Industry Discussions

2210-F not functioning correctly

TurboTax asks about my wife's stimulus checks but not mine. I am retired. I have income from retirementand SSDI.J

Does anyone know if California definitely conforms to the federal law which allows Qualified Coronavirus Distributions to be spread over three years?I know they conform to no RMD for 2020 and they conform to no penalty for early distribution of qualified distributions.

Under Tax Reform, Children under 18 with unearned income over $2,100, file Form 8615 but are no longer taxed at their parents' tax rate.  They will be taxed at fiduciary rates.  Does this also apply to dependents 18 & older (students) or does the old rule still apply?  With unemployment being unearned income for Form 8615, I have a student who's tax on the unemployment is almost as much as the income from the unemployment.  This makes no sense to me.  Is there some relief there, maybe COVID-19 relief?

College student receiving 15000 in unemployment and when entering parent info for form 8615 their tax is over 6000.  Unbelievable amount of tax for college student!  Have multiple college students faced with this issue.  

Hello.I was divorced in 2015, and was given ownership of our home. My spouse never filled out the form 5405 to transfer repayment of the first time home buyer credit to me. I've been paying the $500 every year, but now I have repaid all of my half of the credit, and the IRS will not let me continue paying.My spouse is overseas, does not file taxes and I do not have a way to contact him to try to get him to file this form. Is there a way for me to notify the IRS that the repayment should be my responsibility so that I can continue paying it?

A mean, if they can write, they can sign it themselves instead of the parent correct? 

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what form do I use for a long term loss of vacant land investment.  Non business.  I should end up on SchD

Partnership has a forgiven PPP loan.  Check the box yes?   

Are you aware of any exceptions to the Kidde Tax based on unemployment received(Covid relief extended) by a dependent?  I have a client who's dependent received over $2200 in unemployment which is unearned income and as a result now has additional tax to pay.  Your assistance is appreciated. 

My client's file has been in limbo since it was sent to the IRS. I have asked for updates each day and nothing changes?

I have a daycare client that replaced two windows in the home used for daycare  Can the cost be expensed or does it need to be capitalized?  

I have a corporate client who just filed a 2016 and 2017 tax return with substantial profits (very late filing).  I completed the 2018 and there is a loss.  Can I file Form 1139 to apply the NOL back to 2016 and 2017 or is it too late to do this since the returns are being filed beyond the due date.

EIP2 received in January 2021. Is it reported for tax year 2020.

Hi! New here to the Proseries Community. Client had a sexual assault and harassment case but got settled in mediation as discrimination. She received a 1099-MISC other income for $93K and her attorney got one as well. Assuming this is all taxable, correct on line 8 other income. 

A spouse died February 12,2020. She did not get 1200.00 or the 600.00. Is the husband entitled to$1200.00 and the $600.00 or just the $600.00Cindy

I received an interesting question from a farmer's market on tax compliance."The farmer's market received a 1099-K from Square, and I believe that the Market should be sending out 1099-NEC forms to all the providers that earned over $600 in 2020.  In past years, customers paid the producers directly because the market was "in-person", but in 2020 the customers have pre-paid for their orders through Square.  Square then pays the Market and the Market writes checks to the producers.  Does the market need to issue 1099-NEC forms or are we exempt because we are a tax-exempt cooperative?"Any ideas regarding this question would be greatly appreciated!  

Hello, I have a Limited Partnership client that owns approx $280k in stocks and futures. The value at the end of the year includes $18k in unrealized gains. When completing the tax return do I lower the carrying value on the Balance Sheet or report the unrealized gains on an M-1 adjustment? Thank you for any guidance on this!  

I keep being rejected in Fed code IND-116-01 even tho my kids ARE 16 and I dont have a business.  Ever. Why is this happening n how do I fix it

Hi,I have a client that their main business is rental property but they also have some land for future development.  Can I include the land on schedule e and deduct the property taxes that way?  Even when he was not trying to lease it.Thank you for your consideration

Client's CA 2016 return never received (he was not my client until 2019); I prepared 2016 CA return after getting IRS 2016 transcript, just tried to e-file it and am getting no feedback -- the "green thumbs up" or "red thumbs down" are only showing 2018 and 2019 activity, and this client continues to sit in "Pending" tab, says it's ready to e-file. Can I still e-file CA 2016? Thanks! 

I have an online business based in NJ in which I sell a product that I have physically put together and sell  along with with a service (separate price for product, separate price for service). I sell to 9 different states. Do I collect sales tax at NJ sales tax rate and remit to NJ only or do I have to collect sales tax for each individual state at each states sales tax rate and remit to each individual state? I do not have any physical locations or any connections with any state other than NJ. 

Been using UT for 20 years and getting tired of paying close to $20k. I know lacerte is the program equivalent to UT. When I look at most of our returns 95% are not complicated. Several k1’s, maybe som rental properties etc. Should I look at Proseries, what more does lacerte do for an extra $10k. Also looking for ease of use for client portals etc. We are a firm of 5. I know many small firms use Drake and like it. I saw it once and it seemed like old DOS.Any thoughts appreciate.

I need help because I am so confused on how to report non-statutory stock options on my client's tax return. I have entered the information from the 1099-B and it brought the taxpayer refund to owing.My client sold company stock, his W-2 shows Code V in box 12 for $9,429. I understand the W-2. His 1099-B from the brokerage firm who handled the sale and the proceed ($10,665) minus cost basis ($6,619) shows gain of $4,046.So I included the 1099-B info on his taxes, but it seems like this is reporting the gain twice and it goes from refund to owing.What am I doing wrong? Or, have I entered the information correctly, and the client does owe?