ILLMAS

TP spouse was on a K-1 visa from Jan to Aug 2017 and had authorization to work starting in Feb 2017, spouse worked but was given health insurance by the employer when they officially wed in Aug, my question is, was the K-1 spouse required to have health insurance from Jan to Aug 2017 based on his legal status? I took a look the marketplace FAQ and I am interpreting a K-1 visa as a lawful temporary resident, see bold: Immigration status and the Marketplace People with the following immigration statuses qualify for Marketplace coverage. Get details about what document numbers and other information you’ll need to fill out a Marketplace application. Immigrants with the following statuses qualify to use the Marketplace: Lawful Permanent Resident (LPR/Green Card holder) Asylee Refugee Cuban/Haitian Entrant Paroled into the U.S. Conditional Entrant Granted before 1980 Battered Spouse, Child and Parent Victim of Trafficking and his/her Spouse, Child, Sibling or Parent Granted Withholding of Deportation or Withholding of Removal, under the immigration laws or under the Convention against Torture (CAT) Individual with Non-immigrant Status, includes worker visas (such as H1, H-2A, H-2B), student visas, U-visa, T-visa, and other visas, and citizens of Micronesia, the Marshall Islands, and Palau Temporary Protected Status (TPS) Deferred Enforced Departure (DED) Deferred Action Status (Exception: Deferred Action for Childhood Arrivals (DACA) is not an eligible immigration status for applying for health insurance) Lawful Temporary Resident Administrative order staying removal issued by the Department of Homeland Security Member of a federally-recognized Indian tribe or American Indian Born in Canada Resident of American Samoa Would you agree they qualified either by the exchange or private health insurance? Thanks

Seems pretty common, my clients daughter received her refund in 10 days and as of today (20 + days later) the parents return is still being processed.

“Claiming a 45 years old son” Not that I am 45, but I just wanted to make it wasn’t my parents asking about me

A quick update, the ex spouse nor their business was the issuer, the employer was garnishing the ex spouse wages and they didn't how to report it

I am going to ask, but I have a feeling it’s the ex spouse business.

Good answer, thank you.

Thanks Lynn, I want to notify my client now instead of waiting for the CP notice to come in down the road. I have never worked with a client that either pays or receives alimony and just wondering if alimony payments are reported on a 1099, maybe on box 3?

Do you foresee a problem if someone receives a box 7 1099 for spousal support and is reported on line 11? Thanks MAS

TP inherited a building (100% rental, no personal use) with a FMV of 1M, a family member lawyered up and wanted a piece of the pie, after of a couple years of back and forth negotiation, TP and family member settled on $200K, TP also paid about 50K in legal fees. Would the 200K be an increase to TP basis and the 50K could be expensed on Sch E? Thanks MAS

I could do that, however I like to sign the returns and stamp it "COPY" in blue ink before scanning them.

Filing cabinet

You are absolutely correct, just take a look at this: http://chicago.cbslocal.com/2018/02/27/change-of-address-scams/

If a client mails or hands me their documents, it's stay in my office overnight or even weeks until the return is completed, once completed, I then scan the return copy I am going to issue my client and any document that supports the tax return and save it as one file.

Have you considered just scanning and placing them in a folder per client on your computer?

We don’t, after going paperless all paper return are digitallly stored, just like the tax software files.

http://chicago.cbslocal.com/2018/02/23/napkin-dispenser-thief-walks-it-back/

Also read that both the co-signer and borrower should of received a 1099-C, was this the case?

If this was a federal back loan wouldn’t the co-signer be held responsible? Also you mentioned a $500K loan, in order for your client to qualify, her income had to be high and maybe that why they are going after her.

Does Judge Judy qualify for a star? Skipped to the 13:25 minute mark and enjoy

I hate when that happens. Thanks

Are you the famous person from Gliem?

Before I make the dreaded call to the TP, if one had a very low income during half of the year and qualified you for PTC, TP gets a well paying job that provides health insurance, PTC stops, yearly income is kind of high, is this a cause for PTC phaseout? Or would the TP still qualify for half of the year only at the lower income and there is something I need to click on ATX to calculate for half of the year? Thanks

JB or anyone else that would like to take the exam and if you are on Facebook, look up a person by the name of Don Overstreet, this chap has a FB page for EA candidates.

You got exam 1 & 3 if you passed the RPRT exam, very similar, exam 2 (basis) is another animal. Many of the exam 2 questions were from exam 1 so you should be good, expect 15-20 questions on basis, I recommend leaving all those questions until the end and answer back to back.