If he does a qualified distribution (over 70 & given directly to the charity from the broker) he won’t have a deduction but doesn’t have to take the RMD as income either! Win/win.
I was in a class yesterday talking about the Jan. 15 loophole when another person in the class got an email: partnerships don’t need to send Jan. 15 letter, but S corps still do.
Sch C, does wife work for the biz? Then set up medical reimbursement plan for wife & get him covered as spouse. And I agree, ACA plan! No need to do all of this finagling to get income low.
I’m trying to downsize too, and I’m only (only!) 62. But the constant changes in tax law are driving me crazy and I just don’t remember them like I used to.
Ok, I have a 1099-Q none of which should be taxable. I keep getting error messages that my CA doesn’t match with my federal because ATX keeps pulling part or all of the distribution as taxable. I cannot figure out what I have to plug in where to make the damn distribution not taxable.
$1683 is the earnings. I’ve put everything from $1683 to various amounts deemed taxable on the Ed worksheets in both the books line and the 1099-Q lines and cannot get this to work out. I am using ATX Advantage. Can anyone help?
I filed the federal with no problem, but the NR NM return rejected. There are two rejection error messages:
1. The submission ID must be globally unique
2. The submission must not belong to a message with a duplicate message ID
Does anyone have a clue as to what I need to do to fix it ?
If you put 1 as the number of colleges the student attended, the box is automatically checked so no more worksheets are added. If you put more than one, then you need to check the box once you’ve finished entering institutions.