Lion EA

If qualified to be claimed as a dependent, the dependent does NOT qualify. The parent would qualify for the extra $500 for their dependent under 17. That said, I've heard of dependents receiving $1,200, but don't know any personally. They could've used the non-filers portal to file an EIP return claiming themselves.

Looks like your software updated after the first change but not yet after the second. Make sure you have the latest update. Then, either wait (can always make changes by hand before giving your client the 2Q voucher) or follow your software's directions to make a global change or a return by return change.

And, each bank probably will determine forgiveness for its own loans, no matter how the law reads, just like they did with application approvals!

Yes. Current and two prior years.

We don't know the results of forgiveness yet. We know the COD will not be taxable income, so not a). But, we don't know the theory or the forms/schedules/lines.

Liquor stores and pot dispensaries are essential businesses and can stay open.

Christian. We can't do much with information we gather with the purpose of preparing a tax return. So do vent here. We understand. But, then take a deep breath and move on to a better client. And, a Friday night cocktail.

Confidentiality. Circular 230. Your license.

I thought the IRS said to NOT mail any more returns.

You can't e-file a superseding return, and the IRS is NOT processing paper returns.

It won't be "new" refund on 1040X. It's already applied based on original 1040.

Grandmabee, I always find your answers informative. And, Judy's. This board is a great tool.

Or, receive a paper check.

Wait a minute, I know about 2020. But, for a deceased, when executor/preparer discovers 2019 and prior year RMDs were never taken, doesn't the estate have to take them immediately, or the beneficiaries? Can they really spread them over several years?!

I don't think they've uploaded all the 2018 information yet from what I've been seeing from professional organizations today. And, certainly not 2018 just filed in 2020. They sent out 50 million DDs only a week after the law was signed. Give them some time. And, stop overwhelming the system with sample requests.

Yes. Current and two prior years.

If you filed for 2019 recently, your info isn't uploaded yet. SS/RR only isn't uploaded yet. Probably only 2018 return info is completely uploaded. Don't know how much of 2019 -- February filers? March filers? The trends I'm seeing on multiple message boards suggest not April filers, yet. People who use the site to file a simple return or enter banking info -- heard that info gets uploaded after IRS processes, no time frame on processing time. They update only once/day, so no need to check again today!

Tell your client to go to IRS's Get My Payment to enter her banking information.

I read that Get My Payment had 6.2 million taxpayers get their payment status and 1.1 million provided banking information. Tell your clients to try again tomorrow!

Morgan Stanley included behind their Forms 1099-R a list of amounts transferred via checks directly to other than me. They don't say nor do they know if they were actually charities. But, I've put the acknowledgment letters with that list. Several of my clients use MS, also. (My broker is a good source of referrals.) It will take a lot of client training! Maybe over time, we'll see more consistency in broker reporting, too.

The payer is not obligated to check if the payee is an IRS qualified charity. That's on the taxpayer -- and, as you say, US. Like everything else! And, your client is supposed to keep his acknowledgement letters from the charities.

This is all from memory, so do your own research, but if you're trying to use less than 27.5, look into the following: Use the UNadjusted cost of the rental house to see if you can use other than 27.5. AFS are needed for $5,000, but any client can use $2,500 if he elects. Is the invoice detailed, does it list any/all line items at $2,500 or less? TCJA was modified by The CARES Act to put QIP back to 15 years retroactive to 1/1/2018. How's his income? Is it to his advantage to accelerate depreciation or to spread it out?

SE qualify for the PPP as of 10 April. SE qualify for unemployment as soon as their states set it up for SE. As long as they are in business, they qualify for some/all of the business-related loans and grants.

The details are in The CARES Act. Waive 10% penalty for withdrawals not exceeding $100,000 on or after 27 March through 31 December 2020. Inclusion in gross income over three years. Repayment over three years (be careful of one rollover per year rule). For details of "affected by the coronavirus" see the details in the Act; it's pretty specific.

Don't I have until 15 July to file extension? Last three years were taxed as a complex trust with no income distributed. (Simple trust was checked on 1041.) Small amount of interest/dividends gains that mom does not need and did not take for 2019.