Taxpayer over-contributed 2023 Roth IRA. She withdrew $500 plus earnings $32 in March 2024. She is not 59 1/2 yet, so, that $32 earnings are also subject to 10% penalty. Where should I enter thi...
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Taxpayer over-contributed 2023 Roth IRA. She withdrew $500 plus earnings $32 in March 2024. She is not 59 1/2 yet, so, that $32 earnings are also subject to 10% penalty. Where should I enter this $32 earnings plus penalty in Lacerte? Thanks.
Client installed solar panels on rental property. To get this investment energy credit, we use Form 3468. However, on Form 3468, Part I, line 2a, there is "IRS-issued registration number" to be fil...
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Client installed solar panels on rental property. To get this investment energy credit, we use Form 3468. However, on Form 3468, Part I, line 2a, there is "IRS-issued registration number" to be filled. My understanding is that since this taxpayer will not have elective payment election nor transfer credit, he does not need to register with IRS first. Am I correct? Lacerte told me to disable e-file critical warming then e-file. But, I still get e-file rejection. Does anyone know how to handle this e-filing issue? Thanks.
Lacerte automatically create pdf file of "QBI Rental Real Estate Safe Harbor" statement when client's rental property qualified for QBI deduction. Do we still need to ask clients sign this stateme...
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Lacerte automatically create pdf file of "QBI Rental Real Estate Safe Harbor" statement when client's rental property qualified for QBI deduction. Do we still need to ask clients sign this statement, insert signed pdf file, and, replace the one Lacerte already has under "e-file attachment" (without taxpayer's signature)? Thanks.
I do not know. This is the amount management and their insurance agent came up. I assume people will not buy the same cash surrender value if they want to resale it?
C-corp distributed/transfer life insurance policies to shareholders. FMV of policies were reported in form 1099-Div to shareholders. The FMVs are less than cash surrender value in the book (also le...
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C-corp distributed/transfer life insurance policies to shareholders. FMV of policies were reported in form 1099-Div to shareholders. The FMVs are less than cash surrender value in the book (also less than premiums paid.) I understand the losses are not tax deductible. LIfe Insurance company did not issue 1099s to the corporation. Do we have to report these transactions in Form 1120? If yes, where should I report? Thanks.
Taxpayer installed solar panels for warehouse (100% use) in prior year and installed Tesla Powerwall in 2023. Met PWA requirement, but, not qualified for bonus credit.
S-corp bought out departing shareholder and retired treasury stocks. This reduces total shareholders' equity. Will each remaining shareholder's stock basis also reduced? Or, there is no change t...
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S-corp bought out departing shareholder and retired treasury stocks. This reduces total shareholders' equity. Will each remaining shareholder's stock basis also reduced? Or, there is no change to remaining shareholders' stock basis. Hence, total remaining shareholders stock basis (costs) are higher than total shareholders' equity? Thanks.
Taxpayer is a Sch C sole owner. He changed it to Single Member LLC during the year (in 2023). For 2023 tax returns, can he file just one Sch C as usual? Or, he has to file one Sch C for sole propr...
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Taxpayer is a Sch C sole owner. He changed it to Single Member LLC during the year (in 2023). For 2023 tax returns, can he file just one Sch C as usual? Or, he has to file one Sch C for sole proprietorship and one for Single Member LLC? Thanks.
Sch C taxpayer received Form 1099-K that has federal and CA income taxes withheld. Should I enter taxes withheld in sec 14.1 misc incomes as other form 1099s? Thanks.