TaxGuyBill's Posts

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TaxGuyBill's Posts

@Revere wrote: and also have insurance with parent   Were the kids insured by the parent at the same time as they were covered by the Marketplace insurance?  If so, where was the insuran... See more...
@Revere wrote: and also have insurance with parent   Were the kids insured by the parent at the same time as they were covered by the Marketplace insurance?  If so, where was the insurance through the parent's from (employer, Marketplace, something else, etc.)?  That can affect the SLCSP. Because the kids and the aunt/uncle were all covered on the same 1095-A, the amounts will be "allocated" between the parents' return and the aunt/uncle's return.  IF they can agree, they can choose what percentage to allocate to each return.  Are they agreeable to allocating it for best overall result?  Or are they going to allocate things based on the number of 'covered' people on the 1095-A?   
We all know that Intuit doesn't program the software according to tax law; they program it according to the Publications and Instructions.  The Instructions for Form 8915-F were just revised or fin... See more...
We all know that Intuit doesn't program the software according to tax law; they program it according to the Publications and Instructions.  The Instructions for Form 8915-F were just revised or finalized on February 11th, and it typically takes Intuit about 2.5-3 weeks to program something. 
It seems like whoever paid the "stipend" does not think the payment was for the compensation of the work performed.  *IF* they are correct about that, you can't choose to make it earned income.  Ho... See more...
It seems like whoever paid the "stipend" does not think the payment was for the compensation of the work performed.  *IF* they are correct about that, you can't choose to make it earned income.  However, in my opinion, some of these arrangements don't seem right to me, and it might have been wrongly reported.  Whether or not this situation is correct or not, I have no idea.  We would need to know a lot more about the stipend, why your client received it, who paid it, etc..
The 1095-A probably needs to be reported on your client's tax return, but there are some things go consider first:   Are the kids the only ones covered on the 1095-?  Or are the aunt and/or uncle... See more...
The 1095-A probably needs to be reported on your client's tax return, but there are some things go consider first:   Are the kids the only ones covered on the 1095-?  Or are the aunt and/or uncle covered on the same 1095-A well? Was there Advance credit paid (column C of the 1095-A)? Were they insured after they moved back with parents?  If so, did they report that move to the Marketplace?   I know nothing about the situation, but you may want to double check that your clients can claim the kids.  For example, did the kids live with you clients for over half of the year?  If not, was the living with the aunt and uncle clearly a "temporary absence" from living with the parents?
@jennisbsvb wrote:  but I am hesitant to use a code that is wrong. And since it works on other types of returns, I know it's not the code that is wrong.    Why are you refusing to look a... See more...
@jennisbsvb wrote:  but I am hesitant to use a code that is wrong. And since it works on other types of returns, I know it's not the code that is wrong.    Why are you refusing to look at the Instructions?  They have a list of the IRS codes. The codes you have mentioned are NOT on the list, so they are invalid codes. So really, the problem may be the Schedule C and 1065s are incorrectly not giving you an error code, because you are entering a number that is not on the list in the Instructions.
@TB12 wrote: That feature is not available for ProSeries Basic   Yes it.  Look for the green button with the question mark on it, near the top of the screen.
Interesting.   Okay, the first two credits say "under section 151 is allowable to another taxpayer".  So I agree, if the parents' don't live in one of those countries (but the OP did not say wher... See more...
Interesting.   Okay, the first two credits say "under section 151 is allowable to another taxpayer".  So I agree, if the parents' don't live in one of those countries (but the OP did not say where they live), it would not be "allowable" under Section 151 for the parents to claim the child.  So yes, the child could claim the credits (again, that is only *IF* the parents are not in one of those countries that would allow claiming a dependent).   However, the third credit is different.  It says "any individual who is a dependent of another taxpayer ... For purposes of this section, the term “dependent” has the meaning given such term by section 152." To me, Section 152 means if the child meets the dependency test, regardless if the parents are able to claim the child.  If that is the case, the child would not qualify for the third credit.  
Have you looked at the list in the Instructions?
@jennisbsvb wrote:  611610 as the Business Activity code   IRS codes have not changed.   As far as I can tell, that code has NEVER been part of the IRS codes.
Why don't you think he can be claimed as a dependent?
Due to the many additional rules, in my opinion, unless a tax preparer has done extensive research on taxation of Nonresident Aliens and Dual Status Aliens, the tax preparer should pass this client o... See more...
Due to the many additional rules, in my opinion, unless a tax preparer has done extensive research on taxation of Nonresident Aliens and Dual Status Aliens, the tax preparer should pass this client off to somebody with more experience.     
The software will only do it with a K-1 or a direct override. So I would enter a 'mock' K-1 with all zeros for income/loss, but then only enter the health insurance in the spot on the K-1 worksheet... See more...
The software will only do it with a K-1 or a direct override. So I would enter a 'mock' K-1 with all zeros for income/loss, but then only enter the health insurance in the spot on the K-1 worksheets (and the associated Box 5 of the W-2).
But if they took 'cash out' for things other than improving the home, then the deduction for mortgage interest must be prorated.
It does not go on your client's return. But you may need to determine if the dependent is required to file their own return. https://www.irs.gov/publications/p501#en_US_2022_publink1000220702  
Check out Form 3468. The panels themselves are generally considered 5 year property.  I suspect because the panels are 5 year property (§1245), the electrical work to and from it also would be 5 ye... See more...
Check out Form 3468. The panels themselves are generally considered 5 year property.  I suspect because the panels are 5 year property (§1245), the electrical work to and from it also would be 5 years, as well as the other 'stuff' associated with it before it goes into the house or grid.
Yes, if a person collects SSI or Social Security Disability, that is generally also considered "disabled" for tax purposes. If (a) your client's AGI is higher than Mom's AGI, (b) the Mom chooses no... See more...
Yes, if a person collects SSI or Social Security Disability, that is generally also considered "disabled" for tax purposes. If (a) your client's AGI is higher than Mom's AGI, (b) the Mom chooses not to claim the disabled brother, and (c) the brother lives with your client, yes, your client should be able to claim the brother as a dependent as all related tax benefits, including the Earned Income Credit (assuming all other requirements are met).  
This is what the Instructions say:   Enter “0.50” in columns (e) and (g) of the appropriate line in Part IV to allocate the enrollment premium and APTC. Leave column (f) blank because you do not ... See more...
This is what the Instructions say:   Enter “0.50” in columns (e) and (g) of the appropriate line in Part IV to allocate the enrollment premium and APTC. Leave column (f) blank because you do not allocate the applicable SLCSP premium. Instead, enter the SLCSP premium that applies to your coverage family on lines 12 through 23.   On the 1095-A worksheet, look at the section under line 33.  Enter (1) the SSN of the ex, (2) 01 (3) 12 (4) 50 (5) leave blank and (6) 50. The go back up to lines 21-33 of the 1095-A worksheet.  Columns A and C should show what the actual 1095-A says.  But in column B, don't enter what the 1095-A says.  You (or the client) needs to look up the proper amount that applies to her and the kid (so not including the ex).  If the use the Federal Marketplace, that can be found here: https://www.healthcare.gov/tax-tool/#/  
If there is personal use in the 365 day period, then just enter the rental day and personal days, and it should prorate thing automatically.  Don't enter anything for the owner-occupied section.
The definitely don't meet the two-year ownership requirement, but it is possible they moved for a qualifying reason in which case they could qualify for a Reduced Maximum Exclusion.
@rcooley25 wrote: . Regarding the mother the child does not have to be her dependent to get head of household status>   But the child should still be entered in to the software.  Besides... See more...
@rcooley25 wrote: . Regarding the mother the child does not have to be her dependent to get head of household status>   But the child should still be entered in to the software.  Besides Head of Household, correctly entering the child can affect the Earned Income Credit, the Dependent Care Credit, and possibly some other things. That is why you should enter the child in the software, but indicate the the Child Tax Credit is given away via 8332.