Pacun

I sometimes create a return on the previous year and make it exactly as the previous preparer sent it. Then I roll over the client. As you know, overriding the forms create unwanted results and that's why I manipulate the overriding on a return I will never send.

To me or to Christian? Let's analyze the situation... the fact that she said it, it doesn't mean that she did it or that she will do it. When that happens in my case, I just take it easy and think about the glorious times when they were my clients and I filed properly for them.

Thank you I will check the links you sent me. After talking to my clients, they didn't report some bank interest each year so I am going to amend and add form 8938. Amending is to correct errors on filing and since tax liability will not change just for adding 8938, do you still believe I should do it under the IRS delinquent International Information Return? To other preparers, make sure you are adding that informational form, if your clients have accounts abroad with a lot of money.

It was just a thought. The IRS is accepting paper returns and they will be processed in August the the post marked stamp will stand, correct? But it is good to know that once you applied a refund for next year, it is hard or impossible to get it back.

Don't worry, the IRS checks the Premium Tax Credit all the time. There is no way they will get away with it. Please don't send a letter to the IRS for two reasons: 1.- The IRS will not do anything 2.- Tax preparers are already doing the auditing process for the IRS and we don't need to be the enforcers too. Just my two cents.

How about another 1040 that will supersede the current filing? We have until July 15th to file.

how about 1040X?

If Form 8938, “Statement of Specified Foreign Financial Assets" was not included on the last three filing, do we need to amend each return? Clients live in the US and have filed 1040 but not form 8938. Fbar and Fincen were filed for each year and I wonder why the IRS has not requested form 8938 with a letter.

Paper file them.

How about this? People who went to HR block in 2018 and got an Emerald card maybe got their stimulus check deposited to that card. I wonder if HR keeps those accounts active and I also wonder if users trashed those card after taking out their money last year. How about clients that went to HR this year and got those cards?

or the other way around, right?

That will be the most conservative way of filing and the one that will not be challenged by the IRS. On the other hand, your client would benefit better if he files jointly because most wives don't work.

Doesn't any one know the rules about the penalty waiver and also the 3 years repaying options for 401k withdrawals? Is that for all 2020 withdrawals or is there a time window when the withdrawal needs to take place? Is there a rule that you must be affected by the coronavirus?

I think only unemployment benefits will be available for those people. I wonder where 1099 people will get those funds... they come from the federal government. For example, I have a client who lives in MD and works part time for a VA company. So he is collecting about $200 per week from VA. He also works as an Uber driver and needs to collect from the Federal government. I wonder if VA will be the one giving him the Fed money or he needs to do it from the state where he lives.

Thank you for catching that... This is what I meant "Also, keep in mind that if your client doesn't get the stimulus, he will get it when you file 2020 for him.

The problem is that there is no clear answer for this situation. A US citizen whose wife is living in another country can file jointly provided they sent a letter to the IRS stating that they both are willing to treat the non-resident as resident for tax purposes and they report their global income. Yes, he can claim his child in Mexico if he provided more than 50% of his support. The credit is only $500 since the child didn't live with him for more than 6 months in the US. Keep in mind that the child will not qualify for the $2,000 even if in the US but not living with the father and ALSO ITIN dependents are limited to $500 benefit. Keep in mind that your client will get $1,200 stimulus if he doesn't file with his ITIN wife.

I doubt your return will get in time for the stimulus but there will be a website next week or so where you will be able to enter you bank account for the stimulus to be deposited. So the extension request for 2019 and paying a few dollars will be a good idea. Also, keep in mind that if your client doesn't get the stimulus when you file 2020. The last time I sent a return in your situation, my client was able to get the child tax credit for his 5 children and EIC without any question from the IRS but I sent school records and a notarized letter from my client explaining the time the children slept at his apartment. The IRS sent his full refund despite the fact the the mother and grand mother had claimed the children.

It depends on how much money she in December in Qatar and in the US. If she didn't earned money at all after receiving her "green card", she doesn't need to file. I would asked her what she did... sometimes they babysit and get paid. If she did, she might file, even if not required and maybe she will get a welcome stimulus check.

So, if the mother came to your office on April 14th and said... "I divorced my husband 2 years ago and the children lived with me all year in 2019. My husband filed and already claimed them and already got his refund".... what will be your answer?

I disagree with the "whoever files first wins". The IRS will send a letter to both parents and each will have to prove that the child slept more than 183 at home.

I have a casino player whose standard deductions has been the State taxes withheld for about 5 years because he wins $25K and he losses about $35K every year. His itemize deductions are about 29K every year. I tell him that not only does he loose money but he also pay tax indirectly.

Gail, you are right. The short answer to Christian's "rereading question" is no and VA will tax the whole $1,000 as stated by Gail.

I still believe that if you win $500, $700, $300, you are required to report that "income" ($1,500) in your federal return, regardless of the existence of W-G forms. What Virginia is saying is: "to us, only report $700".

Exactly, this is a one time event and the IRS will run the report and send the money. After the report is run and checks are sent, the IRS will say "Finito la musica.... if we made a mistake, it will be corrected when you file your 2020 return".