I'm looking at the worksheet on p. 28 of pub. 525 and line 5 asks for "any amount previously refunded to you" does that refer to the recovery in 2022 for a deduction in 2021? I'm a little confused by...
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I'm looking at the worksheet on p. 28 of pub. 525 and line 5 asks for "any amount previously refunded to you" does that refer to the recovery in 2022 for a deduction in 2021? I'm a little confused by the word "Previously" here. Can anyone clarify?
TP declared a casualty loss in 2021. She included her insurance payments. Then in January 2022 she received one extra insurance payment. How do I account for that in 2022?
Thank you, I had just figured that out before I read your message. The client had 2 1099-Qs and one had $436 in box 2 (earnings) and it was being taxed until I put in the Room & Board expense. The i...
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Thank you, I had just figured that out before I read your message. The client had 2 1099-Qs and one had $436 in box 2 (earnings) and it was being taxed until I put in the Room & Board expense. The interesting thing is that the other 1099-Q had earnings on it also and it was never taxed. The difference between them is that the one that got taxed had the parent as the recipient and the other had the dependent (student) listed as the recipient. In both cases, the student was the beneficiary.
The IRS site says room and board is not a not qualified education expense, yet Pro Series has a line for it and if I put a number in it, the refund changes. Why is this?
A non-profit had cash stolen out of their safe. Do I account for this on a 4684 (like a Schedule C)? And what about in their books? Should that be an expense account?
Why is the line 1c different from line 31 of the only Schedule C on a return? The amount on line 31 of Schedule C is $2,177 and line 1C of the 8995 is $2,023 Why the difference? How is that calcul...
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Why is the line 1c different from line 31 of the only Schedule C on a return? The amount on line 31 of Schedule C is $2,177 and line 1C of the 8995 is $2,023 Why the difference? How is that calculated? Thanks, Ky
I answered my own question. I went to Tools-Billing-Edit Invoice Thanks. How do you get to the default Invoice to edit? I'm using PS 2023 Professional - Ky