Slippery Pencil

Yes. Sending it back will only cause problems.

Has he even tried to locate her? It's not that hard to find people. If the two of them truly can't find each other, how does he know she didn't already obtain a divorce or nullification?

The irs announced on 4/9 how to handle the excess APTC. There was a program update for it on 4/12. Today is 4/20. Not exactly weeks. Some of ATX programming is worthless shit. The customer service may be the worst in the industry. No reason to make stuff up to make ATX look bad, the truth does that well enough.

If it's a limited partner, se tax would not apply.

Yes

No Yes

Why are so many people hellbent on sending these payments back? No good can come of that.

Was the tax timely paid in April? If so, that's why you had no problems.

Why are so many people hellbent on returning these payments. The payments don't have to be returned. What good can come of returning it? When your client returns it, then the irs doesn't pay the $1400 to the parent because the payment was already sent, are you going to resolve the issue for free? Keep the damn payment. If the irs doesn't catch it and issues a payment to the parent also, lucky for them.

Did the employer file a gift tax for the $50K for what he seems to be claiming is a gift? Not that it would matter, cash paid to employees are wages. This should have been reported on her W2.

That was the irs's made up excuse. Every tax pro on every bulletin board I use complained about this.

You don't need to attach anything. Just use codes M & W on the 8949.

Why not just use on of the many lists online that are updated on a regular basis https://kb.drakesoftware.com/Site/Browse/17148/State-Conformity-to-ARP-Unemployment-Compensation

No requirement to fund the ira before filing. You can file in February, receive your refund in March, then use the refund to fund the ira.

My point has nothing to do w/ complexity or simplicity.

If the idiots who write the laws and the goons hired to enforce them don't know what they mean, how is anyone else suppose to?

https://www.currentfederaltaxdevelopments.com/blog/2021/3/23/irs-makes-a-significant-modification-to-computation-of-arpa-excludable-unemployment-compensation

The irs guidance issued last week was to not efile tax returns affected by the new law at this time.

Yes, by the 29th.

Excluded amount is excluded from kiddie tax. No.

At first I thought the advisor for the client w/ the $28K fee in 2017 didn't have the fee listed on the 2019 1099, but I was wrong. The fees were $25K in 2018 & $22K in 2019.

Just looked up a couple old returns. One in 2017 $28K, one in 2014 $19K. Current client has two accounts at Fidelity. One fee is $7K the other is $16k. When his employer was bought out, I think he received around $1.5 to $2 million and the advisor fees the next year were $21K. When I asked a guy I know at Raymond James, he said those Fidelity fees were in line with his. He said, the fee is around 1.5% to 2%, 1% for accounts of $1.5 million and 0.9% if client has $3mm+.

How much? And is there anything in the account to justify it?

I duplicated a return without issue earlier today.

Just answered your similar, but not as detailed, question on the other forum. If you want to ask a new question you should start a new post instead of asking on a month old post.