Randall

The way they've handed out money to profitable businesses, I'd call a hangnail qualified. If it's questioned, it's questioned. But the quotes seem to leave a lot to a judgement call on the individual.

Am I correct in thinking there are two things that will affect the 2020 returns? UI and the no pay back of excess APTC.

I've got one who is a maybe.

Can't remember where I read it this morning but it said IRS will use 2019 info and update when the 2020 return is filed.

I'll keep doing my preliminary work. If it looks like there are items that will be affected, I'll put them on hold. We'll have to wait for IRS, states and software companies to do their thing. Probably will be a extended filing due date.

I'm not sure what you mean. Are you saying your input gain/loss doesn't match the 1099B? But if the broker is adding back wash sale to cost basis, then why wouldn't it?

It's a tough thing. I went thru it 7 years ago. It's still tough.

I got an alert and put my computer on pause for updates.

I thought the 1098Ts were changed a few years ago and much more accurate than in the past.

Whoa! Amazing.

Thanks. I noticed for the expenses, it added it back on my Ky return. Ky is working on this with legislation so I'll be holding it for awhile.

Thanks Tom. I've asked him to get me his account statements for January & February, 2021 to take a look.

Client went crazy trading in his account. 1099B has lots of wash sales. Disallowing these losses produces a gain of $28k. Just a paper gain. I know it's his own fault. But when looking at the individual transactions, I'm wondering if the previous loss is added to the basis of the next transaction. I really can't second guess the 1099B but I'm wondering if these are accurate. Anyone have any experience with this? The 1099B is from TD Ameritrade.

I tend to agree with Sara. I assume if the 1098T shows tuition paid and scholarships, the scholarships are used for the tuition. I'm not going around the world to work this maneuver.

I did notice if I enter the amount for expenses, it does carry to my Ky return as an add back. Ky agrees with the Fed regarding not counting it as income. But they are in the process of some legislation requirement to allow the expenses. I'm still waiting on that. So I assume ATX is adding it back until Ky changes.

In 1120S form. At bottom. Pages 1-5, then Options, then PPP Amounts.

ATX has a tab for PPP Loan forgiveness (S Corp). Two entries, one for the loan amount forgiven and one for the expenses used for business. When I enter this, I don't see where these amounts are carried to the return. Does this carry anywhere in the return? I entered the loan forgiveness amount in Sch M-1 and it automatically shows up in Other Additions under the AAA column on Sch M-2. Should I force it into the Other Adjustments column or just leave it in the AAA column.

Looks like I have 6 already filed with unemployment. Maybe someone in the House will actually have a practical thought in his/her head and this won't stay in the joint bill. Probably no such luck.

Oh, the tangled web we weave.

They're mad. The retroactive thing takes the cake. I too hope the IRS can just reimburse them. But probably not. I've printed out a list of those already filed, will check to see who got unemployment. Another list of those I've completed but not yet filed. I'll let them and the new ones coming in know ahead of time. They still have to make if final, IRS and software companies get updated. Then there's the states. I usually only deal with two, KY and OH.

WSJ is reporting 2020.

Somebody else posted that the exemption from income would apply to 2021, not 2020. Anyone hear any clarification on this?

In my case, she is a full time student.

Is she living outside her parents home? On her own? On $12k? I have one coming up. Daughter and granddaughter baby living with parents/grandparents. I'm thinking the parents have both daughter and granddaughter as dependents.

I understand from another forum that this does not include the unemployment insurance to be tax exempt retroactive to 2020. I understand that is separate bill proposed.