Maxine's Posts

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Maxine's Posts

Look at the actual 1040, between the address and dependents. Standard deduction  Someone can claim..... When you check the box on the info sheet that they can be claimed it flows here and is on the... See more...
Look at the actual 1040, between the address and dependents. Standard deduction  Someone can claim..... When you check the box on the info sheet that they can be claimed it flows here and is on the paper filed return.  
When that notice came out I had two 2016 returns to amend, which I then set aside as less pressing than the current year returns.  I clicked on the link Lisa posted and my heart stopped.  I knew I ha... See more...
When that notice came out I had two 2016 returns to amend, which I then set aside as less pressing than the current year returns.  I clicked on the link Lisa posted and my heart stopped.  I knew I had referenced the notice #, so I dug that out and it was hard to find.  Had to drill down at least 2x before I found it agian.  I am definitely hoping a notice trumps a frequently asked question posting.  When I prepare them I will reference the notice.  This is not the first time I have seen conflicting informaton posted on the IRS website, and probably won't be the last.
And yet IR-2020-66 dated April 9th says the normal April 15 deadline to claim a refund has also been exteded to July 15, 2020.
I am sure you are aware, but I don't see it mentioned.  You only use the amount that was actually taxable in the prior year to figure the credit or deduction.
You are welcome and thank you for pointing out that there is a schedule that doesn't work as it should.  Proseries and IA have never played well together.  But I have to admit I don't believe I've ev... See more...
You are welcome and thank you for pointing out that there is a schedule that doesn't work as it should.  Proseries and IA have never played well together.  But I have to admit I don't believe I've ever looked at the schedule B.  You were going about it in the correct manner, starting with the schedule.  Proseries has made some improvements to IA in the last 2 or 3 years, so maybe they will catch onto this and get it to fill out correctly.
  Well dang, I have always used the A5 line.  I make a note and then when I get over to the IA I check to make sure that the amounts on line 2 and 3 are adjusted, and they always have been.  However... See more...
  Well dang, I have always used the A5 line.  I make a note and then when I get over to the IA I check to make sure that the amounts on line 2 and 3 are adjusted, and they always have been.  However looking at the schedule B, I see what you mean about it wanting a total and then non-taxable to IA amount.  I checked every year back through 2012 and the IA schedule B is the same set-up.  I've actually used the program since 1996 although I'm not willing to check all those years lol.  Even though IA is notoriously slow in notifying taxpayers when they don't like something they aren't that bad that I wouldn't have heard something on the 2012-2016 ones filed that way.  Bottom line is they are getting the correct amount reported on the return so I wouldn't worry about it.   I am not able to answer your question about the K-1.  Does the adjusted amount show up in the first column.  If it does again I wouldn't worry about it.  Your only other option is a bunch of overrides to get it to fill out the schedule B correctly.
  That is what I was thinking, thanks for the confirmation. 
Yes it was a farm.  I know when they came in last fall and I calculated an estimated tax payment for MO, I only incuded the principal portion thinking that the interest would be taxable to IA (home s... See more...
Yes it was a farm.  I know when they came in last fall and I calculated an estimated tax payment for MO, I only incuded the principal portion thinking that the interest would be taxable to IA (home state).  Now I am doubting myself since the interest is part of the installment agreement from MO.
  I have always followed the rule that interest received is taxed by the taxpayer's home state.  However this one is giving me a headache.  Taxpayer's inherited an installment sale of farm ground in... See more...
  I have always followed the rule that interest received is taxed by the taxpayer's home state.  However this one is giving me a headache.  Taxpayer's inherited an installment sale of farm ground in a different state.  I have all of the information needed to file the 6252, no problem there.  However the buyer (who is out of state) issued them a 1099int for the interest portion and since that is a part of the installment sale income should it go on the non-resident state return with the principle portion or is it income to the home state.  Thanks for any advice, I need to get this finished off and out the door.
  Series H and HH bonds were only sold at face value.  And it is US Government interest.  Taxable to the federal and not the state.
  I have a couple of clients with the HH bonds.  The annual interest is on the bonds that pay out the interest annually.   The accrued interest is on bonds that were redeemed.  And yes both are taxa... See more...
  I have a couple of clients with the HH bonds.  The annual interest is on the bonds that pay out the interest annually.   The accrued interest is on bonds that were redeemed.  And yes both are taxable.
Yes, I should have mentioned this is for tax year 2016 so both were filed timely for 2016.  Thank you for your answer.  In years gone by (many) I would attach just about everything I could think of. ... See more...
Yes, I should have mentioned this is for tax year 2016 so both were filed timely for 2016.  Thank you for your answer.  In years gone by (many) I would attach just about everything I could think of.  Now days I pretty much stick to the forms that have changed, so will go that route.  Just the two into one thing that I found confusing.
After 38 years as a tax professional this is the first time I have prepared an amended return for this type of situation.  The return is finished, no issues there, I am just unsure of what all to sen... See more...
After 38 years as a tax professional this is the first time I have prepared an amended return for this type of situation.  The return is finished, no issues there, I am just unsure of what all to send in with it.  I am attaching a complete MFJ 1040 with all of the forms and schedules as the change seemed to affect everything.  Will they want W-2's since I am adding the spouse?  And because two returns are now becoming one do I need to attach the two original MFS filings?  I keep flip-flopping back and forth in mind and would like to know how others handle this situation.  Thanks.
You made my hurt a little on that lol.  In Iowa there is an other income line specifically to recapture 529 distributions that were not used for education expenses.  I have a feeling that since Iowa ... See more...
You made my hurt a little on that lol.  In Iowa there is an other income line specifically to recapture 529 distributions that were not used for education expenses.  I have a feeling that since Iowa taxes everything they can get their hands on there would be no exceptions.  Will try to check it out more later in the year.  Thanks for the insight.
  Are there room & board charges?  Fees that do not qualify for the AOTC?  The 529 can be used for those expenses.  If still not enough, to cover the 529 withdrawal.  The program splits figures the ... See more...
  Are there room & board charges?  Fees that do not qualify for the AOTC?  The 529 can be used for those expenses.  If still not enough, to cover the 529 withdrawal.  The program splits figures the % of interest not used and that becomes taxable to the owner of the account.  Then if a state  deduction was taken in previous years, the % of principal not used has to be reclaimed on the state.  But principal is never taxable at the federal level, only earnings.  I do this all the time to come up with max expense for the AOTC.
And be sure to check the boxes....for I and J.
https://proconnect.intuit.com/community/proseries-discussions/discussion/re-form-6252-installment-sale/01/48407#M26578 See if this will take you to the discussion.  Austin was tagged but never respo... See more...
https://proconnect.intuit.com/community/proseries-discussions/discussion/re-form-6252-installment-sale/01/48407#M26578 See if this will take you to the discussion.  Austin was tagged but never responded. I'm going to file with the override, fingers crossed.  
I did also attach the W-RA, thinking that might change the e-file instructions, it didn't but will leave attached.  Thank you both so much for your help.
I'm trying to get a WI return out that contains form OS which requires pdf attachments.  I have attached everything required, the attachments are listed on page 2 of the WI informaton sheet.  However... See more...
I'm trying to get a WI return out that contains form OS which requires pdf attachments.  I have attached everything required, the attachments are listed on page 2 of the WI informaton sheet.  However there is a form W-RA being generated for mailing in the forms that are electronically attached.  And e-file instructions say that taxpayers  need to review and sign the W-RA before e-filing.  There are no signature lines on the W-RA.  Do I still have to mail in the other state return and requested attachments with W-RA even thought they are pdf attached to the electronically filed return and where the heck do the taxpayer's sign and date this form if I do have to mail it in?
Thank you