Jump to content
ATX Community

PTC Repayment


Possi

Recommended Posts

Have you tried the override and then create the efile?   Any Errors?

I don't know if there is a good reason to wait, but I am.   We only have 3 with amounts due, and since they are going to get something they did not expect, I think a little patience until the software is updated is OK.   But if it works for you I might get them out the door.

Let me know how it works.

Tom
Modesto, CA

  • Like 1
Link to comment
Share on other sites

6 minutes ago, BulldogTom said:

Have you tried the override and then create the efile?   Any Errors?

I don't know if there is a good reason to wait, but I am.   We only have 3 with amounts due, and since they are going to get something they did not expect, I think a little patience until the software is updated is OK.   But if it works for you I might get them out the door.

Let me know how it works.

Tom
Modesto, CA

Yes, I can create the efile. I only have 2, but want them both outta here.

  • Like 1
Link to comment
Share on other sites

14 minutes ago, BP. said:

I'm going to wait. There might be a "worksheet" for this. 😐

I'm going to pull the trigger on this one. I don't believe there are any ripple effects to this. Any update might have a wksht, but I can easily go back to 2 returns and adjust if I need to do that. It won't change the bottom line.

  • Like 1
Link to comment
Share on other sites

I have 2 that owe a few bucks but the non-refundable child tax credit takes care of that. I am going to file as if nothing happened.

I have been suggesting that the IRS only programs line 28 (I believe) to 0. So that line should read: Maximum repayment = 0 and be done with it.

  • Like 2
  • Thanks 1
Link to comment
Share on other sites

On 3/25/2021 at 11:38 AM, Possi said:

I'm going to pull the trigger on this one. I don't believe there are any ripple effects to this. Any update might have a wksht, but I can easily go back to 2 returns and adjust if I need to do that. It won't change the bottom line.

@Possi How did it go?   What did you override and were there any issues with e-file?   I am starting to get a few piled up and I would  like to get them off the pile.

Tom
Modesto, CA

  • Like 1
Link to comment
Share on other sites

56 minutes ago, BulldogTom said:

@Possi How did it go?   What did you override and were there any issues with e-file?   I am starting to get a few piled up and I would  like to get them off the pile.

Tom
Modesto, CA

I may not have zeroed that out just right. Let me try it again and I'll let you know. 

We were also trying to bump her payment for taxes due until the deadline, but software isn't updated yet. 

Hold that thought....

Link to comment
Share on other sites

On 3/25/2021 at 12:50 PM, BulldogTom said:

Have you tried the override and then create the efile?   Any Errors?

I don't know if there is a good reason to wait, but I am.   We only have 3 with amounts due, and since they are going to get something they did not expect, I think a little patience until the software is updated is OK.   But if it works for you I might get them out the door.

Let me know how it works.

Tom
Modesto, CA

Donna uses TaxWise.  I was unable to override one the other day using ATX.  When I say "other day,"  that mean three to seventeen days ago.

  • Like 1
Link to comment
Share on other sites

3 hours ago, Possi said:

Nope, it won't fly by zeroing out the PTC. 

We will have to wait for the update... or delete the 8962. I wonder how much trouble that will cause ?

Good Question.   I think it still needs to be reconciled .... but what do I know?  This year I have had curveball after curveball thrown at me.   I am not guessing anymore.

Tom
Modesto, CA

  • Like 3
Link to comment
Share on other sites

43 minutes ago, BulldogTom said:

Good Question.   I think it still needs to be reconciled .... but what do I know?  This year I have had curveball after curveball thrown at me.   I am not guessing anymore.

Tom
Modesto, CA

Exactly why I'm selling. But, I'll still be working and pestering all y'all. 

😃

  • Like 3
Link to comment
Share on other sites

4 hours ago, Possi said:

Nope, it won't fly by zeroing out the PTC. 

We will have to wait for the update... or delete the 8962. I wonder how much trouble that will cause, @Abby Normal?

Well, Abby might have a better outlook than me, but I'd rather chew off my right arm than have a client get a letter.  It's so much more trouble to me than doing a return.  First the panic call.  Calm down, and bring me the letter.  Then the drop off and the 15 minutes to explain how I got this.  Then 20 minutes catching up and telling them how Uncle Fred is doing, and hearing about their dog that has an infection.  Then, oh yeah, 35 minute conversation for their quick question because they talked taxes with their hairdresser.  I fix the problem.  Eight months later IRS sends a letter saying, "We got your response, but we lost it..."
 

  • Like 5
  • Haha 4
Link to comment
Share on other sites

9 minutes ago, RitaB said:

Well, Abby might have a better outlook than me, but I'd rather chew off my right arm than have a client get a letter.  It's so much more trouble to me than doing a return.  First the panic call.  Calm down, and bring me the letter.  Then the drop off and the 15 minutes to explain how I got this.  Then 20 minutes catching up and telling them how Uncle Fred is doing, and hearing about their dog that has an infection.  Then, oh yeah, 35 minute conversation for their quick question because they talked taxes with their hairdresser.  I fix the problem.  Eight months later IRS sends a letter saying, "We got your response, but we lost it..."
 

You are so right.... and none of us needs that. I'll just wait. Trying like everyone else to push these out of here. My Birthday is at the end of April and I'm celebrating big this year, as you know. I'm not sticking around for the May 17 deadline. Heck, I won't be sober till June....

  • Like 1
  • Haha 5
Link to comment
Share on other sites

15 hours ago, Possi said:

You are so right.... and none of us needs that. I'll just wait. Trying like everyone else to push these out of here. My Birthday is at the end of April and I'm celebrating big this year, as you know. I'm not sticking around for the May 17 deadline. Heck, I won't be sober till June....

My birthday is in June, if you want to come hang out with me and delay that getting sober nonsense!

  • Like 1
  • Haha 4
Link to comment
Share on other sites

On 3/31/2021 at 12:27 PM, Possi said:

or delete the 8962. 

Looks like you called this one. That's today's IRS guidance, per TW.

If there's a PTC repayment (an amount on line 29) then discard Form 8962. 

Yay, more files out the door!!

  • Like 3
  • Thanks 3
  • Haha 1
Link to comment
Share on other sites

On 3/31/2021 at 5:24 PM, RitaB said:

Well, Abby might have a better outlook than me, but I'd rather chew off my right arm than have a client get a letter.  It's so much more trouble to me than doing a return.  First the panic call.  Calm down, and bring me the letter.
 

The other side of a client getting a notice is that you get to be the hero by solving it quickly and easily, usually at no charge but sometimes there is a charge. Clients remember the panic and how we rescued them and made the big bad IRS go away. Then they send us referrals.

  • Like 2
  • Haha 3
Link to comment
Share on other sites

So, now I have to wait for guidance from CA.   We have our own CA ACA form with its own calculations and it interplays with the 8962.   I have a client who owes APTC for Fed but is due additional CA PTC.    

CA is driving me nuts this year.   Texas, Nevada or Tennessee are looking better and better to me all the time.

Tom
Modesto, CA

  • Like 2
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...