taxtrio Posted February 15, 2008 Report Share Posted February 15, 2008 Normally, the IRS directions state that if Social Security is not taxable, to leave line 20a blank. So that is what ATX has always done. Of course we have input the information in the worksheet, and in Michigan it flows over to the Michigan 1040-CR. Now the IRS says for seniors to file their federal return WITH the Social Security received IN box 20a to get their rebate. The Question: Atx now showing social security in box 20a.. Good.. But what about the earlier returns we filed that didn't show it in box 20a??? Did the IRS still get the information from the efile, from the worksheet??? Do we need to ammend these returns??? Just what we need, more questions... Quote Link to comment Share on other sites More sharing options...
Booger Posted February 15, 2008 Report Share Posted February 15, 2008 Why is everybody so worked up about these STUPID tax rebates? First of all, I'm CONCENTRATING on my clients who DO have to file an annual return. I really don't have the time to worry about people who might miss out on their check because they didn't file a return. taxtrio, isn't the IRS going to get SS info from the SSA? Booger Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted February 15, 2008 Report Share Posted February 15, 2008 Booger, The original information was that the IRS was going to get the imformation from SSA, but they changed their minds this week. Now, they have to file a 1040A or 1040 showing their SS, USRR or some VA benefits on line 20a or 14a. I am concentrating on my current clients also, because I am only human and have my client base pretty much set at my maximum capability. I will tell callers about the VITA 800 #. Quote Link to comment Share on other sites More sharing options...
jainen Posted February 15, 2008 Report Share Posted February 15, 2008 >>concentrating on my current clients<< I believe taxtrio IS asking about current clients. I haven't run many numbers yet, but it seems that line 20a is only important for the rebate if they don't have at least $3000 other income on which to base the minimum credit. The maximum credit is based on tax liability, not affected by non-taxable Social Security. If anybody needs to use line 20a, they probably have not filed yet. Quote Link to comment Share on other sites More sharing options...
taxtrio Posted February 16, 2008 Author Report Share Posted February 16, 2008 >>concentrating on my current clients<< I believe taxtrio IS asking about current clients. I haven't run many numbers yet, but it seems that line 20a is only important for the rebate if they don't have at least $3000 other income on which to base the minimum credit. The maximum credit is based on tax liability, not affected by non-taxable Social Security. If anybody needs to use line 20a, they probably have not filed yet. I AM talking about clients I have already done... seniors who's social security is not taxable, but have other investment income that requires them to file. And according to the IRS the investment income won't qualify them for the rebate, must be earned income, or soc sec, or disability va benefits. Many of these seniors end up with very little tax liability- if any. Any if ATX hasn't sent the worksheet information with the federal I already filed for them, then they won't get the full 300.00 rebate they are entitled to. I'm not worried about people calling on the phone.. I believe in giving good service to the clients I already have, they rely on me to advise them on tax matters... Hey William, can you answer this question... what information get's to the IRS?? Quote Link to comment Share on other sites More sharing options...
jainen Posted February 16, 2008 Report Share Posted February 16, 2008 >>the investment income won't qualify them for the rebate, must be earned income, or soc sec, or disability va benefits<< You don't need "qualifying income" if "tax liability is at least $1 and gross income is greater than the sum of the applicable basic standard deduction amount and one personal exemption (two personal exemptions for a joint return)." Since you say your clients have investment income (i.e., gross income) that requires them to file, the invisible Social Security makes no difference at all unless they are writing off all the income in some way. But if they do need to refile, nothing could be simpler than a no-change 1040X with 1040 attached. Good service would be to mail it immediately to the client without being asked. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 16, 2008 Report Share Posted February 16, 2008 I am totally confused by this thread. When I enter any amount in the SS income worksheet, the totals show in 20a. Only the taxable part shows in 20b. What is the concern? I tried it in all possible scenarios, and the number shows in 20a every time. ATX changed that in the 2006 program. In 2005 it would only show if there was taxable SS. Am I the only one that know this? If is shows on the form, it will be sent with the e-file. For the elderly who do not believe in e-file, if it shows on the screen, it prints as well. Just call me confused????? Quote Link to comment Share on other sites More sharing options...
SCL Posted February 16, 2008 Report Share Posted February 16, 2008 Jack, you are never confused, and i would follow you where-ever. pay attention to jack. and thanks for your earlier TAX REBATE link. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 16, 2008 Report Share Posted February 16, 2008 jack, you are never confused, and i would follow you where-ever. pay attention to jack. and thanks for your earlier TAX REBATE link. I'm not sure I deserve such words, but Thank You. I try to be informed, but learn something every day from folks on this forum. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.