Donna1's Posts

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Donna1's Posts

I need to clarify the answer I just gave. No one can claim her as a dependent. And I have her age incorrect. She turned 23 in 2019.
No one claimed her as a dependent. No one paid over 50% of her support. She lives with her boyfriend and sister. The boyfriend and sister split the rent 50/50. Her Mom pays her cell phone and car ins... See more...
No one claimed her as a dependent. No one paid over 50% of her support. She lives with her boyfriend and sister. The boyfriend and sister split the rent 50/50. Her Mom pays her cell phone and car insurance and occasionally gives her money. 
Can anyone provide some concrete guidance on how to allocate the percentage of the advanced payment of premium tax credit on a shared policy. Mom received the Form 1095-A. Her income created a comple... See more...
Can anyone provide some concrete guidance on how to allocate the percentage of the advanced payment of premium tax credit on a shared policy. Mom received the Form 1095-A. Her income created a complete repayment of the credit. The daughter turned 26 in 2019 and did not live with Mom (she lived part-time with a sister and a boyfriend) and also did not work so she does not have a tax return filing requirement. The way I read the instructions, I can allocate using any percentage that I want to. If this is true, then to avoid the repayment, I could allocate 0 to my client. That does not seem reasonable. If I do any allocating, what if anything needs to be filed for the daughter. Thank you in advance for any assistance or guidance provided.
It is a pension.
I am wondering if anyone has had a client the lives in the US and is collecting pension from the Netherlands (Holland). If so, where are you reporting the income?
Ahhh!! OMG! So simple and yet so complicated. I super apologize if I have wasted anyone's time today. I just am not comfortable going with the status quo and thought that my phone call with ProSeries... See more...
Ahhh!! OMG! So simple and yet so complicated. I super apologize if I have wasted anyone's time today. I just am not comfortable going with the status quo and thought that my phone call with ProSeries would have been quick and would have resolved the issue in a matter of minutes. Once again, thank you!!
Actually I just tried entering it directly on the schedule D and the Form 8949 was generated.
Rick, I think I understand what you are saying. I should have looked closer to your answer before responding. I was entering the information on in the Capital Gains(Losses) Detailed Entry Worksheet.... See more...
Rick, I think I understand what you are saying. I should have looked closer to your answer before responding. I was entering the information on in the Capital Gains(Losses) Detailed Entry Worksheet. I believe you are instructing to enter it directly in the lines below the worksheet QuickZoom. Thank you for the great in put!!
I have entered the transactions as you suggested. They always flow to the 8949.
Did not know I would be on the phone with support that long. Would not have called had I know. Sure did not want to hang up on her.
What frustrates me is it is not correct. We should be able to have the option of the form printing or not. I a agree that it is nice for checking your work. My concern is: if we just let the software... See more...
What frustrates me is it is not correct. We should be able to have the option of the form printing or not. I a agree that it is nice for checking your work. My concern is: if we just let the software generate forms and not verify the instructions, what else are we missing? I do not like having to explain to a client that I missed something because I relied on the software. And yes, there are far worse things going on in the world then my not being able to turn off the generating of a form. However, my clients rely on my work and my knowledge. Therefore, I want to be accurate and thorough. That is what I get paid to do.
I just spent about an hour on the phone with ProSeries and it appears that ProSeries generates the form in all cases (even when it is not needed). There is no option to stop the form from generating.... See more...
I just spent about an hour on the phone with ProSeries and it appears that ProSeries generates the form in all cases (even when it is not needed). There is no option to stop the form from generating. Very frustrating. I even checked the "if required" under the print options and it still prints. Very frustrating.
Schedule D is required. Form 8949 is not required when basis is reported to the IRS. 
What I am saying is: The 8949 is not required but ProSeries is still creating it and printing it. I am sure there is a setting that I must have checked at one time that indicated to create the form e... See more...
What I am saying is: The 8949 is not required but ProSeries is still creating it and printing it. I am sure there is a setting that I must have checked at one time that indicated to create the form even if not required. I am trying to locate that setting so I can turn it off. If that makes sense.
How do I stop form 8949 from generating when not required?
I guess I need to read the rules... I don't need to do anything with it because it is not enough that would require the student to file a  tax return. Thanks!!
I did that and it shows the taxable amount, but it is not carrying to line one of the 1040? And it is on line 9 of the worksheet that shows the taxable amount. Line five shows the total scholarship a... See more...
I did that and it shows the taxable amount, but it is not carrying to line one of the 1040? And it is on line 9 of the worksheet that shows the taxable amount. Line five shows the total scholarship amount.
It is the parent's return. The student is a dependent. I was following the advice in this feed. The advice was to go to line one (wages, salaries, tips, etc.) and click on the dotted line. Click the ... See more...
It is the parent's return. The student is a dependent. I was following the advice in this feed. The advice was to go to line one (wages, salaries, tips, etc.) and click on the dotted line. Click the magnifying glass and go to line 13 and enter the taxable portion there. In order for me to do that, I have to override that line.
I have followed the instructions posted and when I scroll down to line 13, I have to override to get the taxable portion on that line. Can you offer further guidance as to why I would have to do this... See more...
I have followed the instructions posted and when I scroll down to line 13, I have to override to get the taxable portion on that line. Can you offer further guidance as to why I would have to do this? Thank you!
Found this on the IRS Web Site: Further question - how do you know if the amount that is on the 1099-DIV meets all the qualifications to be able to take the deduction? Q26. I received a REIT dividen... See more...
Found this on the IRS Web Site: Further question - how do you know if the amount that is on the 1099-DIV meets all the qualifications to be able to take the deduction? Q26. I received a REIT dividend either directly or through a regulated investment company (RIC), reported as a section 199A dividend in box 5 of Form 1099-DIV. Is this amount eligible for the QBI deduction? A26. Box 5 of Form 1099-DIV is used by REITs and RICs to report amounts that may be eligible for the QBI deduction, but some amounts reported in box 5 may be ineligible for the deduction. Ineligible dividends include those for which the taxpayer did not meet holding period requirements for REIT or RIC stock. The QBI deduction may not be taken for any dividend reported in box 5 for dividend received on a share of REIT or RIC stock that is held for 45 days or less during the 91-day period beginning on the date that is 45 days before the date on which such share became ex-dividend with respect to the dividend. When counting the number of days the stock is held, include the day the stock is disposed of but not the day the stock is acquired. Also, don't count days during which the risk of loss was diminished. Specifically, don't count any day during which any of the following conditions are met: The taxpayer had an option to sell, was under a contractual obligation to sell, or entered into (and not closed) a short sale of substantially identical stock or securities. The taxpayer was a grantor (writer) of an option to buy substantially identical stock or securities. The taxpayer's risk of loss was diminished by holding one or more other positions in substantially similar or related property. In addition, the deduction may not be taken for any dividend on shares of REIT or RIC stock reported in box 5 to the extent the taxpayer is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property.