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Lion EA

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  1. Had one today. He's over 59.5, worked for a private company, $$ in Boxes 1 and 11, so can exclude $20K which is more than enough this year. So glad this thread was here. You all saved me some time proofreading this return!
  2. I'm still not sure. And, I had a client call this week that inherited her mother's IRA and asked me. She'll have to wait until after 17 October. I really can't remember everything that's passed over the last three tax seasons, especially which IRS regs are final. And, so little published since Covid, just FAQs!
  3. Where did you read that? I have some late 2020s that I'd love to wait 'til after 10/17.
  4. My "upper corner of CT" guy might know someone. He's on vacation in the Rockies right now, so not always in communication. I'll reach out to him, just in case...
  5. I don't know if your S-corp can change to a fiscal year. (Does it have to have the same year as its shareholders?) If it does change to a fiscal year, your individual client remains on a calendar year. The only difference is that his 1040 will include the K-1 that ENDS in the calendar year.
  6. https://brasstax.com/ for free COD worksheets (practice aids) as well as reasonably priced self-study and webinars on your topic. Lisa Ihm and Brass Tax Presentations do a lot on cancellation of debt.
  7. Inherited is Long-Term by definition. If everything is in your client's SSN, you could include everything and then a line to subtract those reported on the 1041 with an appropriate description, including the tax ID of the 1041. Your software probably has a preferred method, a best practice.
  8. If it's not a Kardashian selling RE, then I don't think he's an SSTB. Brass Tax Presentations has good 199A Specified Service Business chart (pdf) at... https://brasstax.com/
  9. Brass Tax Presentations has a great flowchart: https://brasstax.com/practice-aids-account
  10. Thanks, Kate. As my commuters age, this will pop up for me any day now, so I appreciate your explanation.
  11. My chronically-ill sister collects guardian angels, so I have to buy a couple from you! Maybe a whole angel choir.
  12. But it's embarrassing to fall asleep in a live classroom! And, I have to shower and put on real clothes with shoes. And, pretend that I'm not crabby. And, it's always too hot or too cold. And, the highlighter I take runs out after two pages...
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