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  1. I think the unlimited subscription has the best bang for the buck. Most you can do self study, webinar, etc. A word of caution. Some have in small print that they will auto renew the next year. You need to set a reminder on your calendar to cancel that before it happens.
  2. The 19,560 only pertains to income subject to FICA tax, not investment income. The 19,560 is also per person, not tax return. If a 15 wage/ 10 investment return split is reasonable is another matter.
  3. There's a couple different ways to approach it. If you are putting in their financial data, it will calculate the credit based on SLCSP. If they went through healthcare.gov rather than an agent, they can log in to their account and find out a lot of info. Under messages there will be a message about marketplace eligibility. This will tell them the income they used to apply and the amount of credit they will receive based on that income. Since you say they want to know how much they will need to pay back, I assume their income is higher than what they used to apply. Put in the higher income keeping ages, and people that same as when they applied to see what the credit would be at that level. if the 795 credit is calculated on the new projected income, just take the difference between that credit and the credit when they applied to see the payback. If they are under 400% FPL the payback may be limited. If you don't know what the original credit is they received, then you need to go about it a little differently. You will need to know the exact plan they chose and then calculate the difference between the full price plan and the amount they are paying. That will give you the calculated credit when they applied. This probably isn't clear, so let me know which part needs further clarification.
  4. Here is the link: https://www.healthcare.gov/see-plans/#/ You need to be a little careful as SLCSP is not always obvious. They only use the core medical to determine it, so plans that have dental or vision can skew the numbers.
  5. https://apnews.com/article/biden-misinformation-health-care-reform-internal-revenue-service-fb835c1099dad4cca5ff893bfd07d466 Included in article: "He added that members who are of retirement age have expressed a greater desire to retire due to the increased attention on their jobs. More than half of the IRS’ enforcement workforce of 80,000 is retirement eligible."
  6. kathyc2


    I would prepare the 5329 and request the waiver. You don't need a note from the Dr. Just indicate that it was an oversight and that both the 2021 and 2022 have been removed from the account. I've had several of these over the years and never once did they access the penalty.
  7. Lots of different ideas and suggestions. Everyone needs to determine what works best for THEM.
  8. Probably good advice from a tax perspective due to the limits on payback based on % of FPL. Insured are told to contact the marketplace if income changes, so be careful of ethics if recommending to wait.
  9. You could have client make 2 payments through direct pay with different bank accounts.
  10. Mine go back to my first return in high school. Pertinent info from each year is entered on a s/s. So, I guess I'm a super-nerd.
  11. It's just me and I use a spreadsheet. I start with last years sheet, so it has all the names. One of the columns is for status. I only use a few, such as can do, waiting, need 8879, extended and done. More could be added based what you need. You could also add a column with date received, or latest status, but I don't find that necessary for me. The column has filters, so I can quickly see which clients pertain to each status. I also use countif function that I can tell at a glance how many are in each status. I also have it calculate was to what % of days are left in tax season, and the % of returns what are finished. For me, Excel is much less cumbersome that using tax software status sheets.
  12. Are the kids receiving SS benefits for deceased father? See if you can justify that this money if part of the 20K.
  13. Well...... it's a Costco size bag of Lindor truffles.
  14. I'm essentially done and still have some of my stress chocolate supply left. That's a good sign!
  15. Control/y will show you the QB journal of a transaction.
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