Tax Prep by Deb

Agreed! I haven't picked it back up, but if Monday and Tuesday is anything like Friday, It will definitely go on extension. I haven't told the client yet, he thinks he owes at this point, but will be very happy when done!

PHONES!!!!NO MORE PHONES!!!!!

Thank you so much for your help!

Then do we deduct the catch up depreciation this year or do we amend the open years?

I have a new client, former turbo tax and previous preparer, never took depreciation on a rental that began in 2008. How do I proceed to correct this? Form 3115? Do I amend the open years, or by filing for 3115 do we claim all the depreciation this year? I'm so tired right now I can't see straight and have a full day of appointments coming in (fortunately all easy ones), but I would appreciate a little guidance on this one. Thanks in advance! Deb!

Shout Out!

You don't get the offer by going directly to MyAtx. You have to go to atxinc.com then the offer shows.

This if the first for me, but I need some help from New York preparers. I have a client whose only income was from being a beneficiary of an estate. It's a very small amount and no real need to file a federal return, but not sure for New York. This client lives in California. The federal K-1 only shows an amount in box 11A Excess deduction of $1306 The New York K-1 shows New York apportionment percentage 25.00 Boxes are checked for New York State nonresident beneficiary and Yonkers nonresident beneficiary Part III #5 Dividends of 32.00 #7 Net long-term capital gain $1965.00 #8 Other taxable income 7.00 #9 Other deductions $3310.00 The only New York K-1 Input that I have found is for partnerships or shareholders, I don't see anything relating to a 1041

Refund, left over form, simple solution delete!

That is true, however client had been fighting for this for three years, finally won in November of 2014. The client had no way of knowing that this would finally happen. No time to make correction, but is penalized now becsuse of it. I know its the law, but it would seem like some sort of provision should have been made. This is the difference between owing 2500 and 9800.

Jack Where is the worksheet that you are referring to? I opened up the normal worksheet and filled out the info and then I did the lump sum worksheet, but it turns out better to include everything this year, except for the ACA part. I cannot figure out how to use just the amount for this year, and it makes a huge difference. Any help would be greatly appreciated.

Suppose to be 75 here today, perhaps close to 80 this week. (I sure wish we had some of your snow, rain, moisture, anything wet!)

Now that you mentioned that, this is exactly what I did, and yes then when I recreated the file the correct year showed.

I had that on a 1040 2013. Sure enough, looked at all the info which was correct but the date on the transmission had 2014 n0t 2013, I closed out of the return, opened it up again and recreated e-file, and this time it had a correct date. So It's just another one of these fluky things with the software.

Thanks, I'm thinking of doing QB also. I'm tired of chasing signatures.

I have been putting this off for way to long, but would like to get set up to e-file my clients W-2's. I already have things set up with IRS for the 941's and such, but never took the final step of setting up for the W-2's. I know I need to register, but where and how? Any help would be greatly appreciated!

In California we have two separate forms, one from FTB and one from EDD therefore I would suggest using two separate worksheets, one for the UI and one for the state refund.

Make sure you put the amount received in the box for unemployment, when it asks for a year it is usually referring to the state refund amount received in 2013 or earlier

This is exactly what I have been posting about. I have clients that I know should not be having to pay back subsidies, but the paperwork is showing they do. I had already found out that at least 100,000 from covered California were effected, some of my clients have been notified that corrected information is on the way. So at last I am getting confirmation that I suspected from the time I did my very first reconciliation.

I too spent a lot of time looking for it and it is missing in action. My guess we will have it sometime next year.

How would we know what to enter if the amount shown on the 1095-A is incorrect based on the tax family or coverage family changes?

His income is 45,000

No. I know both the taxpayer and the insurance agent. Both are on the level and would not use wrong info. And this has been the case with everyone I've done. One clients income rose by the cost of living increase to social security, only 300 and they ended up owing 900. I honestly think it's an issue with covered California, either now or when they applied for insurance.

Married couple with 2 children, therefore household size 4. The second child was born in May of 2014, and was not factored in when my client enrolled thru covered California. The first child was covered thru MediCal for all of 2014, and the mother was covered thru MediCal for January - June. The husband had coverage thru his job for January - April at which time the employer coverage was dropped. He enrolled in covered California in May for self only coverage for May and June. Then starting with July to December, he and his wife were covered under the covered California plan and the two children remained on MediCal. Their total household income was $54,049 They have two 1095-A which are as follows: May & June exactly the same: Colum A $195.20 Colum B $284.70 and Colum C $68.00 (per month) July - December are exactly the same: Colum A $573.47 Colum B $573.47 and Colum C $408.00 (per month) They all had health coverage for the entire year. I am calculating that they have to pay back 1132.00 of the subsidy. I would sure appreciate someone looking at this for me, as I have stated that as of yet I have not had a single client that did not owe the subsidy back. I know these people personally, I know the Insurance Agent that assisted him personally, I do not believe that anything was done to change numbers to get a larger subsidy, and to top it off his family size went up, his income went down from what he used when applying for coverage. So I just don't get what is happening here. Thanks again.

I've posted this before, but I'm going to ask it again. Is there anyone out there with clients covered thru the California Covered Health exchange that is coming out even? Every single one I've done owes back and yet I know the client in this case would not have altered his income, and I know the agent who helped him is an up and up guy, yet my client's income went down this year and yet he still owes back. I just don't get how this is working. I have manually done the worksheets, not relying on the computer, but it comes out the same. I just don't get this subsidy thing and how any of it comes out right. I do know mistakes have been made by Covered California, I have another client with two separate 1095-A's with overlapping coverage and totally different amounts (expected two because they moved to a different county and had to select a different plan) but if I include the info from both of these, there payback is horrible. Just wondering if any other California Preparers are experiencing this, or am I doing something wrong?