no tax-exempt interest/dividends) Without the year of marriage calculation, this would require a repayment of $3150 With the year of marriage calculation, the monthly contribution is $63 and repayment is $704 Form 8962 is filled out as follows with everything else blank: 1. 2 2a,3. 61531 4. 19720 (assuming other 48 states is checked) 5. 312% 7. 0.0630 8a. 3876 8b. 323 9. Yes 10. No Lines 12-22: 1256 1193 63 1130 1130 1194 24. 12430 25. 13134 26. 0 27. 704 28. 3150 29. 704 36. 1 63 01 11 ----------------------------------------------------------- If you need worksheet III for the spouse: 1. 1 2. 30766 3. 14580 4. 211% 5. 0.0244 6. 751 7. 63 8. 01 9. 11

Pub 550

Have you reviewed the Proxy statement regarding tax matters for the merger: https://www.sec.gov/Archives/edgar/data/1732845/000110465924053001/tm243828-20_defm14a.htm#tMUFI

You must make taxable a part of the scholarship that was or could be used for tuition, in addition to the amount in excess of tuition. For example, if tuition was $24,000 and unrestricted scholarships were $40,000 ($16k in excess of tuition which was used for room and board). If you make $20,000 of the scholarship taxable to pay nonqualified expenses, that leaves $20,000 to apply to the tuition, and that leaves $4,000 of tuition available for the credit. The scholarship terms must allow that $20,000 to be used for nonqualified expenses and it would be taxable to the student. And pay attention to Slippery Pencil re. kiddie tax and getting an accurate statement of account - was the scholarship actually used for qualified expenses in another year, or was it for room and board in the current year.

Hmm. Pub 4012 is the guide for VITA/TCE. It says:

Note that this type of "theft" is not subject to the 10% of AGI+$100 reduction for casualty losses and should flow to line 16 of Schedule A (not line 15).

Rev. Proc. 2024-31 explains the QM PIN requirements. Manufacturers must label units with the QM PIN, or otherwise provide it to purchasers. They must at least quarterly provide the IRS with lists of the QM PINs they have issued which qualify. So the IRS will know which are legitimate. I think it is unlikely that there will be a generally available lookup tool, as there would be too much opportunity for fraud (someone could look up numbers until they got a match and use it on a return). "The IRS urges QMs not to place a product’s PIN on the exterior packaging of the product," presumably for the same reason. I wonder if there will be a new reject code "The QM PIN entered on the return has previously been entered on another return".

Judy, I disagree. Worksheets I and III should have 1 for the alternative family size (and that may be his problem), but Form 8962 should have 2. The example on page 44 of Pub 974 makes this clear. The example has one spouse with no dependents and one spouse with two dependents: Then on the worksheets:

Here's what I would get for Worksheet III manually: 1. 1 2. 41068 3. 14580 4. 281 5. 0.0524 6. 2152 7. 179 So my 36b would be 179. What did you do differently?

I'm not sure this is your problem, but a few more things to check: Line 10 should be checked 'No', and you must enter the monthly amounts on lines 12-23, not the annual amounts on line 11, even though all monthly amounts are the same. Columns a, b, f must be the amounts from the Form 1095-A line 35 is blank, line 36a=1, 36c=1, 36d=12, and 36b is your calculated amount The values entered on lines 12-23, column c, are all equal to your 36b calculated amount (the software may do this automatically)

According to the instructions for Form 8962, Line 28 (the cap on repayment): So it would seem the cap is available if income reported is less than 400% of FPL.

In the future the installer will have to provide a 17-char QM PIN (Qualified Manufacturer Product Identification Number) which is a unique number like a serial number that will be required on the tax return - eliminates any need to verify if it qualifies. For 2025, only the QM part of the number will be required. For 2024, there are a couple sites where you can look up model numbers to see if they qualify: https://www.regulations.doe.gov/product-lookup https://ahridirectory.org/ The first one is more official, but I have found it more difficult to find matches unless you have the AHRI reference number already.