Pacun

Just to remember that I had to explain to each tax payer that they could not itemized deductions just because they drove their car to their work place, makes me want to prematurely retire. I think after the elections and in the next year, I will have to make my tax prep retirement decision. Any one feels the same way or am I the only one that hates form 2106.

Has anyone checked and NOT in the list? I don't trust anyone so I will not enter my social on those two websites until I know they are good sites.

A client of mine went to another preparer and his efile was rejected because one of the family members had Obama Care and needed to reconcile. Preparer asked the client for the form from the exchange and client made calls and of course the exchange didn't have any forms to give him. Anyways, the preparer insisted and finally my ex-client called me in June. I said that my fees were 75% higher and that I was going on vacation. He patiently waited for my and two weeks ago, I worked on his return. I noticed the new preparer entered the wrong social security for one of his daughter and sure enough, my return was accepted flawlessly when I efiled. He received his 6K+ from the IRS and his 2K+ from MD. So, the IRS gets a social security number and the first thing it does is to check it if he has an obama care flag. If flag exists, it reject the return. If flag doesn't exists, then it checks last name (and first initial), if they don't match, they reject it. Does anyone know exactly the order of events when you enter a social security in an efile file? I believe the very first thing the IRS check is if that SS number has filed a return and then it check if that SS number has been claimed as a dependent. Thank you.

The good thing is that we have a few years to make fun of AI. In the future, it will not be a joke and you will have to embrace it.

In the future, if you cannot afford a couple of tangible robots and one non-tangible robot, you will be in trouble. Start saving.

The first group of people that AI is replacing are programmers, translators, news anchors, language teachers, and soon accountants. I am happy that soon I will be retired but younger people will have hard times competing with AI. I wonder how many jobs the IRS will eliminate in 5 years by using AI. How about 10 years, 20 years.

Has anyone filed for a client or own company already? If not, when do you think you will file?

The 2K credit becomes non-refundable when tax liability is higher, correct? If something other credits were denied, your 2K credit could be eaten by the liability.

She has the data. What she is lucking is the software that can access that data. Have you seen a message when you click on pdf... "you don't have pdf reader, please download". Since pdf reader doesn't need a license, you are able to get it and issue solved. As for the statement that we pay for the license, read the fine print and you will find something like "you are license for the current year... if you want to be license longer, you will have to buy our updates. No one reads that but you click "accept" in order to install. Bottom line is that if you are planning to NOT use ATX next year, you have until January 31, 2025 to back your data in a format that you have a piece of sotare that covers your data to information.

Depending on how important is to get that information, you might need to buy the package for this year. It is important to know this information. So the year of your retirement, PRINT EVERY RETURN (at least to pdf) and keep it for your records.

If no issues were present, I would never revert back to an old OS. Welcome the new OS and your computer and clients' data will be more secured. I have been using windows 11 for a couple (or more years) and no issues whatsoever. I remember when some people refused to efile or move from windows 95 to XP.

I had two tickets opened with ATX. The best solution is to override. I don't like overriding but I hope efile likes it. I doubt anyone using ATX has given this juicy credit (70% of Federal EIC) to his/her clients. No warnings, no alerts, NOTHING from ATX when you have missed this credit. This is my work around. I save after I created the efile file for the federal return. Then I go to SS# and change the first 9 to a 7. Then I go to all EIC questions and forms and filled them out. That will calculate the EIC on the federal. Let's say that number is $6,000 for 2 children. I write down $6,000 in a piece of paper, change back the the first 7 on the ss# to a 9 and save the return. (It seems you have to prove that the person qualifies with all the IRS except SS# for the DC credit). You go to DC D40 type a number on box 27a and override it to 2 (children). You go to line 27c and enter a number and then click override and then enter 6000. Then go to Line 27d enter a number to invoke the override command and type 4200. Save the return and business as usual. You have recover $4,200 to your client.

"Taxpayers with a high deductible health plan can deduct up to $4,300 ($8,550 for family coverage)." Why not double the solo coverage amount to $8,600 for family?

That's why everybody was got off guard. ATX didn't prepare the software. I believe they are working on an update as we chat. Other sanctuary states might follow suit next year or in the years to come.

Silence is golden

In ATX, how do you claim Earned income credit for ITIN holders? Have you missed that credit on the DC return? Will you have to amend? Thank you.

The first question I have is how much "profit" we are talking about. Let's say (assuming here since the info was provided) the profit was $1,000. Then I am sure that if you report 1/3 to Kentucky and 2/3 to Wisconsin (prorated to the length of time on each state), your return will look neat and no one will bother for those extra $100 in taxes. Now if we are talking about a million dollars in profit, I am sure Kentucky might want it all the taxes on that million.

A spreadsheet can be created at any point and during an audit, it might leave an aroma. Paper records, along with a couple of pictures sent to your email every 6 months will not be challenged. Thank you for your suggestions and going to my local store sounds excellent.

I have purchased a few stock logs booklets and they have extra columns that I don't use. I want something simple like: Date purchased - Date sold - stock name - amount of stock - price purchased - total cost - price sold - amount collected - Profit/loss and notes. Do you know of any company that can make me those booklets?

so, technically, it is a no brainer to make it taxable since the parents return is not negatively affected... only the AOC benefit, correct? At worst, the student would have to pay at parents rate.

If your client is not a World Bank employee exempt from US tax, even though he is not a US citizen or green card holder, if they are present in the US for more than 183 days, they are considered as US residents for tax purposes by meeting the Substantial Presence Test SPT. Therefore, they are required to report worldwide income on his US return. Substantial Presence Test | Internal Revenue Service (irs.gov)

ALL of you should do this to your windows 10 or 11 computer. Run cmd as admin, type sfc /scannow and press enter. (any corrupted file will be replaced) I do this every time I remember maybe once a month. To the poster: Remove ALL your printers from Windows. Restart your computer, install ONLY the printer that you use. Do that for a couple of days and see if there is a different. If you need to install other printers, do one every other day. Also do this: 1. Press Windows Key + R then type services.msc and hit Enter to open the Services window. 2. Scroll down & look for Print Spooler service and then select it. 3. Right-click on Print Spooler service then select Stop. 4. Press Windows Key + E to open File Explorer then navigate to the following folder: C:\Windows\System32\spool\PRINTERS 5. Delete all the files in this folder and then close File Explorer. 6. Go back to the Services window and right-click on Print Spooler service then select Start.

What is this link? an endless loop?

No, I am just making the scholarship taxable so that AOC comes to play.

That's exactly what I did but I think there is a more elegant way of doing it. In any event, the end result is the same. I entered "Less scholarship already reported as income elsewhere in the return" 3,000. And then I entered 3K on Sch 1, other income, SCH 3,000 Thank you.