Randall

Anyone have any feedback if these larger refunds in these returns are being held back for review? Just wondering. I have a couple where one spouse will have to pay a higher amount while the 2nd spouse is due a refund. Normally the refund would come quickly and they could wait for the refund before paying the other.

Thanks jklcpa. Yes, I've been working from a .qbb and using the correct QB function. The file is from a client. I upgrade QB every year and use my latest QB. I tried restoring his last year QB backup and it worked. So I guess something is wrong with his latest backup file. I will ask him to create a new backup and hopefully that will work.

When I try to load a client QB file (.qbb) into my QB, it begins to update the company and stops at about 80%. I get this error code (0,-1). Anyone familiar with QB know anything about this. I've not had this problem with this or any other client.

My ES check payments have cleared quickly.

The AICPA and all 50 state CPA societies have formally requested the IRS postpone the schedule requirements another year. Hopefully IRS will do so and quickly.

Has anyone encountered these schedules for 1065 & 1120S? I don't think they apply to any of my clients. But I was looking for them in a client return (1120S). They don't even seem to be available in ATX. Schedule K has line 14 but no link to anything.

The whole covid tax stuff was a mess. I thought this tax season might be better. But now I'm having to file some MFS and look for them more EIP3 and CTC.

Mine filled in automatically once the form was uploaded, which was automatic too when I opened the return.

That's the way I'm thinking it too.

Another delay for Ky 741. Now it's 2/28!!!

A little different situation. Couple is married. Been filing MFS because of wife's student loan payoff is according to her tax return and joint income would make payment higher. She has been claiming the one child. Received stimulus $2800 and advance CTC $1800 based on 2020 return. If the above applies, can he claim the child, receive the extra $1400 stimulus and the CTC $3600 but she doesn't have to pay back the $1400 or the $1800 (assuming income is low enough). There's also a 2nd child this year but I don't think that would be part of the double dipping since neither received anything for the 2nd child in advance.

I can't believe people don't know if they got money or not. Family of four, $5600 and they don't know that $5k was just dropped into their account (or even $1400). Some of the stimulus letters are just now arriving. I only got mine the other day. Some clients who have brought their info to me already are calling saying they just received this letter. Then there are two letters for both the stimulus and the advance CTC. Some clients only bring in one letter thinking the other one is just a duplicate. Watch for those receiving Social Security. They may have received refunds by check in the past but IRS got their bank info from SocSec and made a direct deposit for the EIP3.

Don't we have to wait for the Form 8915?

Thanks. I was overlooking line 30. Once I entered number 1 there, it shows he does not have to pay it back. Whoa!!!

So if the two parents aren't married but live together with one child, they can switch who claims the child in 2021. The father claimed the child in 2020. Received the EIP3 for the child. In 2021, can the mother claim the child, receive the EIP3 for the child and the father does not have to pay it back? Is this correct? The father received half the child credit in advance, $1800. The mother will receive the full $3600 in 2021 but the father will have to pay back the $1800 advance. Is this correct? But someone posted that the advance child credit would not have to be paid back if income is low enough. I'm not seeing this on the 8812 and worksheets.

They've now delayed it until 2/21. And Fed 8606 is delayed. Sheesh.

Maybe the 40s. The 1840s.

A recent WSJ article talked about higher probably of divorce due to age of marriage and cohabiting before marriage (especially mulitple partner cohabiting). Whew. Younger age and never cohabiting resulting is less divorce. Older marriage age and cohabiting (with spouse) or having multiple other pre-marriage cohabiting partners resulted in higher divorce rates.

Thanks.

Client arranged to receive RMD in December. Messed up by Fidelity, didn't get the distribution until January. No 1099R for 2021 but the 1099R for 2022 will have two distributions. He has letters from Fidelity admitting it was their fault. I had this situation some years back. I completed 5329 for the current year tax return, showing penalty and requesting it be waived which it was. Showed the total (both distributions) the following year. The amount in the past was small and didn't cause any tax. Current client says he's ok with paying the tax on both distributions in 2022 but wants the penalty waived of course. This seems to be the way to report everything. Anyone know of another way to report the income in 2021 without a 1099R for 2021 and double the amount on 1099R in 2022?

I haven't noticed an increase. But my office is in an old house converted to offices. There are several attorneys here who do divorce and they are busy, very busy. And have been before covid.

So, if I read this correctly, the child who is no longer a dependent in 2021 can claim the $1400 credit on their 2021 return. But the parents who claimed the child as a dependent in 2020 and received the $1400 for the dependent in their EIP3 does not have to pay it back on their 2021 return. It seems the IRS FAQ site is treating the EIP3 and the Recovery Credit as two separate things. Not just an advance of the same thing.

I agree now that there's additional info.

Off the top of my head, I would say yes. But you may contact the employer and request they reimburse the estate for the income tax withheld so the W2 will show zero tax withheld.

Does this affect us? Individual preparers? Or just the software companies?