ILLMAS

TP: Prior year balances were taken care of with the vouchers you gave me. Me: okay then you should get this year refund TP: Nice Three week later TP: my refund as not arrived Me: are you sure you didn’t have outstanding penalties and interest, because the vouchers I gave you only covered the tax…. TP: I never received anything Me: checks where is my refund and boom TP refund was applied to a collections…. TP: mmm, so no refund, you said I would get it

Don’t forget to ask them also if they had to take time off to take care of a family member related to COVID-19.

Yes that pretty much worked, TP would get $3,300 back additionally, TP AGI went down $21K compared to 2020.

Can someone double check this scenario: HOH W-2 wages 13,000 K-1 loss 6,000 AGI 7,000 Fed/W 1,140 Child 1 age 8 Child 2 age 4 3,300 of child tax credit received Excess child tax credit of approx. 1,600, does this seem right? EIC is fine Thanks

Form was ready in ATX yesterday as of 5pm central time.

Why do you always have to be snarky with your replies, there is no need to be a JERK.

Has anyone seen a good YouTube video showing all the steps? I seen a couple but they only talk about the exempt-income, k-1 and not really get into the details of reconciling the M-1, M-2 etc…. thanks

And here is example of the statement: https://ttlc.intuit.com/community/business-taxes/discussion/re-2020-schedule-c-self-employed-how-to-report-ppp-received/01/2478497/highlight/true

Thanks, here is the link from the IRS: https://www.irs.gov/pub/irs-pdf/i1040gi.pdf Instructions are on page 23

I have a client that had the 1st (2021) and 2nd(2022) loan forgiven, from the research I did it seems nothing has to reported on the 1040 or Sch C, anyone know of something different? Thanks

Has anybody submitted a return with a draft copy of form 7203?

Scenario XYZ Inc is to pay shareholder a monthly fixed amount for personal use of Auto and another fixed amount for rent etc…. Is this even possible without submitting receipts? Thanks

If you listen to any online postcast or YouTube videos today, a good percent are about couples breaking up, why marriage is different from our parents time or people preferring pets over kids. I guess the pandemic made people dislike each other

Every year I setup my PIN in ATX to automatically populate, however this year I notice I have to enter it every time. If I go back to masterforms, PIN line appears in yellow along with my PIN, any idea on how to fix this? Thanks

Was the home being improved and was vacant or was it rented until it was sold?

TP has been reporting a rental property since 2013 with no depreciation deduction from 2013 to 2018, starting in 2019 depreciation was reported. Fast forward to today, TP paid $50K for the rental back in 2013, total depreciation so far has been $3,636 (2019 and 2020) and $9,090 was never deducted, TP wants to gift the property to their son and is worth $100K, and I wanted to see if the depreciation recapture has to be reported for $3,636+$9,090= $12,726 and the TP has to pay capital gains on it or the $100K gift is reduced by depreciation recapture? Thanks

Same happened to me, I was able to call the number and it was unlocked. Make sure you use the last password that worked, it will allow you semi-login before requiring you to change your password. I should share this last week.

This is great information, thanks.

Today I uploaded 18 files in TXT format and it went pretty smooth, I give it a thumbs up.

Buy a Seagate external hard drive from Costco, comes with the software already, I just bought another for $129.99.

No way, I’m scared now, I haven’t logged in yet

Thanks everyone for your input.

Would you reach out to a TP children if you feel the TP is forgetful and/or someone might take advantage of them since their memory is fading?

Online backup is a good choice, it won’t slow down the computer after it has fully backed up all your files, I would recommend starting on a Friday night and not touching the computer until Monday. FYI like any other backup software, make sure you know what is backed up, you might be surprised to find out your software was not part of the backup.