BrewOne

the time I tried OLT the acknowledgments were very fast, so I knew it was possible. ATX remains slow in comparison, although their State acknowledgments are a bit faster now.

I didn't call. I've tried Support twice in 12 years and both times ended up more frustrated than before I contacted them, so I just figure out workarounds.

that is correct. out of the blue. Fortunately, I saw the large amount due when I opened this return and went hunting for the culprit.

Second time this has happened to me this year (first was my own return), initial opening of a return in ATX that's been rolled over and there are entries on the 8949. This one was short term gain from "excess distributions" to the tune of $97k. Because this client has a complicated K-1 (1065), I thoroughly went through last year's return and all the worksheets (including basis). Definitely nothing that should show up on this year's return (except some passive losses).

come to think of it, that's how I was paid at H&R Block (And why I wasn't keen on bailing out preparers who started returns they didn't know how to do).

https://www.dol.gov/agencies/whd/fact-sheets interesting stuff

I don't believe it's possible. Fortunately, the software should select the proper Federal forms that need to be attached to each State return. Do you have the All States Guide? Might want to check requirements to attach W2's, etc.

preparers don't have access to someone's IP PIN; the taxpayer will have to retrieve. Even with an 8821, the IP PIN is not on a transcript and, unlike other IRS correspondence, you're not copied on the January IP PIN letter.

reminds me of an audit of a coworker's client. Taxpayer had claimed 95% but showed the auditor that the vehicle was 100% business use. He asked her why didn't she take 100%? Answer: "Because Ms. _________ won't let me claim 100%!

I've had to dummy up a 1099INT before. One fallback on OID: there is a de minimis rule (Pub 1212) if the OID is less than 1/4 of 1% of the instrument. The pub gives an example of a $1,000 instrument with OID of $20--this is not reportable as it is less than the $25 threshold for a $1,000 instrument. There is also information in Pub 550.

Anyone else have this problem--certain clients' documents reeking from what I assume is a "generous" use of air freshener in their home and car? I don't think the clients have a clue but I have to let the papers air out for a few days before I can deal with them. Any ideas of a polite way to broach the subject?

and yes, if they filed an extension they have three years from the filing date to claim a refund.

IRS press release--file by May 17 2024

There should be an entry for Line 20, Z on the K-1. As Abby mentioned, scroll down past that to a separate "Section 199A Information" to make entries.

Beth Logan remarked that she never opens email on her work computer and with Judy's episode, I'm thinking of doing the same thing. Not sure how inconvenient that will be, but I'm going to give it a try.

I agree on the pro/am call. And yes, gambling losses (to the extent they are reporting gambling winnings) can be reported under "Other Itemized Deductions" on Schedule A (IRS Topic no. 419). Also Publication 529

Okay, if it's not a hobby I guess you can't lump it all together because you can't take any losses, you can only zero out personal items sold at a loss. You need to report the total amount from the Schedule K-1 but you should only pay taxes on the profitable items. The IRS says if you get a 1099-K for a personal item you sold at a loss that you can put it on Schedule 1 (8z) and then put a negative amount on Schedule 1 (24z) to zero it out. This is going to be a big problem going forward and I would look at Schedule 1 before I tried to put everything on the 8949.

Any reason not to treat it as a hobby? Enter the 1099-K amount and then enter a negative amount for cost of goods sold.

I was looking at the taxability of the income, not the credits. How many students actually get their degree? I don't see how a full-time student couldn't claim they were seeking a degree if they're at an eligible institution taking regular courses. And if there is income over the standard deduction...for the lifetime learning credit, I don't see anything about degree-seeking.

I'd really try to find out if there are any rulings on whether a certificate counts. Or if it is valid to say she is working towards another Bachelor's or Master's

in ATX, you have the opportunity to select the State and not have it default to the trustee's address.

yes, just had a client with modest income who took $15k out of her IRA with 20% withholding--she still owed because of the additional Social Security income being taxed. It's been $25,000 and $32,000 since...the 90's?

good point, although in this case it wasn't Marie's decision. I cancelled my policy and knew that any discoveries for past events would no longer be covered, so I paid for two years of "ERP" coverage. We know how long the IRS can take to get around to sending out notices

click "Support" and "About" mine says Version 23.1.8752.41567 I used the recommended resolution for EFC Reject 38: close return, click Support, then Customer Service Utilities, select Refresh App Configurations this has apparently not fixed it for everyone, according to what I'm seeing on Facebook

thanks, I believe you're right, just had to wait it out. I didn't notice any update going through, but things are processing again.