I have a client whom has a SEP and traditional IRA, she made contributions to both in 2023 but due to income limitations the IRA contributions are nondeductible. On the tax front she would benefit mo...
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I have a client whom has a SEP and traditional IRA, she made contributions to both in 2023 but due to income limitations the IRA contributions are nondeductible. On the tax front she would benefit more by taking the IRA deduction than the SEP, but does she have to take the money back out of the SEP if we go that route?
Need a little help here, I have a client who finished college last year and can still be claimed on his parents' return. He started a job late last year and the employer made a contribution into his ...
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Need a little help here, I have a client who finished college last year and can still be claimed on his parents' return. He started a job late last year and the employer made a contribution into his HSA. He is ineligible as he is a dependent taxpayer, I keep getting an error on Form 8889 stating he is ineligible which I know, but it is wanting the box checked that states what type of coverage he has. Is there a workaround? Thanks
Update, I got it!! Thanks for the help! I am working in Proseries Basic and I need Form 4797 but it seems as if it is not there. Does anyone know if Form 4797 was removed for 2023??
That is correct, no income producing assets, only what the deceased husband received as inheritance. My client is the sole beneficiary of her deceased husband's estate. The only reason they opened th...
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That is correct, no income producing assets, only what the deceased husband received as inheritance. My client is the sole beneficiary of her deceased husband's estate. The only reason they opened the estate was because the 1099-R distribution was made payable to the Estate. I was debating on just including it on the joint tax return, but will that be ok with it having an EIN and not his ssn?
I have a client that is filing her tax return jointly with her deceased husband. The deceased husband's mother also passed away within just weeks of my client's husband. The mother had IRA's that hav...
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I have a client that is filing her tax return jointly with her deceased husband. The deceased husband's mother also passed away within just weeks of my client's husband. The mother had IRA's that have issued 1099"s to the Estate of the deceased husband. At first, I thought I could include the 1099-R income on the final joint return for my client but when I realized the 1099's are issued to his Estate and have an EIN # instead of his ssn I was not sure that would be correct. I have researched and it looks like I need to file a 1041 for the Estate however I am not sure where to put the 1099-R income as I can't find the worksheet for it. I am also not sure if I should report just the 1099-R income or other money from the mother's checking/savings accounts that was divided between the siblings? The amounts are very small, I am just unsure of the correct way to report this, any help would be appreciated.
I have a client who is receiving her deceased husband's Retirement benefits from the city of Baltimore F & P. MD just added a new subraction code v for up to $15k on income from an employee retiremen...
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I have a client who is receiving her deceased husband's Retirement benefits from the city of Baltimore F & P. MD just added a new subraction code v for up to $15k on income from an employee retirement system that is attributable to service as a public safety employee. I am trying to research to see if she would be elibible for this deduction, as her husband was a public safety employee for Baltimore City Fire Department.
PROSERIES SUPPORT Is anyone else having an issue with the EIC due diligence checklist where it automatically checks the boxes in taxpayers with no qualifying child when there are children that quali...
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PROSERIES SUPPORT Is anyone else having an issue with the EIC due diligence checklist where it automatically checks the boxes in taxpayers with no qualifying child when there are children that qualify?
I have a new client that received Third party sick pay in 2019 but had to repay a part of it due to an overpayment. I'm looking for guidance on how to report the amount they had to pay back. Do I ame...
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I have a new client that received Third party sick pay in 2019 but had to repay a part of it due to an overpayment. I'm looking for guidance on how to report the amount they had to pay back. Do I amend the 2019 return or is there somewhere we can account for it on the 2020 return? I'm thinking I can do the same as if someone pays back unemployment after the fact, but would like more input. Thanks in advance
I have a partnership that received a 1099-misc with amounts is boxes 2 and 3 with the amount in box 3 as a payment for the lay down yard for natural resources lost etc. I am a little confused as to w...
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I have a partnership that received a 1099-misc with amounts is boxes 2 and 3 with the amount in box 3 as a payment for the lay down yard for natural resources lost etc. I am a little confused as to where I report that on the 1065?
I have a client who received a 1099-G box 6 taxable grants. The money was from the Natural Resources Conservation Services and was for a manure storage building. I've been researching to see if any o...
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I have a client who received a 1099-G box 6 taxable grants. The money was from the Natural Resources Conservation Services and was for a manure storage building. I've been researching to see if any of the grant would fall under the cost sharing exclusion or any other exclusions. I am coming up with the grant needing to be included in other income and then depreciate the farm building. Has anyone else had this situation and what did you do? thanks