schirallicpa

I think you have to know what type of well interest you have. So I'm in western NY and there are small producers all over this area. (Scrappers) They get a straight 15% depletion deduction (their interest or amount to be reported as income * 15%). If it's on a royalty, it is on Sch E. If they are working the lease, it's on Sch C. However, in the bigger oil world, there is a whole different set of rules.

So now it's going to take that percentage to determine tax. So in simpler numbers, my total wage is 10000 and my NJ wage is 7500 then 75% of tax is allocated to NJ. So NY taxes the 10000 first then multiplies that tax figure by 75% to give to allocate to NJ and the rest is NY

Putting these on Schedule A used to give me so much satisfaction. "yes - you were able to itemize this year because your investment company scammed you for 9500 this year...." But those days are over.

That's all I needed to know. I thought so, but could not confirm. Thank you GraceNY!!

I continue to have this problem too. Usually on the bigger returns or ones that have multiple states.

An estate receives a pension distribution that distributes to beneficiary. The guy that died would have been able to exclude the pension up to 20000 as he was over 59.5 years old. If this had been a direct distribution to my taxpayer, I would have excluded up to 20000. So since this went around the block thru the estate, does rule still apply?

I received a letter from the IRS today as POA for a Taxpayer that is not my client. Not sure what to do with that.

I have had 2 Taxpayers come in this year asking me to prepare and efile their NYS return after they used intuit or some other software and did their own 1040 but then got confused or didn't know how to do the NYS. I tried to efile the state but I got an error that the IRS manifest number or something like that had to be present in order to efile the NYS. Is there a way around this? I swear I had done this in past years without an issue.

(I didn't have any window envelopes.....)

I have a slew of K-1s on an estate and wondered if someone knew a secret to create labels for the k-1 recipients.

What type of entity? If its a corporation, you have a M1 adjustment.

I'd just a soon have the July extension. My inability to find quality help has caused me to already be far behind the 8 ball. I'm basically doing everything myself and have my kids helping file. So slowing people down would help me.

thank you jklcpa and Lynn - I will not worry about him. (It makes me feel good because he's probably the nicest man in the world. He deserved the extra.)

I also have a client where the spouse died in 2018 and he received his and her payments for the 1st round. Now I'm looking at the worksheet for the recovery in the program and I'm not seeing how to pay back. (He did not know he had to pay it back in April when he got it. ) Poor ol' guy. Thinking about letting sleeping dogs lie.

I shall

We did end up going. We were thinking of staying in NY but when considering any risk of going anywhere, the only place that looked safe was the middle of the Atlantic ocean. Ate at the Harp and Fiddle Irish Pub on Penn Ave. People were all good - everyone we saw was wearing a mask. Restaurants had limited tables. People were respecting space. It was good. Went to Wholly Foods and got some fresh calamari and fresh flounder. Love going there. Sometimes they have fresh Octopus and the kids used to freak out. We got some awesome olive oil, spices, fresh bread, figs, and Brad got some cigars. Love Penn Ave.

Thank you for responding to yourself. I was going to check that out in a few minutes.

The 8915E is not scheduled to be available until March 2

I'm supposed to go to Pittsburgh this weekend for a small family event. We live actually 5 minutes from the PA border in western NY. I know a lot of cities have higher Covid rates - naturally. How's Pittsburgh doing? Should I cancel my plans? Or is it pretty lo-key.

Thank you jasdlm. Worked.

soooo....I put the totals on line 11 for the annual amount. I calculate a significant repayment - which I expect. But I still get the Error messages: When Line 6 is "yes" taxpayer does not qualify for a credit. Discard any information entered on lines 11-23 in columns A thru E and The household income was above the Federal poverty limit. Make no entries at Lines 11 thr 23, columns a and b.

The amounts are not the same for the entire year so I filled out the lines for the monthly amounts.

If the Taxpayer has had significant income during the year, then they must pay back any benefit they received (reduced policy amounts) during the year. So I have a 1095A and have input all the info. It looks like they owe back some money. Total of col A is 10965. Total of col B is 10965. Total of col C is 6599. But line 5 on 8962 is greater than 400%. So form gives me error cuz I don't qualify for credit, and tells me not to complete form. How do I show what they owe back without the form?

Part III column A, monthly enrollment premiums. Isn't this column supposed to represent what the TP actually paid?