Client retired and has decided to rent out his commercial building. How do I switch the asset from Schedule C to Schedule E? I stopped depreciation on the Sch C with a disposition date of 8-31 and no...
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Client retired and has decided to rent out his commercial building. How do I switch the asset from Schedule C to Schedule E? I stopped depreciation on the Sch C with a disposition date of 8-31 and no entry in the sale amount, but how do I move forward with a partially depreciated building on the Sch E?
1099R code 2 for $13473 roth conversion of traditional IRA funds. Taxable, so far so good. Roth was opened in 2021. He has made contributions of $1650 to his Roth and had conversions of the aforement...
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1099R code 2 for $13473 roth conversion of traditional IRA funds. Taxable, so far so good. Roth was opened in 2021. He has made contributions of $1650 to his Roth and had conversions of the aforementioned $13473 in 2023 and $5000 in 2021. He also has a 1099 R for $13200 with code J. I'm stumped on the penalty for early withdrawal. How much should it be?
Mother received the $1400 recovery rebate for herself and $1400 each for the kids. She has claimed the children as dependents up until 2021. Father is claiming both children this year due to tie brea...
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Mother received the $1400 recovery rebate for herself and $1400 each for the kids. She has claimed the children as dependents up until 2021. Father is claiming both children this year due to tie breaker rules. Is he eligible for the $2800 rebate as well?
College student lived with grandparent all year. Dependent has less than $4200 of W-2 income but paid college tuition of $4800 with loans. Two questions - can he be grandparents dependent and can gra...
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College student lived with grandparent all year. Dependent has less than $4200 of W-2 income but paid college tuition of $4800 with loans. Two questions - can he be grandparents dependent and can grandparent get the education credit? Any opinions, please?
My client's second stimulus check was lost in the mail per the local post office. My original thought was to reconcile on their 2020 return but it turns out their income disqualifies them. Any chanc...
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My client's second stimulus check was lost in the mail per the local post office. My original thought was to reconcile on their 2020 return but it turns out their income disqualifies them. Any chance the IRS will re-send the check? Should they file an extension or do you all think it's a lost cause? Any opinions, please?
I did and the tables do allow it. The instructions say if the eic is restricted then no MN credit. But she has not been restricted, she is just over the income limit. It has been a weird year.
If you don't qualify for EIC, can you still qualify for the MN WFC? I've never had this happen before. Single filer, no children. Too much income for federal but the tables for MN are allowing a smal...
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If you don't qualify for EIC, can you still qualify for the MN WFC? I've never had this happen before. Single filer, no children. Too much income for federal but the tables for MN are allowing a small credit.