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pacoford's Posts

My client withdrew a large amount of his retirement resulting in his taxable income being taxed at a much higher rate (24% vs.10%). The reason he withdrew was due to hardship his family was experienc... See more...
My client withdrew a large amount of his retirement resulting in his taxable income being taxed at a much higher rate (24% vs.10%). The reason he withdrew was due to hardship his family was experiencing. He did not have any knowledge or idea of the repercussions and only requested 20% to be withheld. He now owes $82,000+ in addition to what was already paid in 2023. This does not include the tax due for the state.  Reflecting on anyone's experience, would my client's situation be a legitimate reason that the IRS would honor an abatement request upon filing Form 843? Thank you in advance for any advice or information.
Reading my prior message, it doesn't make a whole lot of sense.  My question is...do I report the entire amount of NOL to be carried forward to date on Form 1040?
My client has a NOL carried over from 2022. He has a NOL for 2023. Do I show carryover on line 8a of Schedule 1 (to be reflected on line 8 Form 1040 or strictly the current loss on line 6 of Schedule... See more...
My client has a NOL carried over from 2022. He has a NOL for 2023. Do I show carryover on line 8a of Schedule 1 (to be reflected on line 8 Form 1040 or strictly the current loss on line 6 of Schedule 1? Thank you!
Thank you!
I have the same question. I will await a response. Thank you!
I have a client who paid tuition for a medical coding course in 2022. The season will carry through part of 2023. Since it is considered "non-qualified" and no 1098-T was issued, can he receive an ed... See more...
I have a client who paid tuition for a medical coding course in 2022. The season will carry through part of 2023. Since it is considered "non-qualified" and no 1098-T was issued, can he receive an education credit or deduction?
I haven't been able to figure anything out. I'll get into Professional and mess around with it. Thank you!!!  
I have a W-2, which only has FICA liability. I am attempting to e-file, however error message reads that client is ineligible to e-file having Box 1 as $0.  Is there a way to get around having to ma... See more...
I have a W-2, which only has FICA liability. I am attempting to e-file, however error message reads that client is ineligible to e-file having Box 1 as $0.  Is there a way to get around having to mail the return?  
Can I access a list of invoices for the prior year in ProSeries Basic?
You're awesome! Thank you so much!
Do I change date for item placed in service or do I use the original date even though it was not used for the new business upon purchase?
Yes it is
My client sold his business (schedule c) and transferred assets that weren't fully depreciated to a new company. Is taxpayer required to start over with the recovery period or is it allowable to incl... See more...
My client sold his business (schedule c) and transferred assets that weren't fully depreciated to a new company. Is taxpayer required to start over with the recovery period or is it allowable to include prior depreciation and pick up where we left off with recovery period? 
Thank you so much! I appreciate your advice!  
My client receives both self-employment income and farm income. Both schedule C & schedule F showed a loss resulting in zero total income/agi. I am receiving an error that I am ineligible to e-file t... See more...
My client receives both self-employment income and farm income. Both schedule C & schedule F showed a loss resulting in zero total income/agi. I am receiving an error that I am ineligible to e-file the federal return due to the fact that there are zeros in all categories including total income, agi, total credits, total tax, total payments. What am I missing? 
Thank you...appreciate your time and info. 
This is for ProSeries 2021, BTW. Thank you!!!
Where do I enter gross distribution from Box 1 of 1099-SA? I'm able to enter employee contributions from Form 5498-SA but I can't figure out how to access the Smart Worksheet to enter distributions r... See more...
Where do I enter gross distribution from Box 1 of 1099-SA? I'm able to enter employee contributions from Form 5498-SA but I can't figure out how to access the Smart Worksheet to enter distributions reported.
Thank you so much...you have been very helpful!!!
Sorry, forgot to mention I use ProSeries...  Thank you so much for your time and advice!!!