BulldogTom

California conforms. Tom Modesto, cA

I was waiting to see how this was going to work. The CA PTC is wrapped up in that as well. I have not played with it in ATX yet, waiting for the updates to roll out. Tom Modesto, CA

Great question. Tom Modesto, CA

Has not been created yet. I think the IRS just released the form and instructions to the software community on Friday. Tom Modesto, CA

How do you make that work? Do you have to set up your openings in advance so they know when they are open? How much work is it to manage this. I use square for my electronic payments so I am assuming I could just add on that service? Thanks for any time you could spare educating me about this. Tom Modesto, CA

Yes....it would....and it would break them. I for one would like to see it happen. Tom Modesto, CA

@DANRVANThank you. That worked like a charm. I saw that form and I saw at the top that the software populated the very top 2 boxes and for some reason did not get that it only apportioned the estate fees and not the loss. Appreciate your help. Tom Modesto, CA

Marked as final. I think I am not doing something right in the software. It should be allowed in the final year but I can't seem to make it flow to the K-1. I am going to fiddle with it more in the morning and see if I can get it to work. Tom Modesto, CA

Decedent Estate consists of a home that was a rental at DOD. Beneficiaries had to wait for tenants to move out before they sold it. After expense of sale it throws a loss. Do the Beneficiaries get this loss passed through to them on their K-1? If so, how to make this happen in ATX. I get the right answer on the 4797 for the loss but it is not flowing through to the K1. Can someone jog my memory on this issue? Thanks Tom Modesto, CA

Here is the section of the bill on UI. Underline is mine. "I think" it is $10,200 each, but I will wait for someone with more authority to say my interpretation is correct. “(c) Special Rule For 2020.— “(1) IN GENERAL.—In the case of any taxable year beginning in 2020, if the adjusted gross income of the taxpayer for such taxable year is less than $150,000, the gross income of such taxpayer shall not include so much of the unemployment compensation received by such taxpayer (or, in the case of a joint return, received by each spouse) as does not exceed $10,200. “(2) APPLICATION.—For purposes of paragraph (1), the adjusted gross income of the taxpayer shall be determined— “(A) after application of sections 86, 135, 137, 219, 221, 222, and 469, and “(B) without regard to this section.”. Tom Modesto, CA

Here is the section of the bill that says you don't have to pay back the APTC. The underlined portion (my formatting) refers to subparagraph (A), which in the original law gives the secretary the authority to collect any excess APTC from the taxpayer. SEC. 9662. TEMPORARY MODIFICATION OF LIMITATIONS ON RECONCILIATION OF TAX CREDITS FOR COVERAGE UNDER A QUALIFIED HEALTH PLAN WITH ADVANCE PAYMENTS OF SUCH CREDIT. (a) In General.—Section 36B(f)(2)(B) of the Internal Revenue Code of 1986 is amended by adding at the end the following new clause: “(iii) TEMPORARY MODIFICATION OF LIMITATION ON INCREASE.—In the case of any taxable year beginning in 2020, for any taxpayer who files for such taxable year an income tax return reconciling any advance payment of the credit under this section, the Secretary shall treat subparagraph (A) as not applying.”. (b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2019. Tom Modesto, CA

On the federal, you are correct IF the loan is or will be forgiven by the bank. (No payroll, no impact, ??? how he is getting it forgiven?) Can't help on VA, but in CA I have been adding back to form California Adjustments in the "other" line for business income with a note that it is PPP forgiveness. CA is still working on conformity regarding this issue, but they cannot agree on letting go of the tax revenue. If they ever do conform, I will have some amending to do. Tom Modesto, CA

That is all I see so far. Tom Modesto, CA

@Abby NormalThank you for pointing that out. I had not heard much about it either, but one of my clients just saved 10K. Tom Modesto, CA

I went through my clients this morning and I only have 13 that will need to be amended (unless IRS says they will take care of it through some method other than amending). I have 4 in the hopper that we put a hold on filing until the dust settles and the IRS gives guidance. CA is not a problem as they don't tax UI benefits. Have one in Colorado that is already filed. Nothing on their website yet (I would not expect it until the bill becomes law). Will have to wait for some guidance from CO before we figure out what to do with that return. Tom Modesto, CA

@jklcpa Thanks. Here is the answer (formatting is mine): “(c) Special Rule For 2020.— “(1) IN GENERAL.—In the case of any taxable year beginning in 2020, if the adjusted gross income of the taxpayer for such taxable year is less than $150,000, the gross income of such taxpayer shall not include so much of the unemployment compensation received by such taxpayer (or, in the case of a joint return, received by each spouse) as does not exceed $10,200. “(2) APPLICATION.—For purposes of paragraph (1), the adjusted gross income of the taxpayer shall be determined— “(A) after application of sections 86, 135, 137, 219, 221, 222, and 469, and “(B) without regard to this section.”. Tom Modesto, CA

@jklcpa When the bill talks about AGI in excess of $150K, is that before or after the forgiveness? I have a couple who otherwise have $148K of AGI before UI. Already filed the return. Of course I would get one like this.... Thanks for your help. I went looking for the senate bill on Google and only got news articles. Tom Modesto, CA

Had the same thing for a client this year, but a much bigger number. I had the same thought. We went through the statements from Schwab and the basis is correct for the 2019 wash sales sold in 2020. Tom Modesto, CA

Is a dual citizen. Came to US as a child. Lived here for 50 years. Got divorced, sold the family home, took his half tax free and moved back to the Philippines. Is living on that money, waiting until he can start on SS. Has no filing requirement. Tom Modesto, CA

I have a client living in the Philippines asking about filing to get the EIP. Has not filed since 2017 when he left the US. Does not have a US bank account in his name. Wants to DD into his daughter's account. I think this is a problem and he needs to have a US Bank account in his name. I also think when he applies for SS next year, it would be better to have a US bank account for his monthly payments. Comments? Thanks Tom Modesto, CA

Please answer for me...is the $10,200 exemption just for 2020 or is it for 2021 as well? Thanks Tom Modesto, CA

What ETax asked? Tom Modesto, CA

No. Do they care? No. Tom Modesto, CA

It died with the business. Tom Modesto, CA

Use Various. Tom Modesto, CA