Lion EA

Send him to IRS DirectPay so he can get a payment confirmation: https://www.irs.gov/payments

Thank you, Abby, for the great reminder. The IRS must RECEIVE the amendment by 10/13/2025. I've been forgetting that lately with e-filing. If you have to paper file, between the USPS and the IRS brokenness, who knows when the IRS will receive any given piece of mail !!!

He can file an amended return at any time. He can receive a refund if he files within 3 years, by 10/13/2025.

It used to be the an individual could get an FEIN. That way, no LLC needs to be formed with whatever state fees are due at formation &/or annually to SoS &/or DRS.

Discuss with your clients WHY they formed a MMLLC. And, if they should dissolve it to save the cost of preparing Form 1065 in the future. Did they watch a TikTok that told them they could write off anything in an MMLLC?!!

Sch 1 Line 8 j

That only works in a community property state. Otherwise, an MMLLC files Form 1065, unless they elect to be taxed as a corporation. If not entered into with a profit motive, follow the Hobby Loss Rules. How could $200,000+ ever be usual & necessary for revenue of $900, especially with NO profit motive?! Did they actually run their hobby income and expenses through the LLC bank account or LLC charge card? If they paid their hobby expenses personally and deposited their hobby income into their personal account, then you report their hobby income on Sch 1 line 8. Hobby expenses are NOT currently deductible until the sunset of the TCJA. (After the TCJA sunsets, if Congress doesn't change the law, hobby expenses will be deductible -- up to the amount of hobby income -- in the 2% miscellaneous section of Sch A.)

Room & Board does NOT qualify for the AOC, but it does qualify to make 529 Plan distributions non-taxable. Way too many details in all the different education benefits!!

Where did you hear that? Who said that? Did it have to do with a declared disaster area? Please give details if you're asking a question!

What Randall said. Make sure you have the bursar's statement, so you can see what was paid and when, along with the tuition and the scholarship(s). I've seen a couple schools include their statements right on the back or bottom of Form 1098-T, which is so very helpful. But most of the time, you need the student to login to their account and print out the CALENDAR year bursar's statement.

The amount exceeding tuition is ordinary income on the student's return.

Frog: you CAN warn him that the sale might not be all capital gain rate, that some could be at his ordinary income tax rate. Was he near the top of a bracket last year? And, that the sale involves more time, more calculations, often more forms, so your fee will be a LOT higher. Tell him to bring you every single page and every single piece of paper and every single mailing for year end.

Government's view of the economy could be summed up in a few short phrases: If it moves, TAX it. If it keeps moving, regulate it. And if it stops moving, subsidize it." — Ronald Reagan

Can he use up the old excess in 2025 by not contributing that amount this year? Or, does he not qualify to make any Roth contributions this year?

Put your house in a trust Buy an SUV Move to Canada Have another child

How much of a Roth contribution did he qualify for in 2024?

What's the standard deduction for Charity? ...for __________? TikTok But my co-worker's refund is bigger! I'm self-employed; how much will I owe? How big is my refund? Ltr CP2000

SALY Facts & Circumstances Usual & Necessary There's a Form for that Acronym of the Day

If your tax biz borrows money against the biz and uses it to pay off the mortgage on your primary residence, can the biz deduct the loan interest on your sole proprietorship or, in your example, on the partnership return?

I really hate temporary provisions!! (Like built-in obsolescence in appliances.) More moving parts to account for when tax planning.

Hubby uses Dashlane and loves it. I've never gotten into it. Still very old school with a book on my bookshelf, a generic-looking file on my desktop computer, and a few cryptic reminders on a post-it note on my desk for software/app passwords that have to change every 30/60/90 days.

Yes, my point exactly. The OP has a client where NO Forms 8332 are used. This leaves his client at the mercy of her ex and open to a position that will take a lot of time working with the IRS to clear up/validate her return/receive her potential refund or confirm her balance due payment. OP seems to want a 8332 each year, alternating which person signs/provides. This is not the way either. Identify the custodial parent first. Your 2nd paragraph is a great solution. However, your 3rd paragraph shows why it's not a one & done. Maybe that's why OP wants to see an 8332 every year; however, it's even years only if his client is the noncustodial parent. No matter what, he needs to identify the custodial parent first. [me] "Did Jack give you an 8332?" might not be the next question to ask...

Exactly. But the OP seemed to want a 8332 each year for the one claiming the dependency that year -- when it's the custodial parent who's qualified to claim the child for all purposes but can give the dependency via 8332 -- in the OP's scenario, every other year. The dependency can go back and forth, but the custodial parent is an IRS qualification and not due to a divorce decree. So who gives (or refuses to give) the 8332 doesn't change (unless the child's living situation changes). If his client is the custodial parent, she will never receive an 8332. She can choose to give an 8332 in odd years -- in the OP's scenario. If she's the non-custodial parent, she can request an 8332 from the custodial parent, again per the OP in even years, and hope her ex doesn't also claim the child in even years.

If your client is the custodial parent, per IRS rules, then she gives Form 8332 and does NOT receive it.

Farmers do have a special way to report livestock sales if more than usual sales in a year due to drought, etc. (Don't have any farms with livestock now, so haven't looked up how to report, just remember that there's something about reporting it over 2? years.)