Lion EA

I don't know, but want you to research &/or wait for someone who's sure. I thought QIP was NOT exterior, interior only, not structural, no envelope, not even elevators, nonresidential.

Fact & circuses. Love that, Gail. I had a teacher add another line on her cell service at an extra $14.95/month so she could keep her personal # personal. My hubby had to buy Zoom, because the free version cuts off after 40 minutes. My NY/CT-ATP group paid $39.95/month for ClassMarker testing/certificate software for our on-demand tax courses. One of my older teachers had one phone line at home that included her computer (old-fashioned, I know) and had to add internet for the first time. I see all kinds of extra expenses for teaching remotely, especially software for specific subjects or projects that has no personal purpose. And, yes, those expenses will go away eventually. I'm canceling ClassMarker today, because NY/CT-ATP decided to stop on-demand classes this month and resume live classes (we hope) in September. Facts & circuses. Ask questions.

If you're computing EIC and ACTC on prior year EI, then you would expect both to match unless other things changed, such as # of children, wouldn't you? (I have only a couple clients with EIC, and they haven't sent their tax info yet.)

I had my hubby try. Didn't work. He hasn't received a code in the mail.

I'm not so great with computers, but here it is as a .pdf in case that works for you. Labels-IRS E-File use Avery 15695 FINAL.pdf

I've forgotten who did this, but I use them. Labels-IRS E-File use Avery 15695 FINAL.docx

The IRS is. Don't know about ATX.

Your schools must provide more than ours! My hubby bought paper to cover bulletin boards/walls, a three-year rotation of choral-related educational bulletin board displays, pencils/pens/erasers, music staff paper, spray cleaner/paper towels, lots of Kleenex, rolls of quarters to give kids public bus money to get to evening performances, green ties/scarves for performances (not counting the donations of white shirts and black slacks he'd solicit from teachers/staff/friends), various rewards such as coupons for ice cream at lunch, .MP3 and other audio aids, continuing education every year, etc. He got off easy. Other teachers bought bookcases, books, videos, notebooks, etc. I had one teacher who was buying underwear/socks for a couple of her students! I think the average for my teacher clients is about $1,250, so coming up with $250 is fast and easy.

If he took depreciation his first year with the truck, then he chose actual expenses and will continue that method for the life of that truck. Did the financial advisor give you a bit of a heads up on why his referral left his prior year preparer?

If you're worried, get any documents that exist for the end of the year: doctor, prescriptions, letter from clergy, letter from neighbors, is kid's name on dad's lease, internet log of kid attending school, boarding passes/passport stamps/plane tickets, local transportation such as train tickets, GPS records on kid's smartphone, any paper that provides a trail.

Never had a teacher who spent less than $1,000/year on her classroom. And, you could take computer, continuing ed, etc. Now add PPE, too. Some teachers have two classrooms now, one at school and one on the wall behind/table in front of them at home. Just take the expenses you're most comfortable with up to $250. I can't imagine you'll have to stretch your comfort level.

Has your family that is attending/hosting quarantined? Have you? Are any or all of you vaccinated? Is your family the kind that WILL wear masks, stay six feet apart, wash hands, not shout or sing, etc.? Are you close enough to Pittsburgh that you won't have to use a public restroom on your way? Close enough that you don't have to stay overnight? Do you know and trust whoever is handling the food? Is the venue large enough that you can move every 15 minutes to mix and mingle and not hang around one person too long? Will the event/some of the event take place outdoors? If you're asking, you probably shouldn't go!! (I haven't visited my granddaughters in PA since last Christmas.) Stay safe.

The installer doesn't get the credit unless the installer is the owner.

I they can NOT be claimed by someone else as a dependent in 2020, then they claim their own RRC. If they CAN be claimed as a dependent in 2020, then they do NOT qualify for the RRC.

There are scam letters out there trying to get people's bank info.

It's a loan when received and nontaxable income when forgiven.

Gail is right about the origin of the bill. However, there is a bill. And, any votes appear to wait until after impeachment and are marketed to be before the current extra unemployment expires 15 March. So, keep watch. And, you might consider suggesting waiting to file.

Until about 15 March, unemployment is taxable. But if Biden's tax proposal passes about 14 March, you might be preparing amendments. I'm making my clients who had unemployment benefits wait to file or pay my full fee for amendments on a FIFO basis.

I'm waiting until about the 16th, probably. Except for one client who insists on completing and e-filing her return the 12th !!

If you have time for amendments 15 April, I'll hire you to prepare returns for me! Wait to file until client has made a decision. Give client a DRAFT return to give to bank. If he owes 15K and can't pay it now, how will he buy a house and pay closing costs, homeowner's insurance, repairs, moving expenses, etc. Maybe he should invest in his IRA instead of a house. Or, maybe he should invest in a house instead of an IRA. But with a 15K tax bill, can he afford both?

For Pacun's scenario to use option A, you can make use of Form 8888. Then you only have to amend if the refund is less than the IRA contribution reported on the return.

C. Complete their return now to learn how much they'll owe without the IRA contribution (worst case scenario) and hold their return. Their motivation may change with that information! Then, give them a deadline to return with their decision, say 1 April or so, after they've made or not made a contribution.

Yes. You never know when a 1099S is out there. What Gail said. And, if they look at her return when she's 69 and disabled, will she be able to recreate the house basis? Just report it now and start the SOL. What Patrick said. Report it. Depending on your software, just one/two lines to report and claim 121. You don't have to charge her any extra if you don't want to. But report it.

The advances were made based on eligibility on the 2019 or 2018 returns. The actual credit is on the 2020 return. The IRS has been clear from the beginning that qualified advances do NOT have to be repaid on the 2020 return; that the advances are reconciled with the RRC on the 2020 return, but not below zero, either zero or an extra amount of credit on the 2020 return. Don't worry about it.

$450 is what they have been paying for their tax returns (and FBAR?) here in pricey Fairfield County CT. I was able to see immediately that I would not take only $450, but they asked me about FBAR before I ever received their envelope with returns. I spent very few minutes paging through their return and giving them a price rage much more than $450. Perhaps I shouldn't have agonized over FBAR filing until I had their full picture, but it was new to me and I was glad to hear all your thoughts and advice. I would've given more thought to filing their FBAR if their return had been one that I considered a $450 return! You bring up an interesting point, though. Perhaps I should charge prospective clients for reviews. Do you all do that? Then, maybe, apply some part of the review fee to their first tax returns if they become clients? I've only charged for reviews as a consulting engagement for tax planning &/or things like the divorce situation I mentioned.