Lion EA

I discovered that I do have it set to update. But there was a message that it needed to finish, telling me to reload Chrome. I was a bit surprised, because I exit Chrome each night and reload every morning. The update must've started today and was waiting for my next relaunch. All good now.

Thank you. I'm on ...61 so will update now.

Too logical.

Other Income - NonTaxable? (My brain is fried, so wait for someone else to jump in here!)

I see two of your posts above.

Did he make a Roth contributions for 2020, but his income is too high? He should take it out. If not, does Form 5329 cover this situation? (Still waiting for what my guy's doing with his SEP contribution without any earned income, so I can complete their 2020 returns. He says Fidelity is fixing it for him. I told him to send me Fidelity's documents when it's done.)

Yep, I use it from time to time; because this year more than ever, I want them all e-filed. Always file to start the SOL running.

Put $1 in Interest Income.

The last two tax seasons have thrown me very off balance!

A cousin who was a programmer for her career is now a volunteer at a cat shelter in retirement. Hubby who taught middle school music (including the performing choruses) for 37 years wanted to be a Trader Joe's cashier, because they always look like they're enjoying themselves. He continued as a part-time music director at our church (where we met) so didn't rush to Trader Joe's. After a few years away from middle school kids, a local music school asked him to teach piano. He teaches kids and adults, mostly FaceTime over the last two years, and enjoys his students who are taking lessons because they want to. I probably will prepare taxes until I cannot function in any other job!

As long as we're off topic anyway, I'm trying to post here. Replying to an existing post worked only sporadically for me yesterday.

This is very helpful info, Hahn. It's been years since I had a client in the military, probably back to my Block days. He has said that CT is his state of record. He himself has never maintained a PPA as he lived in his mothers home in CT and attended Yale in CT through May 2021, but his mother's home is open to him, probably without any restrictions. I think his first year will be intense, so he might not step foot in CT for 30 days during 2022. I guess then it depends on if he maintains a PPA in another state... Would that mean no state tax to any state, if CT is his state of record but VA or another state becomes his PPA? (That's the least we can do for our military.) Thank you very much for sharing your time and knowledge during these last hectic weeks.

Yep, 1098-T and the cover letter from Yale. It appears the scholarship is from Yale only. Neither he nor his mother said anything over the last four years about ROTC, so I was very surprised to find he's leaving for the Marines in a few days! She just mentioned something about OCS and Quantico, but I think that's starting in this October. He also had a W-2 from DFAS for a 2020 summer program. Box 1 was a little higher than 3 & 5, so maybe summer housing... 2021 will probably be where I have BAH and such paid for the fall after graduating from Yale this spring. I will save your link and Pub 970 in his electronic file for 2021. Thanks so much, Hahn. I'm definitely nearing burnout and need a few days this fall to play with grandchildren.

Thanks, Hahn. I must've read a similar set of lists 7 times without seeing the breakout for Don't Apply. Thank you!

Giving this a bump up, because it scrolled off my screen and probably yours! I'm sleep deprived and losing focus on my research. If you know, please help. This kid was a full-time student at Yale in 2020, but graduated in 2021 and leaves for the Marines this weekend. I need to prepare his (and his mother's, due to Kiddie Tax) returns this week. (Actually, I have 27 more returns, including our own to prepare. So, I'm trying to get through 1-2 per day, but everyone has something new in their documents this year.)

I vote for hide under our desks now.

I have been standing firmer, more so late in this season, about not starting returns until I receive the signed engagement letter AND the signed due diligence questions, which include EIP1, EIP2, & EIP3. Few will remember EIP3 next year, and many are confused about reporting EIP2 now instead of next year, so I ask for all three. My questions also include the 2021 advance CTC payments, because few will remember next year. So, getting the first one, two, or three gives me a good reminder about asking for the rest of them next year.

Scholarship is higher than Tuition paid. I can add books & school supplies, yes? Computer? Internet? Are all those allowed? What about rent/room & board?

Thanx for the reminder. I just checked, and Chrome had not finished it's last update for some reason and told me to relaunch. Now it gives the above Version #.

Don't compete with the big box stores. Don't compete with national CPA firms. Compete on your (maybe year-round) customer service to clients who want their taxes done right. You can also research your own niche and become that expert: investors, small biz, virtual, whatever. If Liberty goes out of biz in your area, do you even want those customers?!

Did she receive a US Form W-2 with US taxes withheld? Or, did she pay Australian taxes?

Of course it's easy -- if it fits the rubric the IRS auditors are given, which will be newly-written to work with the new bank reporting forms. But it will be very time-consuming for me and for all my small biz clients. Clients won't feel it's their fault (it isn't) and expect NOT to pay me. I'm spending hours each day corresponding with clients waiting on refunds and with clients receiving levy letters now, because the IRS hasn't processed their online payments yet. Clients are angry. At me. They know they paid, so it must be my fault. Even if they want to rant at the IRS instead of me, the IRS doesn't answer their phones or faxes or process letters. The IRS just holds onto their refunds or keeps sending ever more threatening letters. My clients' rants should be directed at Congress, but they know they won't get any action there, either This is just one more thing that will go wrong next tax season (if this one ever ends). One more thing we have to clean up after Congress' new idea.

What does the IRS do with all the Forms 5498 they receive? Seems like nothing.

I have clients that like to pay me via PayPal and Venmo plus credit cards I process via Intuit. I would receive Forms 1099-K from all three of those. The Intuit payments land in my biz checking account, and I move all the Venmo and most of the PayPal to my biz checking account. Under Biden, my biz checking account will issue me Form 1099-whatever on those transfers. The same income will get reported twice. My disbursements from PayPal and from my biz CC and from my biz checking account will NOT be reported twice. My net profit will look waaay too high! I can't imagine the time it will take to argue my own situation with the IRS, let alone argue for all my clients!

That sounds about right to me!