Appreciate all the great replies!! Client going through a messy divorce, now filing H of H, and needed $$$ to pay back creditors or risk losing home. About $400k equity, so OIC is out of the questi...
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Appreciate all the great replies!! Client going through a messy divorce, now filing H of H, and needed $$$ to pay back creditors or risk losing home. About $400k equity, so OIC is out of the question.
Had a client drop off their tax info: $365k 401k withdrawal ($73k Federal w/h and $1300 in CA FTB w/h) W-2 for $122k (went exempt for the year) Anyone ever have anything like this happen to them? ...
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Had a client drop off their tax info: $365k 401k withdrawal ($73k Federal w/h and $1300 in CA FTB w/h) W-2 for $122k (went exempt for the year) Anyone ever have anything like this happen to them? Once a year client, so I had no idea this was coming. Obvious answer is that they need to pay. File extension and/or any other thoughts?
Client took a total distribution for $42k, with both Box 1 gross distribution and Box 2a taxable amount on the Form 1099-R, showing the full amount. The client then went and reinvested $20k within 6...
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Client took a total distribution for $42k, with both Box 1 gross distribution and Box 2a taxable amount on the Form 1099-R, showing the full amount. The client then went and reinvested $20k within 60 days into a different traditional IRA. How do I account for this direct rollover and avoid being taxed on the full amount?
Thanks for the quick reply TGB, Crazy that they have to pay a huge penalty for two months of marriage Couple was married in October, 2023 No kids or other people She made $135k in TY2023. He ma...
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Thanks for the quick reply TGB, Crazy that they have to pay a huge penalty for two months of marriage Couple was married in October, 2023 No kids or other people She made $135k in TY2023. He made $36k net (self-employed) in TY2022 and will probably make the same for TY2023. All is good until I get to Part V Can't seem to get the Alternative Family size for each (has to be 1 or 2) and start month (October) & end month (December) to jive
First one of these I've had to deal with Husband had Covered California entire year, little income and was given $5493 in premium credit Wife had workplace coverage entire year and had significant ...
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First one of these I've had to deal with Husband had Covered California entire year, little income and was given $5493 in premium credit Wife had workplace coverage entire year and had significant income How do I correctly allocate the coverage so the couple is not hit with a huge repayment penalty?
First it was 02/14, and now we're waiting again for the K-1 update. Just check 8-10 times today during your idle time and hopefully you'll be able to file.
The Form 104 was supposed to be ready to e-file on 01/31/2024. This was noted within the software, as well as on the Tax Form Availability--Pro Series listing I've updated my software this morning, ...
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The Form 104 was supposed to be ready to e-file on 01/31/2024. This was noted within the software, as well as on the Tax Form Availability--Pro Series listing I've updated my software this morning, but the status remains the same. How many times a day do I need to update my software?
Same problem here. 20+ returns filed and accepted, but unable to print/download the 540's. I think I'll wait, rather than troubleshoot and/or try to fix!
In my client's case, the amount of guaranteed payments and self-employment income are equal amounts of almost $200k. The medical insurance was about $25k. Thanks for the guidance.
Happy TY2023 to all!! Client's K-1 shows as follows: Limited partner Self-employment earnings in 14A and total guaranteed payments in 4C are equal amounts Medical insurance premiums paid shown in...
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Happy TY2023 to all!! Client's K-1 shows as follows: Limited partner Self-employment earnings in 14A and total guaranteed payments in 4C are equal amounts Medical insurance premiums paid shown in Box 13, code M Are these payments considered a self-employed insurance payment (Schedule 1, line 17) or a medical expense shown as an itemized deduction?
IRS isn't my problem, the California FTB won't take "no" for an answer these days. Need to file all missing returns, st least with the collection agent that I'm dealing with.