mwrightea

Colorado went from one page to six pages in the last few years.

4 hours ago, MDEA said:

I also use HP 3015 have 5 of them. Bought them all used for under $55.00. Buy toner for under $30.00 a piece.

Where are you buying the Toner?

I use a HP P3015.  Works great the cartridge/drum is expensive and I go through two a year.

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• 18 hours ago, FDNY said:

  That's impossible, I'm from Brooklyn and you're from a state with a lot of fresh air.   Practice your charm in the mirror and call tomorrow before the month is over. 

   

FDNY you are certainly a charmer!

"But if this is going to be an ongoing arrangement, it sounds to me like they should form an investment partnership to hold all the money and report all the income and then each investor would get a K-1 to reflect their share of the gains or losses.  But I know that is not helpful retroactively"

I agree with Gail.

I've been with them since the beginning a Max customer and no dice.  I must not be as charming as you

Not working with my rep

B. Jani

Nope sadly that doesn't work in this situation. I appreciate the effort all have put into this problem.   

ATX used to roll over on 8283 and had a lot more useful features prior to 2012. 

Since you can check part 2 question 3 yes, and then E file.   I would set it up for direct deposit if that is the desire of the personal rep and see what happens.  Worst case scenario they issue a paper check.

I agree do the 3115. 

It hurts me to type "IRS adjusted numbers". 

I feel your pain....................

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•  

Love the master form,  H8 the 8283. 

29 minutes ago, RitaB said:

 

Caution from Pub 974:  If you are unable to complete Step 6 because changes between steps are always $1.00 or more, do not use the Iterative Calculation Method. Instead, use the Simplified Calculation Method or any computation method that satisfies the rules for the self-employed health insurance deduction and PTC as long as the sum of the deduction claimed for the premiums and the PTC computed, taking the deduction into account, is less than or equal to the premiums.

 

The sum of the SEHI plus the PTC can't exceed the actual premiums.   That actually makes sense, so I think a single taxpayer would just be stuck paying it all back.  Which really is reasonable because they didn't qualify for the APTC to begin with, but because SEHI is an above the line deduction, we have an oh sh*t scenario of epic proportions.

  

Excuse me while I also poke my eyes out.

 

I know isn't it great (eye rolling snark)  if my taxpayer underestimated their income for 2017,  got an advanced premium credit of 12K for their HI and then get to deduct it all on their tax return saving themselves from paying back the APTC of $11644.00 that they didn't qualify for in the first place , as their income was too high.

14 minutes ago, Abby Normal said:

I wouldn't put any on Sch A if I could take it on 1040 above the line. And I don't see any reason to paper file either.

I can take it above the line on 1040 but if I check the box to not take the PTC on 8962 ATX will not let me Efile.

These clients itemize deductions my first thought was SEHI $5990. which they paid.   The $11644.00 excess advance premium  to Schedule A medical and I can E file the return.

Or Check the  box not taking PTC on 8962.  payback 11644. take 17634.00 SEHI and then paper file the return.

I have never been this perplexed by a tax issue in the thirty years that I have been in practice. 

I gave these clients the option of IRA and SEP-IRA  and they can't swing it.  They had an exceptional year last year Earning over 100k in gross SE income and didn't bother to notify marketplace about change in income or make any estimated payments......they really need a hug!

Thanks for letting me vent and I  really appreciate your help!

Even though new property was received in 2017 the exchange property was given up in 2016.  Consequently the 8824 needs to be filed on the 2016 tax return see line 6 instructions for 8824.  If 2016 was already filed you need to amend 2016 with the 8824 and your client will pay penalties & interest if there is taxable gain. 

This has been going on for days,  and the clients are not my favorite to begin with......... and now I will lose any money I hoped to make on this return. 

I have filled out everything in pub 974  at least twice and I am ready to throw in the towel !!! 

I don't think the iterative method can be used as this is way more than a $1.00 difference.

Back to clawing my eyes out!

 I have this exact problem and am using ATX software

MFJ  No dependents Total income $82932. SE Income  73, 045.  Deductible SE 5161.00.

1095A Part III   Col. A 17634.48   B. 17662.56 C. 11644.32 Taxpayer paid $5990.00 in premiums.

8962. payback $11644.00  but when added  to SEHI  $5990.00  Total 17634.00 SEHI  then the 8962.  shows a net premium credit of $192.00 and no payback? 

I know this cannot be right. I have been wrestling with this for days and I just want to poke my eyes out!

Oh My,  Coffee just shot through my nose  After my ACA conundrum I really needed a laugh!  Thank you!!! 

I would love to see Rita's back 40, I have a couple that need a hug right now.  Sorry I can't be there. 

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Thank You for the help. I appreciate It very much.  It just doesn't make sense to me that my client would get to deduct the advanced PTC Credit as SEHI ($11644.) and receive and  an additional credit of 192.00 because the worksheets W & X are treating the 17634.48 as SEHI as their payment which brings them to a 375%  of poverty level.  ARRGH!

2 minutes ago, Lion EA said:

It's an iterative calculation.  You can continue until the difference is no more than $1.  Or, you can stop after one (?).  Or, you can trust your software, but do confirm by examining the worksheets that are created by the computations.

I'm using ATX so I have to use the worksheets in Pub 974 and I can't even get close to a $1.00

On ‎2‎/‎6‎/‎2015 at 2:56 PM, BulldogTom said:

B. Jani,

 

I will try to explain what I did, and try to interpret the rules as best I can, but as you can see from my expletive in the post name, I don't know it all.

 

The difference between the two methods as I understand it is very minor.  The alternative method is the same as the iterative method, but you just stop after the first calculation. 

 

In order to get the right answer, the entire front page of the return less the SE HI deduction and the 8962 must be complete.  You can play with the schedule A after the fact, but nothing that affects AGI.

 

Next, take the amount of out of pocket expense that the taxpayer paid out of pocket (Premium minus advanced credit from the 1095A), plus the amount of the max payback ($1250 or $2500 depending on filing status).  Enter this on the front of the 1040 as the SE HI deduction.

 

Then go to the 8962.  The software will have the MAGI calculated for you unless there is a family member whose income you are adding to get to family AGI.  In my case, this was a single TP, so it did not apply.

 

Once you have MAGI calculated, enter the information from the 1095A into the 8962.  At the bottom of the form, it will give you the amount the TP is required to repay.

 

If the amount is $1250 or $2500, you are done.

 

If the amount is less than those amounts, go back and add the out of pocket cost plus the amount just calculated on the 8962 to the SE HI Deduction on the front of the 1040.  This will change your MAGI on the 8962 (it will make the repayment amount higher, because the SE HI is less, bringing down MAGI).  ***STOP HERE if you are using the Alternative Calculation***  If you are using the iterative method, continue on.

 

Go back and keep changing the SE HI deduction amount (which will be a little larger every time because of the increased repayment amount) until the amount of the repayment does not change more than $1 on the 8962.

 

I hope this is helpful to you.  Let me know if you have any questions.

 

Tom

Newark, CA

What happens if the clients payback amount added to SEHI is more than the $2550.00 in my case as follow:

MFJ No Dependents Total income $82932. 

SE Income $73045.00

Deductible  SE $5161.00

1095-A  Part III A. 17634.48  B. 17662.56  C. 11644.52

Pay back on 8962 is 11644.00

But if$11644. 00  added to SEHI then client gets a Credit PTC credit ????

This is making me throwup

It is still out. tried just now.

I have a policy through them.  I have never had a claim.