About ErnieS0

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CPA for 19 years with experience in individual, business and estate and trust returns.

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Re: Should I report income earned from interest on a deposit account...

It depends. Anything between 50 and 99 cents gets rounded to $1 which is reportable. Anything 49 cents and below gets rounded to $0 and is not reportable. IRS ...

ErnieS0

Updated Apr 17, 2023
Re: expected return on contract (total sum of distributions - past p...

The expected return on the contract is the amount a plan participant is likely to receive over many years. If life expectancy is a factor under your plan, you ...

ErnieS0

Updated Apr 17, 2023
Re: There is not spot to enter in 1099 LTC reimbursement?

You can enter long-term care reimbursements in the long-term care section. Here's how to enter your 1099-LTC into TurboTax: Open (continue) your return if i...

ErnieS0

Updated Apr 17, 2023
Re: With respect to a 1099-INT and 1099-DIV, what if I have claimed ...

Nothing happens until you sell your investment. At that time, you can claim a loss. The interest you paid tax on would be added to the cost of your investment ...

ErnieS0

Updated Apr 17, 2023
Re: If I didn’t receive 2 of my w-2s what should I do?

If you’re unable to get your Form W-2 from your employer, contact the Internal Revenue Service at 800-TAX-1040. The IRS will contact your employer or payer and ...

ErnieS0

Updated Apr 17, 2023

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