ILLMAS

I was hoping it was moonshine

Found this: Repayment of benefits. Any repayment of benefits you made during 2021 must be subtracted from the gross benefits you received in 2021. It doesn’t matter whether the repayment was for a benefit you received in 2021 or in an earlier year. If you repaid more than the gross benefits you received in 2021, see Repayments More Than Gross Benefits, later. Your gross benefits are shown in box 3 of Form SSA-1099 or Form RRB-1099. Your repayments are shown in box 4. The amount in box 5 shows your net benefits for 2021 (box 3 minus box 4). Use the amount in box 5 to figure whether any of your benefits are taxable. Example. In 2020, you received $3,000 in social security benefits, and in 2021 you received $2,700. In March 2021, the SSA notified you that you should have received only $2,500 in benefits in 2020. During 2021, you repaid $500 to the SSA. The Form SSA-1099 you received for 2021 shows $2,700 in box 3 (gross amount) and $500 in box 4 (repayment). The amount in box 5 shows your net benefits of $2,200 ($2,700 minus $500).

Interesting, TP did mention they were making monthly payments out of their pocket, so their monthly SSA is not affected at all, but you are right, I have seen SSA-1099 that are adjusted.

TP received a notice from SSA informing them that because of their earnings for 2019 and 2020 they needed to repay back the full amount they received, TP didn't receive much, but can the returns be amended without a correct SSA-1099?

Thanks, but I would still need to enter the monthly amounts correct?

I have a client and their return was rejected because they received PTC for 2021, after speaking to them, I was told their parent claimed 100% and I cannot find an example on how to go about it on the tax payer tax return. I took a look at the IRS instructions and I cannot seem to find a solution, can someone assist me on reporting it (I get an error if I put all zeros). Thanks

Look into zoom for your office needs, you can have a office line on your current smart phone, the ring tone is different so there is no way you can confuse the calls. FYI your current office phone can be ported to zoom.

This used to work in the past, not no more.

TP that no longer qualified (income went up in 2020 and 2021) for PTC, but kept the insurance for a couple months in 2021 since they were turning 65 and would be applying for Medicare. Proseries; form 8962 is giving a error that columns B and C cannot be zero, form 1095-A has info only on column A, anyone know a workaround? Thanks

Last year I amended a return for a TP that wanted to include their son, I just realized I did not change the filing status from single to head of household, can I amend again to change the filing status? Son is an adult (in their 30's), TP provides all the support and son lives with TP. Thanks

Just become a pro-advisor and you will have access to every QB out there, I have clients that use different versions of QB and I hate it, but having that elite membership (gets expensive every year) allows me to download whatever version I need.

@Christian you are on to something, someone posted this on Facebook: ATX is back to double Billing for processing prior year returns. Watch your account closely. Also they double charged my credit card on file and it has now been over two weeks since I logged a ticket and still no refund. Also all you can do is leave a voicemail with Accounts Receivable and they do not return calls!!! Oh and did I mention my sales rep keeps calling on my renewal but yet can’t seem to do anything either other than try and sell me another year!!! I have been a customer over 20 years now!!! Absolutely rediculous!

You are going to be sent to collections

Network and multi user edition?

The $95 fee is for technology/maintenance after they stopped shipping a CD. Now imagine saving the cost of the software and preparing every single return by hand . ATX cost is peanuts compared to ProSeries, plus Proseries charges $47 states.

So what do think about Googles equivalent to Excel, in the early stages of it, I had a client recreate a file because I didn’t know I had access to Google Docs.

Anyone remember when Intuit Proseries was called Turbo Tax in the 90’s? Then it changed name to Intuit and finally to Proseries.

Or of Lotus 123 wysiwyg

Does anyone know if universities have the ability to request a SSN on behalf of a student working for them? In this case the student or parent wasn’t aware the university had obtained a SSN until I requested it, W-2 full SSN is hidden (xxx-xx-1234) and the student was able to obtain the full from the payroll department and to me it looks made up.

Time to pullout the green bar paper

I’m afraid I’ll answer the question incorrectly for an extension and not go back to it when I finalize the tax return.

Is there a workaround on not marking the yes or no question for virtual currency for an extension?

There is always one agent that double checks every line item, avoid that person.

Yes it's a QB thing.

Who is correct? Books Revenue 15K COGS 10K Gross Profit 5K Ending Inventory 3k Per tax Same as above but taking beginning inventory of 2K in account Beg Inv 2k COGS 10K End Inv 3k Purchases 9K Gross profit is now 6K Bookkeeper says the gross profit is incorrect on the tax return, but I am having a hard time making them understand inventory.