kathyc2

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.

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."

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.

Lots of different ideas and suggestions. Everyone needs to determine what works best for THEM.

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.

You could have client make 2 payments through direct pay with different bank accounts.

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.

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.

Are the kids receiving SS benefits for deceased father? See if you can justify that this money if part of the 20K.

Well...... it's a Costco size bag of Lindor truffles.

I'm essentially done and still have some of my stress chocolate supply left. That's a good sign!

Control/y will show you the QB journal of a transaction.

What I would like to know is why the *&^*$ does the Treasury print the interest paid on 8 3/4" paper????? It makes everything all scrunchy when fed through the scanner feed.

Some people will take a mile if you give them an inch. This year seems worse for some reason. I've always charged on a per-form basis as I'm terrible about tracking my time. I've spent way to much time on what should be the simplest of returns simply because they can't or don't want to keep track of things like what they paid in child care. I've decided I'm going to raise fees around 30% next year and then give a substantial discount to those people who can follow simple instructions of what to bring.

Highly doubtful. This is a one shareholder S-corp. Assets were sold mid 2020, SH disbursed money from bank accounts and returns were filed for 2020 and marked as final.

Had anyone filed this for an S corp? I've always marked the final 1120S as final and never had any issues. An over zealous attorney is insisting it needs to be filed.

I don't think you meant line 5 on 5329 as that is for ABLE accounts. If the amount was for periodic payments over lifetime, code 2 should have been in box 7 of 1099R and 5329 is not needed. If box 7 is not code 2 but client is telling you it's part of distributions over a lifetime, I'd have them to have issuing company send a corrected 1099R.

If I'm understanding you, the net tax on the original return was correct, but the IRS is looking to access the 10% early withdrawal penalty? If so, I'd contact the PPL and see if sending documentation that she was deemed disabled before the date of withdrawal would close the matter.

Yes

You could not claim all the kids to make it close. Then they can write a check to reduce debt held by public for any refundable amount left. I wouldn't override as that may trigger a math correction on IRS side.

That is not incorrect. However, if either of their incomes are low enough to qualify for safe harbor payback, they will receive more in total with the same parent claiming both.

For 2021 and 22 there is no "subsidy cliff". Even those with income over 400% are not required to pay premiums for SLCSP that is more than 8.5% of income. In 2019 and prior if income over 400%, lines 7-8b did not populate. For 2021 if should calculate 8.5% of AGI on 8a and monthly on 8b. It should calculate correctly. If SLCSP is less than 8b, all APTC needs to be paid back. If your client is receiving a large credit, I assume he's older?

Yes, it's called a post filing coupon, or PFC. Heads up that if your client was not a resident of IN on Jan 1, they don't owe county tax, just the state tax.

I was trying to be helpful that self employed don't need to rush to make their SIMPLE contribution, but it seems like I'm pissing people off. Whatever.

Are you suggesting they use logic? As I'm scaling back to retirement, I'm not doing any corp returns other than one who begged me to keep doing hers. When I was doing them, I insisted on getting a back-up copy of the full books rather than printouts. Too many times people would do stupid stuff that it was easier for me to look at the books myself than explain to them why I thought something looked off. Several years ago I took on someone who on the phone told me their books were impeccable. Scrolling through I saw that they "plugged" something like 60K to make cash balance. They were told to come pick up their info and pay me for time I had invested in it.