RitaB

Some days I just open my mouth to change feet.

This is the client you have to remind to tell you when they sell or trade an asset. And why they have no basis in the asset. But I get what you're saying I think. I woke wondering why I think you can't take Section 179 after the due date and discovered that I was thinking about the olden days. Or perhaps pulled that out of my left ear. Which is exactly why I cannot do tax returns with the client present. I would have a heart attack the next day. Oh, and I would WALK 18 miles to make $5,000. Or give it to a good dentist. All day, every day, uphill, barefoot, in the snow, both ways.

Well, I hate all the misspellings and wrong description, but I'm very conservative with depreciation. Is #4 is the only math change? I get that it should be three years instead of seven, but I have a hard time taking Section 179 or Bonus Depreciation. (Actually I never take Bonus Depreciation). I guess a bird in the hand is worth two in the bush, but what if the deduction would be more beneficial in the future? OTOH, there's also a lot to be said for a great first impression, and nobody knows the future, so cheers. I got four new clients this past season from a preparer with three initials (and they weren't HRB), and she used Bonus Depreciation on all assets, every year, even one where the people already had a loss on Sch C. In my opinion, she really did a disservice to the one with a loss. No savings at all on SE tax. Yes, I know she just let the software choose the default.

Yes. That's where I was trying to go and wound up deleting four comments because I couldn't get there. I can never think of everything at the right time. I also don't doubt for one minute that combining amounts in Col A has worked out ok for @DANRVAN.

Nope, I had no idea. So sorry. I will remove the post.

Yes, I tried it with line 10, too. If you override that line, the amount does not get added to Line 29. How about just fixing the formula for Line 29 to what it should logically be (and has been prior to this year)? Line 4 + Line 9 + Line 15 + Line 19 + Line 20 + Line 27 + Line 28 = Line 29

Got my first letter where Sch A did not calculate properly. I did an override on real estate tax, line 6. Line 9 was correct, but the amount on line 6 didn't make it to line 29. Thankfully, this is a great client. He was very gracious about it, mentioned he bought hearing aides that he forgot to tell me about. I will amend his return free gratis to show the additional medical expense, using the IRS adjusted numbers. It hurts me to type "IRS adjusted numbers". I think I'll have to leave early and regroup. #H8Form8283AndIRSAdjustedNumbers

I can round up a couple cousins that will not only let you co-sign, but make you feel good about it. One is married to a guy who wears muscle shirts all year and I am thinking about getting him sleeves for Thanksgiving. Or barbells. C'mon, Bart. We are twins.

June 23rd in middle TN. Hope to see you then!

That is exactly what I told my kids (well 24 years) when I got home after figuring out the 1% / 99% allocation deal. It was made sooooo much worse because ATX wouldn't allow zeros in column f of 8962 and it took me forever to realize that was the hold up. And when the clients picked up, they really had no idea what I saved them. Yes, I made it very clear. $8,778. It's burned on my brain. Did the returns three ways and gave them copies of all. They didn't like the $475 charge for two returns. Let me tell you, I didn't either. They came in two days ago to pay me (yes, I extended credit after all that). They were all smiles and appreciative. Yes, there was hugging that did not end in death. I feel better about it. But HOLY ACA H*LL.

I've not tried the master form method, but I do combine receipts to the same donee if more than a few. If I could charge for the real value of my time for every entry, and not lose the client, I'd be more inclined to do that, but I kinda wonder if that's why your client left the CPA who included all the details. If we charge what it's costing us to not be doing another task, we lose clients. It's frustrating.

Caution from Pub 974: If you are unable to complete Step 6 because changes between steps are always $1.00 or more, do not use the Iterative Calculation Method. Instead, use the Simplified Calculation Method or any computation method that satisfies the rules for the self-employed health insurance deduction and PTC as long as the sum of the deduction claimed for the premiums and the PTC computed, taking the deduction into account, is less than or equal to the premiums. The sum of the SEHI plus the PTC can't exceed the actual premiums. That actually makes sense, so I think a single taxpayer would just be stuck paying it all back. Which really is reasonable because they didn't qualify for the APTC to begin with, but because SEHI is an above the line deduction, we have an oh sh*t scenario of epic proportions. Excuse me while I also poke my eyes out.

There's a caution in Pub 974: If you are unable to complete Step 6 because changes between steps are always $1.00 or more, do not use the Iterative Calculation Method. Instead, use the Simplified Calculation Method or any computation method that satisfies the rules for the self-employed health insurance deduction and PTC as long as the sum of the deduction claimed for the premiums and the PTC computed, taking the deduction into account, is less than or equal to the premiums. If you use 17,634 as SEHI, you can't have any PTC or APTC. You're limited by the premiums. I think your guy uses 17,634 as SEHI, pays back the premium, and no PTC allowed. Now to get there. The other thing you can try is MFS, allocate 99% of APTC to lower earning spouse. I couldn't get ATX to allow zero where I did an allocation like this, not MFS, but an allocation that was 1% and 99%. Payback will be limited. They can never pay us enough for dealing with this.

I've been dinking with your numbers for about two hours (from the other thread) and I'm with you on the throwing up. I'm not getting anywhere with this one. I'm sorry, this is no help, except to say I commiserate and have not come up with a solution. In the final paragraph of this old article, the author saw this coming: https://obamacareguide.wordpress.com/2014/07/25/self-employed-health-insurance-deduction-the-iterative-calculation/

You betcha!

Yes, it's for real, and I'm hosting. No need to bring anything, but I do need a count. If you're not sure, a "maybe" is fine. June 23 in middle TN. Anybody interested please message me for directions!

It's so true. I really wonder why I am surprised anymore. Then I get this very sweet text from another lady saying she got her refund this morning and thanking me for helping her, and my day is made. Thank goodness - backhoe is low on diesel anyway.

The neighbor with the farm across the road knows some of my clients and has graciously given me a key to his gate. We work on his fence once in a while. It's like sharecropping only different.

So, my fab client story ( /s): The first person I've seen today brought her 2017 W-2 and a bunch of receipts for furniture she purchased with some of her 2017 $50,000 early IRA withdrawal. We discussed this "move" she wanted to make in July, to pay medical bills, and I told her to pay $100 a month, or something, toward medical bills and avoid taking early withdrawals. She indicated that she just wanted to pay the medical bills and get them behind her. I wonder how far behind her she meant, and when exactly she was going to begin putting them behind her. There's a grand total of one receipt here for one hundred smackers toward a medical bill. She only forgot her 1099-R, her 1098 Mortgage Interest, and her 1095-A. Yes, 1095-A. I am pretty glad I sent her a letter in July memorializing the conversation, and warning her how she'll be repaying the APTC. She does remember the letter. She said she opened it this morning, had laid it aside [how important could it be], and is now worried. You don't say.

I'll have what she's having.

Isn't it awesome to get that client that knows what we need and is organized? I am an equal opportunity hugger. YOLO.

I'm still waking up at ungodly hours. I'm so jealous. And it's torture trying to get through one return now.

The point was made, and I agree with it completely, if you're going to allow an override, the math still needs to work. Don't allow the override if your formula can't accommodate an override. I managed to pick up on the fact that there was a line up top above the Sch A and use that, I hope exclusively, but I'm not even sure what I ate yesterday.

I also work year round and agree that helps with the let down phase. But I experience it some, too. I have a pile of things to do yet, and I admit I have very little motivation. I think Gail phrased it very appropriately: we're in a pressure cooker during tax season. I know many of you are better business people than me, and for the most part I'm ok with that. I have a very comfortable life. I work six days a week for ten weeks, but I don't kill myself during tax season. I come out of it looking like death on a cracker anyway, I think mostly because I spend a lot of time chatting with clients, and I'm an introvert. I mean, come on, people are idiots, why am I chatting with them?? I wonder how these preparers do 1,400 returns, half of which are entities, single-handedly, twenty minute appointments, study for EA exam at the red light on the way to the testing center. Oh, and this is their side gig. I get a little jealous. Then I remember they are full of sh*t and lying thru their teeth, and I feel better.