I wish I could like this TWICE!!! Yes, I will be the hero before it is all over. I really do hate the W-4 form, and online paystubs. But I will inform this young lady of what she needs to consider at...
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I wish I could like this TWICE!!! Yes, I will be the hero before it is all over. I really do hate the W-4 form, and online paystubs. But I will inform this young lady of what she needs to consider at the beginning of her next job, as well as how important it is to reassess occasionally. 😉
Bingo! Approx half of the scholarship dollars were Pell Grants. Thank you for explaining how she could find those details in her student account. Now to get those numbers updated in her profile.
Thank you!! She did say that she saved the money that was extra and still has it actually. But I didn't know they could find that out through their online portal. Thank you for that detail. I sure ap...
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Thank you!! She did say that she saved the money that was extra and still has it actually. But I didn't know they could find that out through their online portal. Thank you for that detail. I sure appreciate this forum.
Thank you for the AOC comment. That is how I read the guidelines but was worried I was missing something. As far as why she doesn't owe more, in summary, she had 5 employers, approx 10k of income onl...
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Thank you for the AOC comment. That is how I read the guidelines but was worried I was missing something. As far as why she doesn't owe more, in summary, she had 5 employers, approx 10k of income only had $200 of taxes withheld, approx 15k of income had $806 withheld. If not for that $806, yes, she would have owed much more.
Agreed. Although now she doesn't want to file them until Mom reviews them because, I'm guessing, she owes instead of getting a refund. Maybe I'll just return all of the supporting documents and show ...
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Agreed. Although now she doesn't want to file them until Mom reviews them because, I'm guessing, she owes instead of getting a refund. Maybe I'll just return all of the supporting documents and show her the lack of federal withholding and an article about the American Opportunity Credit for good measure.
Hello everyone, I reached out a week or so about a client who didn't qualify (as near as I could tell) for the AOC as her scholarship covered all of her qualified expenses and created income beside...
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Hello everyone, I reached out a week or so about a client who didn't qualify (as near as I could tell) for the AOC as her scholarship covered all of her qualified expenses and created income besides. The college student also hustled and made an additional 25k on top of the 2100 additional income from the scholarship. I've explained to her why she now owes $364 to the federal government between not getting the AOC, as well as two employers who withheld zero or nothing for federal withholdings. Now her Mother wants to come in to pick up her taxes to review them. Of course, it is a small town, and everyone knows everyone, but any professional advice on how to handle that is appreciated. The college student daughter is on-board, but I feel like she should be here too, so that the return could be reviewed together. And no, she can't take the taxes out of the office to review them. Always appreciate the insight of the community! Dawn
Thank you, Lisa, I did check with her, and she didn't have any other expenses. At least what she paid for. Her father paid for a laptop, and the money has just been sitting in the bank. In that case,...
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Thank you, Lisa, I did check with her, and she didn't have any other expenses. At least what she paid for. Her father paid for a laptop, and the money has just been sitting in the bank. In that case, do you think she simply doesn't qualify now? Now Mom wants to come in and review the return. Sigh.
Hello TaxGuyBill, She was a full-time student under the age of 24, with one parent still alive. She provided over half of her own support, neither parent can claim her or did claim her as a depende...
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Hello TaxGuyBill, She was a full-time student under the age of 24, with one parent still alive. She provided over half of her own support, neither parent can claim her or did claim her as a dependent. Her earned income is over half of her support, and she is not MFJ. Just a hustling, young college student with a scholarship. 😉
Hello everyone, So, client had a scholarship last year that was more than the payments made; (7513/4247)and still qualified for an AOC credit of $1000. She did her returns with one of our competito...
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Hello everyone, So, client had a scholarship last year that was more than the payments made; (7513/4247)and still qualified for an AOC credit of $1000. She did her returns with one of our competitors last year. In 2023, she earned another scholarship of $7,888 again tuition of $5,764, so creating taxable income of the difference and not allowing the AOC credit. Did something change, or did I not check a box? I remember in basic, we had to remember to hit the optimizer button, but not sure if there is something similar in Professional? Thank you for any insight anyone can provide! Have a great night, Dawn
Ok, so the repairs, but not maintenance, insurance, etc.? I've been reviewing Publication 551 and I get hung up on the difference between an inherited property vs a commercial property. Is there a be...
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Ok, so the repairs, but not maintenance, insurance, etc.? I've been reviewing Publication 551 and I get hung up on the difference between an inherited property vs a commercial property. Is there a better IRS Publication maybe? The client is very astute, and I'd like to share the proofs as to why she can't claim those expenses for an inherited home. Thank you, both, for taking the time to answer. 🙂
Hello, We can still file an amendment if the customer has received their refund already? I must be in a hurry, can't seem to find the directions for ProSeries Professional. Thank you, Dawn
Hello, Can client add holding costs to the basis of inherited home? Client's parents lived in the home for over sixty years, and it took her two years to clean, maintain, and make a few repairs in ...
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Hello, Can client add holding costs to the basis of inherited home? Client's parents lived in the home for over sixty years, and it took her two years to clean, maintain, and make a few repairs in order to sell as well as many intra state trips to accomplish the task. Sometimes inheriting a home isn't great! 😉 Thanks everyone, Dawn
Hello, Thank you for this information. I would like to explore if she is a good fit for my own practice, but have not yet prepared a return for someone living abroad. I reached out thinking that ther...
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Hello, Thank you for this information. I would like to explore if she is a good fit for my own practice, but have not yet prepared a return for someone living abroad. I reached out thinking that there may be good tips or warnings from one tax preparer to another before I offer my services. 🙂
Hello Tax Community, Happy MARCH 1st !!!!! So, I have a former classmate who has been living abroad for several years and lost her tax preparer to retirement. Any heads up or advice on best pra...
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Hello Tax Community, Happy MARCH 1st !!!!! So, I have a former classmate who has been living abroad for several years and lost her tax preparer to retirement. Any heads up or advice on best practices for this situation? Thank you, Dawn
Hello all, For some reason, I can't seem to find where to input the dollar amount for qualified medical expenses to offset the HSA contribution. I see the line on the form for that information, but...
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Hello all, For some reason, I can't seem to find where to input the dollar amount for qualified medical expenses to offset the HSA contribution. I see the line on the form for that information, but it doesn't allow me to simply type it in. Curious what worksheet I'm missing? Thank you! Dawn
Thank you, Lisa, for responding. I am not trying to get the program to print but rather to save the package to a PDF for a client copy to send by email. I thought I had done that before on that print...
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Thank you, Lisa, for responding. I am not trying to get the program to print but rather to save the package to a PDF for a client copy to send by email. I thought I had done that before on that print page with removing ssn numbers. Perhaps I had upgraded for that ability?