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TexTaxToo

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  1. Yes. The repayment forgiveness was for 2020 only. But there is not a cliff at 400% of FPL where everything has to be repaid. Those over 400% continue to qualify for PTC thru 2025 so only excess has to be repaid.
  2. To be specific, the American Rescue Plan Act of 2021 modified the tax code Section 108(f)(5) to exclude from income most education loans forgiven in 2021 through 2025, and the IRS issued Notice 2022-01 indicating that lenders should not file Form 1099-C for them.
  3. Until the "tax-tool" is updated for 2022, you do need to look at the list of plans to find the 2nd lowest. You should be able to filter on silver plans and sort by cost. All other information you need is available but can be difficult to find and calculate. The poverty level tables are at HHS. For TY2022, use the 2021 table (not the 2022 table) from HHS or the federal register reference on this page: https://aspe.hhs.gov/topics/poverty-economic-mobility/poverty-guidelines/prior-hhs-poverty-guidelines-federal-register-references The "applicable figure" table normally adjusts for inflation, but they were changed and fixed for TY2021 and TY2022, so last year's table should work (and the IRA extended that change thru 2025). The repayment limit tables do adjust for inflation. The changes for TY2022 were published in RP-2021-45.
  4. Not quite! They have to meet the MAGI limit for both the prior and current year. And they just added a claw-back provision so that if a TP gets the dealer rebate, but don't meet the MAGI limit in the current year, they must pay back the rebate as an additional tax. Of course, everything could still change, and the rebate provision doesn't start until 2024.
  5. I understand they started taking congressional referrals again in June. https://www.taxnotes.com/research/federal/other-documents/other-irs-documents/taxpayer-advocate-service-updates-case-acceptance-criteria/7dm2j
  6. TexTaxToo

    1095A

    The efile was rejected because the Marketplace reported to the IRS that his SSN (or the SSN of someone he is claiming as a dependent) was included on a Marketplace policy and received APTC. It doesn't matter who purchased or paid for the policy - he must reconcile it on his return. If your taxpayer does not believe any such policy exists, you can include a statement of explanation. Your software may allow you to e-file with a canned explanation. See https://www.irs.gov/newsroom/how-to-correct-an-electronically-filed-return-rejected-for-a-missing-form-8962
  7. The 2017 regs also clarify that government payments to an individual used for support of that individual is support provided by a third party, not support by that individual. (The exception to this is Social Security benefits which are treated as support by the beneficiary.) Also, government payments used by the recipient to support another individual is support by the recipient, not support by a third party. In other words, government payments to the child are support by a third party, and government payments to the foster parent, if used to support the child, are support by the foster parent. The support requirement for a qualifying child is simply that the child not provide more than half of their own support - it is unlikely that they do unless the child is receiving Social Security survivor or disability benefits. See https://www.federalregister.gov/d/2017-01056/p-338
  8. A slight correction. The portion of the proposed regs I quoted have to do with qualification for head of household. The section dealing with qualification for dependency is later in section 1.152-4(d)(2): https://www.federalregister.gov/d/2017-01056/p-365
  9. There is no requirement that the foster child live with them 6 months if they were placed later in the year. From Pub 501 https://www.irs.gov/publications/p501#en_US_2021_publink100091910 This was clarified in the 2017 proposed regulations on dependency section 1.2-2(c)(4) https://www.federalregister.gov/documents/2017/01/19/2017-01056/definition-of-dependent
  10. Interesting question for a tax lawyer. If you think they qualify, would they be able to take the entire $500K exclusion on each sale? Or should they get only a combined $500K exclusion on the two sales? Both may run into the problem that the exclusion is not allowed for any sale if the exclusion was taken on a sale within the previous two years. Of course, they could have made a single sale to a third party, who then sold the two units separately. Since they didn't, I don't know the answer.
  11. See Pub. 463. You can switch back and forth between the standard mileage rate and actual expenses any year, as long as you used standard mileage the first year the vehicle was in service. If you are asking about depreciation, part of the standard mileage rate is depreciation which must be used to reduce basis. Again, see the table in Pub. 463. Once you have used the standard mileage rate the first year, only straight line depreciation is available in the years you use actual expenses:
  12. Announced today: https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022 The revised standard mileage rates are: (1) Business 62.5 cents per mile (2) Medical and moving 22 cents per mile The revised rates apply to mileage on or after July 1, 2022.
  13. Was the trustee notified that the distributions were a return of excess contributions? The trustee should indicate that in Box 3 of the 1099-SA and determine if there were any earnings included in the distribution (reported in box 2). These are taxable.
  14. You may want to read Revenue Procedure 21-49 which describes "Emergency EIDL Grants" of up to $10,000 under the CARES act and "Supplemental Targeted EIDL Advances" of up to $5,000 additional under ARPA.
  15. When the IRS announced that anyone could now get an IP PIN, they said: The IRS plans to offer an opt out feature to the IP PIN program in 2022. But I haven't seen any announcement of how to do that, yet.
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