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Greta's Posts

If it's not taxable, does that mean that the amount cannot be used for a self-employed health insurance, or in Virginia as a deduction for LTC insurance?
Two brothers formed a partnership for construction work which issues them a K-1. Each pays for their own Medicare, wife's medicare, supplemental insurance. Are they able to deduct these premiums whic... See more...
Two brothers formed a partnership for construction work which issues them a K-1. Each pays for their own Medicare, wife's medicare, supplemental insurance. Are they able to deduct these premiums which they could had they filed a Sch C.
[The details box did not open (yet again), so I did not elaborate.] Elderly folks who do not use the internet, some of our hinter area is not yet connected. ELS VA says she does it for her clients - ... See more...
[The details box did not open (yet again), so I did not elaborate.] Elderly folks who do not use the internet, some of our hinter area is not yet connected. ELS VA says she does it for her clients - can you elaborate how you go about paying their bills. What's a good link on VA website? Could any brokerage withhold on the dividends and send it to Virginia? If they send checks, will they not be cashed?
Updating software no longer is possible under the Proseries update icon. No updates are ever available that way. I had my techie make me a separate icon that uses the corrective roundabout, and that'... See more...
Updating software no longer is possible under the Proseries update icon. No updates are ever available that way. I had my techie make me a separate icon that uses the corrective roundabout, and that's the only way I an now update, and efile clients with K-1s. Still waiting to open the window to file small business owners who have employees. They now say Feb 27 or 29?
Never mind, I just saw the segment below that confirms all funds were used for education, and the taxability went away.
The client is rather new and I don't have a history of her HSA available funds. So the distribution becomes taxable. Is there a line on Form 8889 where I indicate that there are funds in the HSA that... See more...
The client is rather new and I don't have a history of her HSA available funds. So the distribution becomes taxable. Is there a line on Form 8889 where I indicate that there are funds in the HSA that she can w/d taxfree?
I too have 'trained' myself to check the pink box for State ID number before the dreaded pop-up appears. But is there really a box to check to turn off the pop-ups? Where? (I wish they would give us ... See more...
I too have 'trained' myself to check the pink box for State ID number before the dreaded pop-up appears. But is there really a box to check to turn off the pop-ups? Where? (I wish they would give us the option to block all pop-ups.)
Precisely my point: In Virginia, no pink, no error message per yellow triangle icon! The only way to be reminded of the error is to have the efiling rejected. No box pop-up box either... BTW if ever... See more...
Precisely my point: In Virginia, no pink, no error message per yellow triangle icon! The only way to be reminded of the error is to have the efiling rejected. No box pop-up box either... BTW if every error had a pop-up box, I'd close up shop. How do they select which errors deserve a pop-up box?
You can't efile with errors already highlighted in pink. I greatly use the pink errors and also the yellow error triangle icon at the top. It was countered last year that it never hurts to have an ex... See more...
You can't efile with errors already highlighted in pink. I greatly use the pink errors and also the yellow error triangle icon at the top. It was countered last year that it never hurts to have an extra layer of error checking, but the boxes do slow me down, do not in reality provide protection, and are just an unnecessary annoyance. The one place I wish I had error protection (other than the efiling bouncing back) is in Virginia when I neglect to put in the date for withdrawal of tax.
Where do I enter the foreign tax paid? On dividend income of $5000 (Canada)
Thank you very much! So did understand you correctly: I first amend 2022 return to change the $7500 IRA to a non-deductible IRA and incur a tax. (I had neglected to put code BB in the W-2, otherwise ... See more...
Thank you very much! So did understand you correctly: I first amend 2022 return to change the $7500 IRA to a non-deductible IRA and incur a tax. (I had neglected to put code BB in the W-2, otherwise Proseries would have found my mistake.) Next, in 2024, I suggest she take the entire IRA kitty worth $16,500 plus the whopping $2 in earnings and turn it into a Roth without penalty. The $7500 nondeductible IRA will not be taxed, so only 9K will incur a tax in 2024. That sounds like a better option than to file the pesky Form 8606 starting at age 75 for the rest of her life for a minuscule fractional deduction.
I made a mistake in 2022 tax return, I did not notice a small Roth (code BB) in client's W-2. With her husband's income, she was over the income limit for the $7500 traditional IRA I suggested. I wil... See more...
I made a mistake in 2022 tax return, I did not notice a small Roth (code BB) in client's W-2. With her husband's income, she was over the income limit for the $7500 traditional IRA I suggested. I will amend using Form 8606, and taxes will be owed. Client has $16K total in the IRA including the ineligible $7500 from 2022. Client is age 52. Does she have to wait till age 59.5 to move the funds to a Roth without penalty, or can she do it now without penalty and deduct the $7500 from taxable income? Form 8606 is a pain to digest for the next 3 decades and pay a future accountant to file it.
Where in Form 5695 would it appear?
Spouse age 57 earned $7K and received $600 EIC on the federal return. Husband age 67 received social security benefits of 10K and no other income. Why does the VA software deny them the 15% of EIC cr... See more...
Spouse age 57 earned $7K and received $600 EIC on the federal return. Husband age 67 received social security benefits of 10K and no other income. Why does the VA software deny them the 15% of EIC credit in Virginia? Virginia gives a 12K old age deduction which does this couple no good. But I just realized why the EIC is denied because they got the phantom "benefit" of the 12K old age deduction. This poorly formulated law really hurts my clients who are grandparents rearing grandchildren and continue to work to support them. They thankfully get a large federal EIC but are denied Virginia's EIC the year they turn 65. That's a big loss over the many yrs of child rearing yet to come. No double dipping, even though the 12K deduction does them no good at their puny income level. But Virginia says the deduction takes priority over the credit. So No credit. Legislators are not tax preparers, they don't get it. They did let wealthy veterans double dip -- they get both the age deduction and the 20K deduction for being veterans. Only wealthy folks can make use of both.