Bart

If the IRS did not like the carryback to 2015 consider that none of the loss was used in 2015 and carry it to 2016 and see what happens.

Sounds like the IRS is processing their paper check as an electronic check and withdrawing the funds from their account.

Kansas City BBQ fried is best but cannot think any better than any of you.

basis worksheet

I do not use ATX but it seems to me there must be something on the estimated tax screen that is not factoring in what was withheld in the current year.  Sorry can't be more help.

WOW.  Hijacked your own thread.

I was talking about XYZ doing the closing of the books or proration based on days of ownership not ABC.  ABC Inc and ABC LLC will get their own K-1 with their share of profit and loss.  Who of the three entities do you prepare taxes?

You do a closing of the books on date of ownership change or you prorate the whole year by number of days owned.

Are you trying  to restore on a network?

I will look when I can but I am out of the office this week.

Son's trust does get a stepped up basis five years later.

Why and how did the trust receive property from someone who was not the grantor

There are two ways to opt out of ACTC.  One of those was by using ID.me.

That exempt income should increase basis

Can they afford a $200,000.00 fee?  Maybe per year.

I can think of a few reasons to opt out

9 hours ago, TexTaxToo said:

Correct me if I'm wrong, but I don't think the EIN from the 1099-NEC is actually sent as part of the e-file.  The IRS just compares the total amount reported on Schedule C to the total on the Forms 1099-NEC the IRS knows about.

If the EIN is sent as a part of the efile the IRS can easily check the EINs

All of the transcripts I have pulled showed the EIN for any payor listed.

I would think that "flipped" property was not like kind to rental property

1 hour ago, Corduroy Frog said:

Why does the IRS need to know if you HAVE BitCoin? If it is treated as property, there should be no tax until BitCoin is sold.

We can buy 100 shares of Ford Motor Company, General Mills, or 50 acres of land, and we don't have to report it to the IRS until we SELL it.

What is the difference with BitCoin? I didn't have any customers tell me they had any when I asked them.

With Ford, General Mills and Land there is reporting when sold.  There is no reporting with any BitCoin transactions.

The W-2 appears correct.  

Glad you solved your problem Rita.  Once upon a time I did a print screen and pasted it into Word and it worked.

You can deduct 3000 loses on capital losses.  That has nothing to do with passive.

The extension is for six months

7 hours ago, TAXMAN said:

2 Questions please. Does the 10400 ui apply to each spouse for a total of possibly 20800? Read down through bill and cannot find where we do not have to pay back excess health premimun credit. Is this so?

2nd observance wonder if the portal will require all the verifications required to check your EIP amounts?

UI does apply to each spouse but the exempt amount is 10,200 each for a total of 20,400.