@IRonMaN @PATAX ....One important step you are leaving out ...yellow flourscent highlighters!! and sticky flags on the page with refunds and amt due. Yes you will still get calls. When I have a clien...
See more...
@IRonMaN @PATAX ....One important step you are leaving out ...yellow flourscent highlighters!! and sticky flags on the page with refunds and amt due. Yes you will still get calls. When I have a client with a balance due and they are paying witha paper check, I provide and envelope with the proper IRS sevice center and I include the 1040-V in the envelope. During review I underline and highligt the instructions, make check payable to US treasury blah blah blah. Plus a post it note on the addressed payment envelope, stating payment voucher is enclosed. I get calls that client can't fine the 1040-V, I respond it is in the envelope with the post it note stating payment voucher is enclosed......."Well you didn't say it was enclosed in the envelope" ----I made a note to increase prep fee next year for this TP😂
It is coded a P and J because it is, does the penalty calculate, I wouldn't think so since Additional tax on corrective distributions of excess contributions has been elimated. It should apply to a r...
See more...
It is coded a P and J because it is, does the penalty calculate, I wouldn't think so since Additional tax on corrective distributions of excess contributions has been elimated. It should apply to a roth.
The Residential Clean Energy Credit can be claimed for improvements to a main home, where the person lives most of the time, whether they rent or own the home. Above from IRS.gov
Filing a client with multiple states, during diagnostics the below message appeared for KY. "Returns that have passive activites with losses reported on two or more forms or schedules are not eligib...
See more...
Filing a client with multiple states, during diagnostics the below message appeared for KY. "Returns that have passive activites with losses reported on two or more forms or schedules are not eligible for electronic filing." The two forms ard schedule D & E Anyone have a workaround for this or paper file is my workaround? Any KY prepares here? PS Basic. Thank you.
Not that you asked but you can't efile a 2020 1040-X. Save and open the return you are amending and open the 1040-X and input all the changes with the spouse W-2 and the amount of refund spouse rec...
See more...
Not that you asked but you can't efile a 2020 1040-X. Save and open the return you are amending and open the 1040-X and input all the changes with the spouse W-2 and the amount of refund spouse received and it should reconcile on the form you may have some manual entries, since the 1040-X will calculate as Joint and not MFS. You show what the spouse paid in by entering her/him W-2 form and any estimated taxes.
I have seen that type of payment from employers in NYS. Employees are required to pay into the FMLA, and when they use the FMLA program they are issued a 1099-Misc, the plan covers about 65% of take...
See more...
I have seen that type of payment from employers in NYS. Employees are required to pay into the FMLA, and when they use the FMLA program they are issued a 1099-Misc, the plan covers about 65% of takehome pay but no FICA/Medicare withheld from third party, so employee is almost whole on take home pay. I have been filing just as reported on other income. Edit. Insurance company issued the 1099-Misc.
@sjrcpa Replied "You don't. You just enter the excess contribution as taxable income." If the excess is removed in a timely manner, since I have been doing a lot of reading on this issue, the respo...
See more...
@sjrcpa Replied "You don't. You just enter the excess contribution as taxable income." If the excess is removed in a timely manner, since I have been doing a lot of reading on this issue, the response as I undstand it should be appended with 2024 I don't know how to cross out, I have read so much I got mixed up. You enter the excess as @sjrcpa said on the 2023 return, then in 2024 you should get a 1099-R with a code P that states the income was taxable and included in 2023, You will also get another 1099-R for the earnings on the distribution, not sure what code but no penalty. Sorry for shooting from the hip.
Bullzip working!!!! Had some stray files that did get removed on uninstall. Got rid of the files did a fresh install and working...little successes, make a good Friday night.
Agree, I read most of 402(g) today and sent highligts to TP, I think he will be happier (not a good choice of words) with the nerd wallet link I sent him. Thanks for the info.
My bullzip PDF printer just stopped working, getting a message that the file is open and it isn't or that it can't find the file. I did have a Windows 10 update recently. I send password protected P...
See more...
My bullzip PDF printer just stopped working, getting a message that the file is open and it isn't or that it can't find the file. I did have a Windows 10 update recently. I send password protected PDF files with Bullzip, anyone having similar issues? My Google searches didn't help.
The Fidelity rep who is probably a part timer who did not want to deal with the situation on Friday, told the TP that the IRS would automatically send him the excess contribution, so I know all the o...
See more...
The Fidelity rep who is probably a part timer who did not want to deal with the situation on Friday, told the TP that the IRS would automatically send him the excess contribution, so I know all the other info they gave is not reliable. I'm trying to have client add me to another call on monday.