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Everything posted by GLJEANNE

  1. Yeah, it's not unusual to have to pay back. The issue is that if you're self-employed, you normally can add the payback as SE Health Ins paid on Form 1040. In this case, it doesn't appear to be allowed, and I'm not sure why, or if it's correct.
  2. But worth looking at the difference in the yearly deductions too. The simplified gives you a tiny deduction, and over the years, that's a lot they could be saving.
  3. Medlin, what new fields would be on paystubs? I only glanced through it, but none of the (many) worksheet info would go to the employer, that's all for the employee's benefit. Have you seen a draft of the actual W4 page that will go to employers? I'd guess it won't look much different, the new stuff is all for the employees benefit. And yeah, most employees are going to throw up their hands and guess. Employers aren't going to be to thrilled either, if they have to give a 6+ page form to everyone. More money for the paper mills, I guess.
  4. taxable pension 20,300, Schedule C 34534 1/2 SSA 2440, premiums he actually paid 2705 AGI 46,689. I thought it sounds impossible too, but damned if I can see a way around it.
  5. Usually it's just a pain to balance out the SE Health Insurance and the payback/additional Premium Tax Credit. But I've got one that can't. Is it possible that at some AGI level, or level of payback, the taxpayer would have to pay back 100% of his Advanced PTC, but not be able to claim any part of that as a SEHI deduction? I'm not sure if I just haven't run into this before, or I'm too brain dead to remember. His income went up a lot during the year, and obviously he never informed the marketplace. The total premium was $7625, of which taxpayer paid $2705, and got APTC of $4920. At those figures, it all has to be paid back. But of course, if I enter SEHI of $7625, then none of it has to be paid back. Worksheets W and X are showing he only claims the $2705, and I'm just not trusting my brain any more. I am so ready to put everyone on extension.
  6. Less and less lines allow us to just force numbers on the forms this year. I do have the bottom of the K1, but Ordinary Loss carryover only allows for it to be subject to Passive Limitations. It wasn't a passive activity, but I suppose now that it's sold it doesn't matter. Still need to know if this year's K1 16D distribution can be applied to that carryforward. I haven't been able to find anything that addresses that, so I may end up just assuming not and making it cap gains, but I hate to just assume.
  7. New client, sold out of s-corp in 2017 with a final payment in 2018. Last year, company had a loss, which previous accountant shows was limited by basis. 1) I know the balance of the loss is a carryforward, but can't find where in ATX to add that amount? I see the basis worksheet, but can't enter directly to that, nor does it jump to an entry screen. 2) Can that loss be used against the distribution this year? If not, the distribution is just a cap gain distribution. I don't usually see S-corps, so not sure where to find entry for some of this stuff. I'm driving myself nuts trying to find it in the program.
  8. What a good idea, thanks! Drives me nuts too, Margaret, that I can't vouch for kids Ive watched grow up. But what do we know?
  9. I usually use the 1095, not sure what I'll use if that goes away in 2019. Like others have said, I've watched half these kids grow up over the years, it's ridiculous. But I try to make a joke of it and just tell them I'm putting on my IRS Police hat to ask them these questions. The one I really hate is asking if their college kids have a drug felony. Even the best client can get offended by that, it's horrible that we have to ask. G-d help me when someone has to answer yes.
  10. Sarypion, I think as long as it's transmitted...somewhere... you're okay. The files will show that you submitted them on time, we just won't get acks for awhile. My nightmare is, what if this isn't just the IRS being overwhelmed by the late filers, what if it's a cyber attack - how long would that take them to recover, and are the returns we submitted going to be hijacked?? I want to believe that's not possible, but who knows anymore.
  11. The IRS website says it won't penalize anyone. I'm wondering about state returns - if we send them before the IRS is Accepted, will that cause problems, or does it even matter?
  12. Not sure it will matter if you unlink them, as far as getting the federal returns through. The whole IRS system is down. Can't remember this ever happening on tax days past, though I imagine it has. Hopefully it won't be long.
  13. LOL, you need a good laugh this week! Ugh, I've been living mouse-free for decades but still remember how much I hated them in Boston, where they were everywhere.
  14. i second everything Patti said. I don't post much here, but over the years I've come in for those nagging questions that a sole practitioner just needs to bounce off others. Or to help figure out what behind-the-scenes did I miss that isn't sending info to the form I know it belongs on. So thank you as always to Eric for having kept us all together when ATX kicked us out one April, and to all of you for your knowledge and senses of humour!


    Way to go! Me too, in a few hours - and 2 days ago I would have said no way. A few extensions, one of which I can get a head start on, the rest are waiting on K1s or other pieces. So yea, payroll taxes, clean the office, etc. Wow, can't remember the last time I finished early!
  16. We all screw up sometimes, and clients usually understand because they screw up too! If you have decent relationship with them, they shouldn't fire you. I made a costly mistake on a business sale one time, oy, that was a nightmare. This year I had a new guy come in, one of those that enjoys trading. Lots of 1099s, some K1s I think, big stack of paper. I was so paranoid about checking everything multiple times to be sure i didn't miss anything, and in the end he took the finished return back to do it himself in TurboTax (as he had in previous years). He said I missed something, but I don't think so; from the questions he asked I think he just wanted to learn more about how to do it himself. Paid me my whole fee, so no whatever. I had a feeling about him.
  17. Oy! I have a lot to finish - mostly waiting on the TP, of course - but as of this afternoon I have at least started every return, which makes me feel like there's a light at the end of the tunnel that isn't just a train.
  18. I've had maybe a dozen who are significantly better or worse, for most it makes very little difference. For us, the big problem is what will happen with the state. MN starts with the federal taxable income and goes from there, but if they choose to conform to all the federal changes, most Minnesotans will see big jumps in state tax. So they may choose to conform, but lower all the brackets, or not conform and design a new system. Session ends in May, but they've done precious little so far. So much fun trying to do estimated taxes for people with no clue what our tax system will look like in a couple months.
  19. I have to file a WI non-resident return stemming from a 3K-1. I've filed the NRs before, but not from a k-1, and it had Domestic Production activity to boot, so I'm also filing the MA-M. Anyone with experience in that state who's willing to answer some questions?
  20. I haven't gotten enough wage earners in yet, but based on my business clients, the new withholding tables seem way off. I've been telling them to warn their employees that they need to look carefully at it when they get their taxes done. No way yet to help anyone plan for state, our legislature isn't even in session yet, so no idea how/if they'll conform. Based on experience, we may not know until late March.
  21. I suppose so. Our local office seems to be one of the bad ones, then.
  22. Careful recommending Paychex, a client could end up ticked off at you when they screw up.
  23. Wow, this is rotten, I'm sure it's part of the way the company keeps workers' wages down, by lying to them that they're tax-free. But who the hell is preparing all these returns for them?
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