JRS

From what I understand, the charitable above line deduction is $300 per return for 2020. For 2021, it is raised to $600 for married filing joint.

Issue Number: IR-2021-10 Inside This Issue IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions WASHINGTON – The Internal Revenue Service today assured taxpayers and tax professionals that updates to key federal tax forms and instructions are complete and will be available when Americans begin filing their tax returns. Most individual taxpayers file IRS Form 1040 or Form 1040-SR once they receive Forms W-2 and other earnings information from their employers and payers. IRS has incorporated recent changes to the tax laws into the forms and instructions, and shared the updates with its partners who develop the software used by individuals and tax professionals to prepare and file their returns. Forms 1040 and 1040-SR and the associated instructions are available now on IRS.gov and are being printed for taxpayers who need a hard copy. Economic Impact Payments are an advance payment of the Recovery Rebate Credit. Important updates include the Recovery Rebate Credit worksheet on page 59 of the 1040/1040-SR instructions. Anyone who didn’t receive the full amount of both Economic Impact Payments should include the amounts they received, before any offsets, when they file. Anyone who received the full amount for both Economic Impact Payments should not include any information about the advance payments when they file their tax return. Also new this year is the option to use prior year income amounts when computing the Earned Income Tax Credit and the Additional Child Tax Credit. The IRS has not yet announced a start date for the 2021 filing season. IRS Free File will open in mid-January when participating providers begin accepting returns. The IRS Free File providers will accept completed tax returns and hold them until they can be filed electronically with the IRS. Latest Economic Impact Payments are automatic for eligible taxpayers This month, the Treasury Department and the IRS are sending the second round of Economic Impact Payments to millions of Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act. Taxpayers don’t need to take any action to receive these payments. Economic Impact Payments are automatic for eligible taxpayers who filed a 2019 tax return and those who receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return. These second round of payments follow the successful delivery of more than $270 billion in CARES Act Economic Impact Payments to about 160 million Americans in 2020. Eligible individuals who did not receive an Economic Impact Payment – either the first or the second payment – can claim a Recovery Rebate Credit when they file their 2020 taxes this year. The IRS urges taxpayers who didn’t receive an advance payment to review the eligibility criteria when they file their 2020 taxes; many people, including recent college graduates, may be eligible for a credit. Eligible individuals who didn’t receive the full amount of both Economic Impact Payments should claim the missing amount as a credit. Anyone who did receive the full amount for both Economic Impact Payments should not include any information about their payment when they file their taxes – they’ve already received the full amount of the Recovery Rebate Credit as advance payments. For the latest IRS forms and instructions, visit the IRS website at www.irs.gov/forms.

Drake has the second round in the latest update.

States now available for download.

This is a Drake product, so you should go to their knowledge base and look up 10307. Support will also answer your question.

First release is ready for download.

None yet. Fingers crossed!

Probably just us dinosaurs.

We went to cable phone two years ago when we moved. To date no robots or telemarketing calls!

My experience exactly.

You really don't want to know how long we have tortured ourselves?!?! Blank IRS forms, Parsons with pencil and carbon paper, Saber, ATX, Drake. Couple of others I can't remember. As far as the number of years, started in 1982.

Done. Thanks Eric and Judy

There is a live chat available in the FTB website. Limited access, but worth a try.

Try Drake's live chat.

Subject: Update on IRS Services Due to staff limitations, Practitioner Priority Service line, the e-Services Help Desk line and the e-Services FIRE and AIR system help desks are closed until further notice. Please make IRS.gov your first option for answers to questions. We are temporarily suspending acceptance of new Income Verification Express Services (IVES) requests at this time and are experiencing delays with existing IVES processing as well as CAF number authorizations. Practitioners with e-Services accounts and with client authorization can access the Transcript Delivery System to obtain prior-year transcripts. Taxpayers should use Where’s My Refund? and Get Transcript, both common requests. Additionally, we are unable to answer any questions as yet on stimulus payments. Normal operations will resume as soon as possible. Please check IRS.govfor updates. We apologize for the inconvenience during this difficult period.

No changes in my Drake.

California governor Newsom just ordered shelter in place.

Ca Newsom called for all bars and wineries to close. Called for home isolation of those 65 and older.

St Patrick's day at 9 a.m.

https://www.irs.gov/newsroom/energy-incentives-for-individuals-residential-property-updated-questions-and-answers Last sentence of the page states nonrefundable credit.

Is this a passive loss from sch c or a NOL?

I finished a carryover a few years ago, but the only thing on the FTB site was dated Tax News article from 2015. "When contributions are greater than the applicable 50 percent, 30 percent, or 20 percent of federal AGI limitations for a given year, the excess contributions are carried over and may be deducted for five years. The ordering rule is to first deduct current year's contributions, and then look to prior years' contributions carried forward, by each separate limitation amount. It is always important to know the correct limitation category (50 percent, 30 percent, or 20 percent of federal AGI) for contributions; both for the current year's contributions return and for prior years' carryovers. This is especially true if you are preparing a new client's return for the first time and they have contributions carried over from prior years."

-----Does anyone know why CA is proposing this? ---- Because California is California. Probably because of HRB "up front pricing."

One little section in the bill: (d) The written disclosures required to be provided in this section shall be made available in English and the five languages listed in Section 1632 of the Civil Code. Hopefully, Google can translate into the five acceptable languages!

That's the way I do it for Ca. I did for years with ATX and am doing the same with Drake.