Ismail

I have a client who is income for

2020
W2: $7034.00
1099-G: $21,360 - paid $2136 fedral tax 

2019
W2: $26,217

MFJ with 4 dependents under 16 yrs old.

Expected refund: $11,690 based on usinf PYEI

Agjusted Refund : $5977.10 based on 2019 income 

Received letter from IRS regarding the adjustment but no explanation 

Am  I missing something here? and waht to do about? 

Thank you!

Hell all, I have a client who is high frequency gambler (over 1/2 million activities). He did not come with W-2G form, the casino gave him a statement with total numbers. Do I need to ask for the W-2Gs (it will be a lot)  or  can I just enter the total winnings in 1040 Line 8 (Gambling winnings) and Sch A line 16 (Gambling losses)?

In that case, will I still use one W-2G form with casino details and the total winnings?

Thank you!

I have a client who is with his entire 401k (~34k) due to COVID. This is my first time doing this, how can I have my client get advantage of the 10% penalty waiver exception and spread evenly over tax years 2020, 2021 and 2022. What forms do I need?

Thank you Pacun!

Hello,

What about if the taxpayer income were 100% from unemployment and no earned income, will they still qualify for PYEI & Child credit?

Thank you