That's similar to what I planned to do. I think what matters is the result, which is PPP is nontaxable for federal. I put PPP1 in the 2020 section and PPP2 in the 2021 section since I wanted to sepa...
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That's similar to what I planned to do. I think what matters is the result, which is PPP is nontaxable for federal. I put PPP1 in the 2020 section and PPP2 in the 2021 section since I wanted to separate two PPP loans. I treated both of them as tax-exempt income in 2021 based on different rules-PPP1 is as forgiveness was applied in 2021 and PPP2 is as expenses were paid in 2021. So I need two different boxes.
I don't think it means forgiven year. If the loan is forgiven in 2020, it should be treated as tax-exempt income in 2020 tax return, not 2021. We can treat PPP as tax-exempt income: 1=as expenses ...
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I don't think it means forgiven year. If the loan is forgiven in 2020, it should be treated as tax-exempt income in 2020 tax return, not 2021. We can treat PPP as tax-exempt income: 1=as expenses are paid or incurred 2=when forgiveness is applied for 3=when forgiveness is granted
In section 4.1 PPP Loan Forgivenss Statement, why are there both 2020 taxable year and 2021 taxable year? What does the year 2020 and 2021 mean there? Thank you.
Hello, I am wondering if someone could recommend me some websites that provide good quality tax self-study resources or online tax courses. I finished my graduate study in accounting and finished CP...
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Hello, I am wondering if someone could recommend me some websites that provide good quality tax self-study resources or online tax courses. I finished my graduate study in accounting and finished CPA tests. But I feel the real work is so different from exams and school study. So I wanted to study more technical skills by myself...Thank you!
Hello, Is Retirement Plan late payment penalty for corporation tax deductible? I did some research and found that tax penalties are not tax deductible. But what about retirement late payment penalty...
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Hello, Is Retirement Plan late payment penalty for corporation tax deductible? I did some research and found that tax penalties are not tax deductible. But what about retirement late payment penalty? Thank you!
Hello, I did not find the state(CA) input box for net long-term capital gain. There is one for federal amount. But their amounts are different. Should i put long-term capital gain with short-term ca...
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Hello, I did not find the state(CA) input box for net long-term capital gain. There is one for federal amount. But their amounts are different. Should i put long-term capital gain with short-term capital gain for state?
Hello, Do I still need to enter "advisor fees" under other deductions for trust? Although it is not deductible for federal, it is still deductible in CA. Thank you!
Hello, In lacerte, it says " form 1099-misc is required in the e-file if state withholding is present for AZ, CO, CT...". Is that means I do not need to enter other states' 1099-misc in the "form 10...
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Hello, In lacerte, it says " form 1099-misc is required in the e-file if state withholding is present for AZ, CO, CT...". Is that means I do not need to enter other states' 1099-misc in the "form 1099-misc for e-file return" input screen? I did a little research and found that "Regular Minnesota income tax does not apply to entertainers who are residents of other states and perform in Minnesota. Instead, their earnings are subject to Minnesota’s Nonresident Entertainer Tax. This tax is 2 percent of the gross compensation received by a nonresident entertainer or entertainment entity." The MN state income tax withheld is exactly 2% of the gross compensation. So I think I don't need to report this in lacerte? Also, if the client is resident of CA, should he pay CA state tax for this part of compensation? Thanks!!
Okay! I have two questions. 1. Do i only enter the 1099-misc form with state tax withheld? All the other forms only have nonemployee compensation and i already dropped them in schedule C(including t...
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Okay! I have two questions. 1. Do i only enter the 1099-misc form with state tax withheld? All the other forms only have nonemployee compensation and i already dropped them in schedule C(including the one with state tax withheld). 2. the client is in ca but the state tax withheld on 1099-misc was for minnesota and it says "nonresident entertainer tax" on the top of 1099-misc. is this 1099-misc still taxable under CA? does the client need a MN return? Thank you!
Hello, Where should i put state tax withheld for nonemployee compensation in lacerte? I entered nonemployee compensation in scedule C. Should i record the state tax withheld under 14.1 Misc income-t...
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Hello, Where should i put state tax withheld for nonemployee compensation in lacerte? I entered nonemployee compensation in scedule C. Should i record the state tax withheld under 14.1 Misc income-tax withheld? Thank you!