Is a 1099-R with a code 7 earned included on Schedule SP eligibility income line 6 nonresident income ?

If a client rolls over KPERS retirement into a traditional IRA, are the earnings tax free on the Kansas return just like Kpers or are the earnings after the direct rollover taxable?

Schedule C business received Stimulus and also discovered deducted Payment supposedly by IRS. On the same day, Stimulus received was $2,400 and, Payment deducted approximately $4,500. This client has/had no know delinquent outstanding anything with any relevant federal state or local government entities... Has anyone else gotten reports of similar happening?

I have a client that received a 1099-C  (Cancellation of Debt) for a credit card in her deceased spouse name and his social security number.  Does she have to claim it on her returned?  He died in 2016.

I live abroad. I have multiple employers I receive "wages" from. How do list them on form F2555?Should I put "see attached" on lines 3 and 4b. Then attach a list of my employers and their addresses?Any help is greatly apprciated!

Deadline to file 2016 Form 1040 for refund?

This week, two clients received small unexpected checks from the IRS.  Both were labeled as 'tax refund'.  Both clients had overpayments and requested zero refunds with small amounts applied ahead to 2020.  The amounts refunded did not correlate to the amounts applied to 2020 so we're baffled.Letters of explanation have not arrived from the IRS and the taxpayers can't get through over the phone.  Status of the returns per the IRS website says "still processing your return".The checks look legit but it could be a scam.  Has this happened to anyone else recently?  Any advice besides not depositing the checks yet? 

Are partnership ordinary losses deductible against self employment income taxes from guaranteed payments, if the partner has no more basis?  For example on a 1065 K-1, part 3, line 1 ordinary loss  shows -100 but on line 4 guaranteed payment shows 300, the software calculates line 14 self-employment earnings to 200.  Even if the partner has no basis.  But can a partner deduct ordinary loss of 100 from the 300 guaranteed payment when calculating SE tax on the 1040?  Even though the 100 ordinary loss is not deducted for income tax purposes.  Thank you

Taxpayer has 17 year old daughter and asks if he doesn't claim her can she get the full $1200.00 stimulus check.  Is this even legal?

As the due date for all tax returns has been changed can I wait until July 15thbefore filing an extension until October 15?

When there is no bill of sale outlining the sale price of each asset sold (refrigerator, washer , dryer, furniture etc).  Should you allocate those assets based on the sale price? Example: Total Sale price: $100,000, items sold: building , refrigerator. Refrigerator on depreciation schedule with a cost basis of $1,500, building on dep. schedule with cost basis of 75,000. So,1,500/76,500 for refrigerator and 75,000/76,500 forbuilding? Selling price of refrigerator is .020*100,000 = 2,000 and building .98*100,000=98,000?

Married filing jointly in 2018 qualify for full 2,400 payment. In 2019 income doubled and they do not qualify. Have not filed 2019 and will not file until after they receive the 2,400. Payments will have to be reconciled in 2020. The specific question? "Will they have to pay the 2,400 back based on not being qualified in 2019."

I cannot find a definitive answer...Can a 17 year old dependent claim themselves if they work a part time job and the parents not claim them to be eligible for the stimulus money?  

The IRS is not achieving the savings it projected through consolidation of processing centers and already is unable to fill all positions at the centers whose workloads will grow as they receive work from those being closed, an IG audit has said.The IRS is consolidating tax processing centers based on the continued decline in paper-filed returns, projecting five-year savings of $266 million from closing three centers, savings that management wants to use toward taxpayer service, enforcement and IT upgrades. A center in Cincinnati was closed last June; plans call for closing a center in Fresno, Calif., in 2021 and one in Austin, Texas in 2024.The IG found that the costs of closing the Cincinnati center “exceeded initial estimates by $56.5 million, reducing the potential five-year savings estimates to approximately $40.7 million.It added that the two centers to continue, in Kansas City and Ogden, Utah, have been failing to meet their filing season hiring goals in the last three years, ac

I have beneficiary distributions in 2019 over DNI for a certain complex non foreign trust.  This trust had undistributed income in 2018 (first trust year)  that was not distributed in 2018, but the trust did pay the tax on the trust income in 2018.  2019 is the first year distributions went to beneficiaries.  Do I need to file a Schedule J (throwback)??  As mentioned, it is not a foreign trust, and the trust was created in 2017 (year of death, but no 2017 income)

Single senior citizen lady can no longer afford the upkeep of her 3-family rental (she occupied one unit). The sale took place in January 2020, so will be reported on her 2020 taxes next year. She acquired the property from her father for $1 in 1998. Her father had owned the property and lived in one unit since 1964. The rental portion was fully depreciated by the time this lady took ownership in 1998. There has been no depreciation taken since the time she acquired the property from her father (nor do I believe there would be any being she would assume the cost basis from when her father purchased the property and which was fully depreciated by 1998). I am of the understanding that 2/3rds of the property is long term capital gains  (15%) assuming the capital gains rates for 2020 are the same as for 2019. This would amount to ~ $50k in taxes excluding the amount of taxes owed to the State of New Jersey. Question: Am I correct that 2/3rds of the total sale price (les

Dawn filed for 2019 and claimed her high-school aged daughter Olivia as her dependant. Olivia didn't work in 2019 and turned 18 August of 2019. The stimulus package says Dawn can't get the extra $500 since Olivia is older than 17.  Olivia can't get anything because she is Dawn's dependant.  Is this correct- some kind of catch 22?

Can the discharge of a mortgage on the disposal of a foreign rental property in a foreign currency (non-functional currency for a US tax resident) result in a foreign exchange gain or loss under IRC Section 988 in addition to a capital gain or loss on that property? If so, how is that gain or loss calculated?Assuming the answer to the above question is positive, do the same rules apply to the annual mortgage payments in respect to foreign owned real estate where those payments are made in foreign currency? I would be grateful for anyone to throw light on these difficult questions

client just came to usa and just received his green cards on 10/20/2019 he worked and have w2 for 2019  can he file 1040 or we have to file 1040NR for him?

Is there a way of documenting/recording, for future reference, the questions, I ask my clients and their answers?

Taxpayer died Dec 26, 2019, and had a revocable trust.  There was no income after his date of death.  Can I file Form 1040 for 2019?  I understand I must file Form 1041 for 2020 if the now irrevocable trust has income.

Have you heard of an extension to file to 2016 returns past 4-15-20.  My research which has a date of 4-1-20 says no extension on statute of limitations exists as of that date.  Please let me know. Thanks, John Skouberdis

First of all....what about the treatment to the illegal immigrants? They are not receiving the check but what about their kids that were born here?. What happen to illegal immigrant that pays every year his taxes, and also is married to American citizen? do they receive the check or not?

My assumption on the PPP program has been that payroll costs are gross wages (941) or net income subject to S/S taxes (Sch C). I also would assume that Partner's guaranteed payments shown on their K-1 qualifies as self employment income, too. But I have also heard that some think Sch E, K -1 income from partnerships,  S corp and/or rental income also qualifies under PPP have you heard anything  to support that position?Michael Plemer

Taxpayer's spouse passed away 3 years ago, filed joint, then widow, then single. Has received a 1099c for a credit card that was canceled upon his death, card was only in his name and social. How is this reported?  Did the bank wait to long to report this? Does the spouse have to report it?