Tax Prep by Deb

All I can add is Ditto to all the above!

If living in California yes.

I don't know when it happened, but now the form is populating and you are 100% correct in the AMT having a bearing on this as well as he has a carry over of unused credit from solar from last year which also figures into this. So at least I see the whole form and can now explain to my client why he will not be receiving the credit. Thank You so much for running the scenerios for me, it is truly appreciated!

Yes, I even deleted the form and started completely over and still nothing. Still waiting to hear back from Drake. I printed out your instructions and looked at what I had and everything you did is what I had. It creates the schedule A just not the actual form and doesn't carry the credit over to schedule 3. Even if his income disqualified him I would expect some sort of worksheet to show me that, but absolutely nothing except the schedule A and yes he does live in the right geographical area by using the 2020 census information and checking that it shows up in apendix b.

This is exactly they way I entered the info however it will not create the form 8911 only the Schedule A. It will not carry to the 1040. I sent the file to Drake, but have not hear back anything yet. Odd that your's worked but mine will not. Maybe I will delete and start over. Thank you!

I am having a terrible time trying to get my client the credit for putting in a home charger for his electric vehicles. Drake only seems to want to populate the Schedule A of form 8911. It clearly shows the credit but will not populate the actual form 8911 and transfer the credit to schedule 3 per the instructions. My client is an individual, he is not transferring the credit to anyone else, simply wants to claim it on his return. Am I missing something?

Thank you all!

So as a follow up to the original question, do I use a separate 5329 for each year's missed?

I have a client whose husband passed away in 2020. Before his death he took his required minimum distribution from his IRA. His wife was his beneficiary and was also receiving required minimum distributions from her own IRA's. Because of everything going on with his death, Covid, aftermath of Covid, she totally forgot about this money altogether until the very beginning of this year in which she reached out to the advisor and took her minimum for 2025. My questions are these: 1. Was she required to take a minimum distribution in the year she inherited it? 2. We are in the process of filling out forms 5329 for each year missed, but our question is does she have to remove the excess monies, or does she simply have to pay the penalty? If she does have to take the monies out, this will all show for the current year correct? In other words, I don't go back and amend the years she should have taken it out, it is simply added to the distribution already made for this year. Any thoughts or help will be greatly appreciated. I have never ran across a situation where somebody forgets they have money sitting out there, but I guess it happens. Thanks!

One client averages 13-15 per payroll run twice per month, the other clients are small 1-5 at most. At this point I am willing to spend the extra time not to give Quickbooks that 2800.00 for something I use to pay only a few hundred dollars for. Last year they doubled from the year before, this year they more than doubled, and I get it, they are competing with me for the same clients. In time I realize the desktop will not be available and only their on-line version. Again why not? My one desktop can handle multiple clients, on-line each has to have a separate subscription. It just really sucks!

Thank You! That's what I was wanting to hear. I have thought about this on and off throughout the years but always stuck with Quickbooks because it was easy and flowed nicely with their software, but this is totally getting out of hand. I don't charge enough to even cover the added cost so I am definitely jumping ship. I poked around on Medlin and liked what I saw, just wasn't ready until today!

Have you used Medlin? Does it allow you to do payroll for multiply clients or do I have to buy a license for each client?

Define Full Service. I prepare the payroll information, I prepare and file all the tax forms, I will be manually entering it in the write up software, so I don't know what else would be needed.

Just received notice from Quickbooks today that my payroll software is going up to 2800.00 in April. I do payroll regularly for two clients and occasionally for a couple of others. The price is way out of line. Any suggestions would be greatly appreciated.

I e-filed thru Drake and already accepted.