grandmabee

ATX has the check box at bottom of EIC questions

Is there no balance sheet financials they may have received during the year?

ask for several years of back tax returns you may find one in prior years.

So what do you mean by that? care to clarify ?

Gift equity on closing settlement papers between Parents and son.  76,0000  A gift tax return should be filed correct?

 What do you mean "offsite"?  If they are not actually working as an employee I would say no they would not count even if not relatives.

Why don't you just start the clock early.  Hire extra people to work and give someone some extra help.  Pay your normal employees more per hour during this covid time only.

Where does everyone get their copy paper?  i used to do Costco and it was 32.00 10 ream case.

I like the 96 bright white 20 lb.

Most places are now selling 8 reams to a case and think we don't notice.

I have 4 siblings who inherited a house and want to keep it and rent it out.   Can they just each file a Schedule E and report their 25%  income and expense?  Or do they have to set up an partnership?  TIA

At this point just go with it.  Her next 1st quarter is almost due now.  I know maybe 2210 issues but good luck calling IRS.

17 minutes ago, TAXMAN said:

Manny surprises. But how to get past ef when there is withholding on 0 taxable unemployment?

at that point I would probably put a 1 as taxable just to be able to efile.  But I don't think that will be a problem.

So  I have a 19 full time student and makes 21,000.  usually away at college but this year 2020 all classes were online.  Lives at home but there is  7 people living in the house.  Parents income about 90,000.  They did not claim as dependent.  Does he get the refundable part of AOC?

On 3/4/2021 at 5:09 PM, Pacun said:

yes, as long as she is not a qualified child of another tax payer. If she is not a qualified child, she will get: EIC, additional child tax credit, Stimulus of 500 and 600 for the child, if she was a dependent in 2019, she will get stimulus for her too which will be $1,200 and $600 AND she will get up to $1000 refundable AOC. She will get more money from the IRS and state(s) than the net she received from her job.  

I thought you couldn't get refundable AOC if you were under 24???

can someone tell me where in the Drake software is the worksheet to answer question for the AOC refundable portion of the credit for a student who is under 24.  Need to find how to check the box on line 7 of the form 8863.

Asking for a friend who uses Drake and we come up with different answers for the same return.  Her program gives a refundable credit and ATX does not.  TIA

On 2/23/2021 at 9:54 AM, jklcpa said:

^ what Abby said.  All of it.

I do the same with my Corp & partnership accounts.

Plus how can you close out an S-Corp when you still have a business checking account and paying bills.  Or maybe I was assuming they were.

Did they renewal their S-corp status with their State each year?

6 hours ago, GLJEANNE said:

Here, election workers are W2 employees.  Under $1800, they don't pay tax.  Over it, and the county should have switched to withholding, but they didn't.  The W2 is perfectly accurate for what actually happened. 

The only question is whether or not there is form to pay the taxes that can be e-filed.  My guess is no, but I was hoping someone might have run into this before.

Then file it with what actually happened.  Wait for the correction to the W-2 if ever.

It doesn't for the rollover returns either, it gives you a total line.

someone is paying tax on it but they also are getting a stimulus payment that they are not entitled to.  If joint account I would split the income from the investment account.

Yes,  I thought that is the only place you can now take it.

per instruction that is the correct way,  but in the past it just came up as a warning and not red error.

3 minutes ago, Randall said:

I've seen it in past years more.  It's usually in big print jobs (lots of forms).  I saw it earlier this year but not since doing the print spooler start and stop.  Maybe later as my ATX files grow but so far so good.

How do you "stop the print spooler" ?

Ok,  when all else fails read instructions.  I guess that is correct, not sure why but it is.

I have a office in home with mortgage interest and property taxes.  I thought  They should get that deduction no matter what.

But they can't itemize so ATX moves it down below on the 8829( line 16 & 17 ) and then it is carried forward because this year they have a loss.  Am I thinking wrong?

they are working on fixing this according to tech I talked to on Saturday.  Not fix date set.

no and I think I read where SBA is asking banks to send out corrected 1099's.

I would report on mothers return and nominee out to daughter.  Daughter would report her share on return.  this way computer match with IRS.