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Garcost48's Posts

I need to amend the 2021 tax return, but when I check the "File Federal Amended Return Electronically" I get the "Welcome" window but when I click "OK" an error box pops up say "Federal Information W... See more...
I need to amend the 2021 tax return, but when I check the "File Federal Amended Return Electronically" I get the "Welcome" window but when I click "OK" an error box pops up say "Federal Information Worksheet: Amended EF - Cannot electronically file Form 1040X that isn't for calendar year 2021???  
Client purchased a home in 2018 for daughter to use while in college.  Education has completed and client sold the home in 2020.  The only form associated with a 1099-S takes me to the Main Home Work... See more...
Client purchased a home in 2018 for daughter to use while in college.  Education has completed and client sold the home in 2020.  The only form associated with a 1099-S takes me to the Main Home Worksheet which isn't correct.   With the new layout of the Schedule D where do I enter this transaction, as the new layout is based off a 1099-B. Any advise would be greatly appreciated.   Thanks   GC
I have a client who is in his early 50's and would like to withdrawal money out of the gov't 457 plan.  Researching the IRS site the 10% penalty doesn't apply.   How is this reported at tax time?  10... See more...
I have a client who is in his early 50's and would like to withdrawal money out of the gov't 457 plan.  Researching the IRS site the 10% penalty doesn't apply.   How is this reported at tax time?  1099-R and if so what is the code in box 7?  Do I have to make adjustments on form 5329? Any assistance would be appreciated, especially if you have come across this situation in the past. Thanks GC
My client finally heard back from his company, they sent him a refund check, and will not send him an amended W2.    Their email states" The full amount of your deferrals, as shown on your original W... See more...
My client finally heard back from his company, they sent him a refund check, and will not send him an amended W2.    Their email states" The full amount of your deferrals, as shown on your original W2, must be included in your gross income for 2019.  You will receive 2 1099-R's for TY 2020.  One will cover the excess deferral, and the other covering the growth on the excess deferrals. Will this take care of it, or do I need to add the excess amount to his wages in box 1? Thanks GC
But, what happens if the sale doesn't happen in 20 years and I'm retired and no longer doing their taxes.  They surely won't remember to do this.  Also, when the Schedule C is closed out and won't c... See more...
But, what happens if the sale doesn't happen in 20 years and I'm retired and no longer doing their taxes.  They surely won't remember to do this.  Also, when the Schedule C is closed out and won't carryover to 2020 how will this be remembered?   GC
Understand.  Thank you.
No, no sale
Itonewbie, Thank you for the reply.  To enter the excess amount on Line 1 of F1040 would I create a second W2 from the employer and enter the amount in Box 1? GC  
My client has claimed a home office for a couple of years on the Schedule C, for 2019 the business has closed.  How do I recapture the depreciation we have taken over the years? Using the 8829 Asset... See more...
My client has claimed a home office for a couple of years on the Schedule C, for 2019 the business has closed.  How do I recapture the depreciation we have taken over the years? Using the 8829 Asset entry worksheet I go to the "Disposition" section and enter the date the business ended.  The programming is entering the amount we claimed as depreciation on the "Personal Residence" line but I don't see anything carrying over to the Schedule D or 4797? Can someone assist in what I'm missing to get the recapture to appear?   Thanks   GC  
My client, under age 50, put $20,613 in their 401K for 2019 which has exceeded the $19,000 limit.  I have explained what he needs to do to get this corrected before April 15th but if he doesn't how i... See more...
My client, under age 50, put $20,613 in their 401K for 2019 which has exceeded the $19,000 limit.  I have explained what he needs to do to get this corrected before April 15th but if he doesn't how is the over contribution of $1,613 handled in Pro Series? I don't see any forms or calculations for this, do I just show as income additional income on the Schedule 1 Line 8?   Thanks   GC