These clients have high incomes and meet the threshold for 8960. Last year the Schedule C didn't carry to the form but in 2022 it does and this creates the reject.
Lacerte told me today that the reject problem on Form 8960 with Schedule C is with the IRS and don't expect a fix until mid-March!!!!!!! This is unacceptable.
Figured out my own answer! taxpayer retired early with only $5K wages and the total ROTH wen to him, none left for spouse. I divided it between them and all is well.
Taxpayer has wages, spouse not working. Income $100K. Taxpayer Roth allowed, but spouse not allowed - why? Prior years same scenario and both contributions allowed.
The trustee wants to pay the tax from the trust account without K-1's. Program generates diagnostic saying needs beneficiaries percentages because of capital gain. HELP. I just want to e-file and ...
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The trustee wants to pay the tax from the trust account without K-1's. Program generates diagnostic saying needs beneficiaries percentages because of capital gain. HELP. I just want to e-file and let the trust pay the tax on the final return.
QBI - can I adjust the calculated amount? I need to include the BUSINESS INTERST EXPENSE from shareholder and also SE Health Insurance. The instructions for Form 8995 list both these.