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About David

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    ATXaholics Anonymous

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  1. TP covered her whole family through the exchange and received a 1095-A with her name and SSN in Part I. Her S Corp W-2 showed 100% of the premiums as taxable income in box 1. She and her spouse were divorced during 2018. She filed an extension for her 1040 and advised me that her ex reported 50% of the information on Form 1095-A. There was no advance payment of premium tax credit shown on the 1095-A. However, the family qualifies for a premium tax credit. She is claiming both children on her 1040. She only wants to report 50% of the premiums reported on the 1095-A because she doesn't want any red flags with the IRS. I advised her that she will not get the full SE Insurance deduction to offset the amount reported as income in her W-2. She is fine with that. Has anyone dealt with this issue before? Won't the IRS match the 1095-A information to her 1040 since she is the one listed in Part I? Or is it OK for them to split the 1095-A information? I guess I could report the other half of premiums reported on her W-2 as additional amounts paid for health insurance coverage on the SE Health Insurance Worksheet. At least then she will be able to take the full deduction less the PTC. Does anyone see a problem with reporting this way? Thanks.
  2. David


    Thanks everyone for your great input.
  3. David


    Thanks, John. That puts things in perspective for sure.
  4. David


    Wow! How are you guys able to file extensions as you like. I think the same way as you all - extensions are a good way to relieve stress and pressure and extend the work season. A lot of my clients get nervous and don't want extensions. We try to explain to them that they are still in compliance and that's why the IRS allows extensions. When I explain that if they owe they should pay with their extension, they say they don't know if they will owe. Then I have to do an estimate which then takes up more time. I need to know your secret. Thanks.
  5. TP isn't able to get the EIN for the selling business for form 8594. Can't e-file without it. Is the only option to paper file and leave that line blank? Any other ideas? Thanks.
  6. Thanks for your help.
  7. A client bought a 2018 Infiniti QX30 with the engine auto stop start feature and thinks there is a tax credit available for that model. I can't find anything in my tax research, google or the IRS site that lists models available for any vehicle credits. Does anyone know the best way to find this information? Thanks.
  8. Whoops! In the previous post I meant to ask where does the offsetting debit get recorded on the books and in the tax return? Thanks.
  9. Yes, the departing member will report a capital gain on his 1040. I need to zero out the departing member's $12K negative capital account by crediting the member's account on the books. Where does the offsetting credit get recorded on the books and in the tax return? Thanks.
  10. Thanks for your help. So when the member's negative $12K is reduced to zero where is the offset reported? Thanks.
  11. One LLC member wanted out and the LLC paid him $18,000 for his interest. The agreement says it is a redemption of debt. There is no debt, no hot assets and only fixed assets. The member's capital account prior to the buy out was $6K. One of the remaining LLC members contributed $18K to the LLC in order to have a 2/3 interest and the remaining member still having a 1/3 interest. The books recorded the $18K buyout as a distribution to the departing member. Therefore, the departing member's capital account has a $12K negative balance. How is the negative $12K capital balance zeroed out on the balance sheet and on the tax return? Thanks.
  12. Yes, that's correct. The TP just got under the wire. That's why I asked the question. Maybe a limited deduction in 2019...
  13. You say they can play nice and agree to the every other year. However, if it's the non-custodial parent's year that person won't be able to claim the CTC since the child did not live with him/her more than half the year and he/she does not have F 8332 to attach to the tax return. The due diligence requirement would not be met. Correct? Thanks for your help.
  14. If the statement included the custodial parent's SSN then it appears that it would include all information required on F 8332. Would this then qualify as a similar statement?
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