taxguy057 Posted April 10, 2009 Report Share Posted April 10, 2009 Got a client who pays her own health insurance because she's paid with a 1099 MISC for company she works for. I read the Form 8885 front page and it seems like she qualifies for the credit, but then it says attach forms listed on page 4 or credit will be disallowed, but I dont see a page 4. Has anyone done one of these before? What do i do if even allowed to take credit? :unsure: Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 10, 2009 Report Share Posted April 10, 2009 This is from the instructions to the form: Not sure what your client does, but it sounds like eligibiity is pretty narrowly defined. *** Who Can Take This Credit You can take this credit only if (a) you were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient in 2008, ( you cannot be claimed as a dependent on someone else’s 2008 tax return, and © you met all of the other conditions listed on line 1. If you cannot be claimed as a dependent on someone else’s 2008 tax return, complete Form 8885, Part I, to see if you are eligible to take this credit. *** Are you deducting her premiums under SE health insurance? Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 10, 2009 Report Share Posted April 10, 2009 I absolutely did not put that winking sunglasses thing in there (or I didn't do it intentionally, anyway). Quote Link to comment Share on other sites More sharing options...
taxguy057 Posted April 10, 2009 Author Report Share Posted April 10, 2009 I absolutely did not put that winking sunglasses thing in there (or I didn't do it intentionally, anyway). only place i knew to put was under sch A in medical expense. Is there separate form for SE insurance prem? Where does that go. Sorry 1st time with client who pays all their own ins and SE. (Now my smiley or frowny in this case was intentional!) lol! Quote Link to comment Share on other sites More sharing options...
MDCPA Posted April 10, 2009 Report Share Posted April 10, 2009 only place i knew to put was under sch A in medical expense. Is there separate form for SE insurance prem? Where does that go. Sorry 1st time with client who pays all their own ins and SE. (Now my smiley or frowny in this case was intentional!) lol! Page 1 of 1040 - line 29 - click on the "bunny". Quote Link to comment Share on other sites More sharing options...
taxguy057 Posted April 10, 2009 Author Report Share Posted April 10, 2009 Page 1 of 1040 - line 29 - click on the "bunny". @MDCPA Thanks for the help! Got one more question if you dont mind...I put the vehicle info she uses in her business on the schedule c but the asset entry tab came up so i entered it there also. Now when I do my check scan an info warning comes up sayin i have it listed in both sch c and asset entry. What have I done wrong if anything and just to make matters more complicated it has switched her from owing 3800 to getting a refund of 800+ with EIC and 8812 credits and she made close to threshold amt with her biz.(32,241).. Just seemed funny. The only thing i see is that the vehicle expense is high and i think its double dipping since the double entry on sch c and asset entry.... u think??? Quote Link to comment Share on other sites More sharing options...
imjulier Posted April 10, 2009 Report Share Posted April 10, 2009 Hey there- Yes, you are right. You are double dipping on the mileage. If form 4562 won't be filed, input info on sch c line 9 by using the bunny. If 4562 required, use asset entry. One or the other, not both. Julie Quote Link to comment Share on other sites More sharing options...
taxguy057 Posted April 10, 2009 Author Report Share Posted April 10, 2009 Hey there- Yes, you are right. You are double dipping on the mileage. If form 4562 won't be filed, input info on sch c line 9 by using the bunny. If 4562 required, use asset entry. One or the other, not both. Julie @Julie Thx! It just seems like the craziest returns come now at crunch time and all gets confusing b/c ur trying to rush things through... There's light at the end of the tunnel...just hope its not a train!! :spaz: Quote Link to comment Share on other sites More sharing options...
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