How do you remove the rental property from Schedule E on personal return, when transferrring to a irrevocable trust. The family owner has dementia, so they are trying to protect the rental. It is sti...
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How do you remove the rental property from Schedule E on personal return, when transferrring to a irrevocable trust. The family owner has dementia, so they are trying to protect the rental. It is still commercial rental property. I am only removing from personal return, she has someone doing the trust return. I do not have any experience with irrevocable trusts. Thank you Angela
When preparing the Obamacare form 8962, with total AGI on parents return, do you still have to enter the not a dependent childs income if he/she works to allot total household income? Or can you just...
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When preparing the Obamacare form 8962, with total AGI on parents return, do you still have to enter the not a dependent childs income if he/she works to allot total household income? Or can you just do % based on parents and have child claim his % on there return? I thought total household income was to be used on parents return with non dependent income. Is this true? Thank you
Hello everyone, Happy Tax Season. Can anyone tell me how to show the federal tax that was paid on a 1099 Int statement that was issued to an S corporation. I know it will go on K1 but cannot seem to...
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Hello everyone, Happy Tax Season. Can anyone tell me how to show the federal tax that was paid on a 1099 Int statement that was issued to an S corporation. I know it will go on K1 but cannot seem to find line to put on. Thank you
Hello, can anyone tell me how a nurse can take Covid travel deductions against a W2? I had a client come in office and tell me they want to write off $70,000 of wages because she was a travelling nur...
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Hello, can anyone tell me how a nurse can take Covid travel deductions against a W2? I had a client come in office and tell me they want to write off $70,000 of wages because she was a travelling nurse. I have not heard of this and cannot find any information on the IRS website. I will gladly help my clients write off what they are entitled to in order to save on taxes, but since the change 2018 tax law, I cannot see any write offs of unreimbursed employee expenses. Is this an above the line deduction? Thank you
I am not complaining but the Form 8915F has been released in TaxWise. So not sure what the problem is with Intuit. I just helped a friend at an office that uses this software and it is available. A
Hello, Has anyone generated the second year taxable income related to the 1099R Coronavirus distribution that was made in 2020. I have tried to enter information on form 1099R and scrolled down to ...
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Hello, Has anyone generated the second year taxable income related to the 1099R Coronavirus distribution that was made in 2020. I have tried to enter information on form 1099R and scrolled down to bottom to check boxes for 2020 coronavirus related disaster and it is not generating the information needed to be taxable. Is this form 8915F going to be available anytime soon? Or has anyone done this yet? Please suggest or guide me on how to generate this correctly in return. I am not understanding why we have to enter another 1099R when was one was not generated for the distribution made in 2020 on a 3 year choice. Thank you,
Our office here in GA also received the same letter for a client. We responded to them via fax, stating no amended return had been filed and the IRS has an error in system related to this corporate. ...
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Our office here in GA also received the same letter for a client. We responded to them via fax, stating no amended return had been filed and the IRS has an error in system related to this corporate. So you are most likely not the only one, apparently the IRS is making alot of errors this past year.
Thank you for the insight. I generate everything the person is entitled to on return. If the IRS corrects it we have no control. The IRS and government are giving lots of money away so going for it ...
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Thank you for the insight. I generate everything the person is entitled to on return. If the IRS corrects it we have no control. The IRS and government are giving lots of money away so going for it for every client. A
I understand what you are saying, but we have a few clients that returns on death are being held up in system regarding refunds. I am guessing the IRS is looking at those stimulus amounts on return a...
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I understand what you are saying, but we have a few clients that returns on death are being held up in system regarding refunds. I am guessing the IRS is looking at those stimulus amounts on return and making decisions regarding the receiving of this credit. I will keep you posted if they get it. I have already heard that some did not get due to death of spouse.
I have a client that produced 25 pages of stock sales that show Basis is reported to IRS. Can I just enter the total from summary page or do I have to generated the form 8949 to show these transactio...
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I have a client that produced 25 pages of stock sales that show Basis is reported to IRS. Can I just enter the total from summary page or do I have to generated the form 8949 to show these transactions individually? I did read somewhere that we can do this for A and D transactions basis reported. But I do not want to prepare an incomplete return. Has anyone done this with no letters or repercussions associated with the IRS change on this reporting. Thank you
Correct regarding the monthly return. No it is not a self directed IRA, she is over 60 years old and a person needed monies to help with this sales company, so she withdrew her monies and invested int...
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Correct regarding the monthly return. No it is not a self directed IRA, she is over 60 years old and a person needed monies to help with this sales company, so she withdrew her monies and invested into this company. Upon investment the agreement was for her to receive a % of income on sales.
This is what she told me: Investment was from a Roth IRA to invest in pharmaceutical sales, which was used to increase sales staff at that company. She will get her initial investment back and then a ...
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This is what she told me: Investment was from a Roth IRA to invest in pharmaceutical sales, which was used to increase sales staff at that company. She will get her initial investment back and then a few months later she is to receive $$ monthly based on those sales. She wants to hire someone to do admin work for this, since she will be receiving this monthly income and would like to write off some expenses associated with this income.
She has signed a contract that allows her to get paid a % of income on a monthly basis. Possibly looking at $25,000 per month. So what she has asked is whether she can start a small business for this ...
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She has signed a contract that allows her to get paid a % of income on a monthly basis. Possibly looking at $25,000 per month. So what she has asked is whether she can start a small business for this income to show in, and possibly save on taxes?
I have a client that has invested $30,000 into a pharmaceutical company, and will be getting her initial investment back. After that, she will be receiving a 1099 interest statement monthly on a $ % ...
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I have a client that has invested $30,000 into a pharmaceutical company, and will be getting her initial investment back. After that, she will be receiving a 1099 interest statement monthly on a $ % she will be receiving as income for this investment. Can she start a small business, designate herself as an S Corp investment company and hire a person to help her keep the accounting? What would anyone recommend regarding this investment?
Yes sir the codes are on the K1 showing 199A income and wages paid. The return worksheet is showing the K1 income but not generating the calculation. And the income is <$157,500, so she should be enti...
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Yes sir the codes are on the K1 showing 199A income and wages paid. The return worksheet is showing the K1 income but not generating the calculation. And the income is <$157,500, so she should be entitled to deduction. I have calculated by hand using the IRS worksheet and have overridden the return where that needs to be. I have tried to call support but they have me on hold > 1 hr.