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Lion EA

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About Lion EA

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    ATX Supreme Guru

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  • AIM
    TaxLadyCT
  • Website URL
    http://DollarsSense.com

Profile Information

  • State
    CT
  • Gender
    Female
  • Interests
    EA

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  1. Yeah, at HRB we got asked to prepare Schedules D a lot (pricey Fairfield County, CT, with a lot of DIY investors, or, maybe, expensive CPAs with taxpayers trying to cut costs). And, Schedules C for the DIY crowd. We were told NOT to prepare part of a return for Gail's reason. HRB did do some "in-house" things like have a multi-state specialist for the whole district that prepared all the NR returns, signed them, and returned them to the preparer. But I worked in a Premium office where we did our own state returns. Other offices referred biz/trust/estate clients to us, but they became OUR clien
  2. The preparer signs the return as the preparer. Then the taxpayer takes the return to you or another preparer to e-file; that person signs as ERO. Years ago at Block, we could e-file a return brought in by a taxpayer and signed by a preparer. We could offer NO advice at all, or that could make us a preparer. HRB really stressed to us that we could do the data entry to exactly match the paper return and e-file only and not make any corrections or offer any advice or treat it anything like tax preparation at all. We'd enter the return as delivered to us. If there were errors, we could not e-
  3. They would have community property from the date of their marriage in 2020 to the end of the year, on such income items that are community by TX definition. That's all I got. Hope a TX preparer jumps on here.
  4. I've filed CT and IL w/o Federal. I know I've filed other states alone, also. For instance, for a MFJ federal but two MFS for the state(s), you have to file the federal without the state and then file each state without the federal, right?
  5. You don't have to attach anything if you follow the instructions for entering data.
  6. Those fees always gave me great reasons to justify my own fees: "Why is your fee so high for something I could do myself?" "My fee is only 10% of your broker's fee!" "I never got a bill from my broker...."
  7. This year everyone seems to have something new or different or a question for the future (thank goodness, they're asking in advance or at least planning for 2021 or telling me about it now so I can convince them to plan), and so many of the new things happened during the pandemic and as late as 27 December. Everyone seems to need me to explain why I need their January 2021 EIP payment, and has to go look for it. Everyone seems to have at least one income item that they don't usually have, whether a new side gig or unemployment or dipping into savings or retirement funds. Everyone wants to disc
  8. See page D-12: https://www.irs.gov/pub/irs-pdf/i1040sd.pdf
  9. I just went through my client list. 7% work for the aircraft industry, so all were furloughed &/or salaries reduced to this day 8% work in production of some sort that involves group work, such as theater, and didn't work from mid-March to this day (one runs a March job fair for performers/tech to meet with summer theater casting directors and had to return all her 2020 income but still had some nonrefundable deposits and other expenses already paid when her March 2020 event was canceled a couple days prior) 7% work in travel or hospitality with extreme drops in income (for
  10. Oh, yeah, and clients will ask. And, we really don't know, yet. Retirement income is taxed to the taxpayer's state of residence. But residence when? When the distribution is made? Or, when the distribution is taken into taxable income? I'm only guessing, the state when taxed. I think we'll see states litigate this. States like CT that lose retirees to FL with no income tax; CT will want tax on the whole distribution, not just 1/3 or even less. It's always one more thing!
  11. When all else fails, read the instructions: You do not have to file a Missouri return if you are not required to file a federal return. If you are required to file a federal return, you may not have to file a Missouri return if you: a. are a resident and have less than $1,200 of Missouri adjusted gross income; b. are a nonresident with less than $600 of Missouri income; or c. have Missouri adjusted gross income less than the amount of your standard deduction for your filing status. Note: If you are not required to file a Missouri return, but you received a Wage and Tax
  12. It's a 2020 credit that you calculate on the 2020 return. EIP1 and EIP2 were just advances on that credit to get funds to taxpayers and into the economy as fast as possible. If your client (or the one who is not your client) received too much, they do NOT have to pay it back. If they received too little, it's now a 2020 credit. Yes, a family that alternates years claiming a dependent will get too much as a whole, but they are not whole. Just make sure your client gets her correct 2020 credit. And, contact your Congresspeople if you have concerns, because they're voting on EIP3 now!
  13. Tell them you can calculate their taxable amount by subtracting their current basis that they must provide to you in a document from OPM. Their original letter when they started drawing those pensions probably has their total basis and the number of years to subtract it. Like most things, if the client doesn't have a document saying otherwise, the IRS says basis is zero. Or, send them to a free tax prep service!
  14. I had a 1099-R like that years ago when I was at Block, and back when you could get a person on the phone. While the client was at my desk, we called the state and were told that she'd used up her basis years ago, and that it was all taxable per box 2. Someone else telling the client. Problem solved. Between government downsizing "customer" service and the pandemic, communication is slow to non-existent. Good luck.
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