Expert Alumni
Member profile
Activity Feed for LindaB1993
- Got Cheered for Re: 1041 when to file. October 12, 2020 12:56 PM
- Got Cheered for Re: My state return came before my federal what does that mean? Federal has always come first and.... September 19, 2020 5:31 PM
- Got Cheered for Re: Theoretically, you can. https://ttlc.intuit.com/questions.... August 13, 2020 2:08 PM
- Got Cheered for Re: New Job (independent contractor) as a Restaurant Critic - how to report. July 11, 2020 11:58 PM
- Got Cheered for Re: Reporting covered call option transactions. July 10, 2020 8:47 AM
- Got Cheered for Re: when i tried to save PDF it says I have errors in my return. July 5, 2020 4:00 PM
- Got Cheered for Re: The amount with code "W" in box 12 in your W-2 is the sum.... May 7, 2020 11:22 PM
- Got Cheered for Re: Did the estate sell it or did your wife sell it after she.... April 5, 2020 9:32 AM
- Got Cheered for Re: QBI. April 4, 2020 3:46 PM
- Got Cheered for Re: Why can’t I enter my 1099-R? And do I even have to if there were no taxes withheld?. April 2, 2020 12:00 AM
- Got Cheered for Re: My husband died last year. My return keeps getting rejected with a AGI erro. The amount liste.... March 29, 2020 1:13 PM
- Got Cheered for Re: HEALTH INSURANCE. March 23, 2020 11:01 AM
- Got Cheered for Re: Wisconsin Rent Cert...I quit and saved my progress but when I came back to finish, it never g.... March 22, 2020 1:59 PM
- Got Cheered for Re: I filed an amendment for 2018, do I need to report the Money I get back from 2018, for 2019 t.... March 19, 2020 10:37 AM
- Got Cheered for Re: Submitting Taxes. March 12, 2020 3:20 PM
- Got Cheered for Re: In TurboTax Premier, go to Federal Taxes>Wages and Income.... March 7, 2020 4:35 PM
- Got Cheered for Re: The reason for not qualifying for the American Opportunity Credit is that " Education institu.... March 7, 2020 1:36 PM
- Got Cheered for Re: If you have received a letter from the IRS asking for for.... March 5, 2020 4:21 PM
- Got Cheered for Re: The federal government will take it first. As far as the.... February 29, 2020 11:43 AM
- Got Cheered for Re: Cannot see driver's license info on efile return. February 28, 2020 1:13 PM
February 20, 2020
8:48 PM
1 Cheer
I recommend filing your occupation as of December 31, 2019. It is used for statistical purposes and does not impact your taxes.
... View more
February 20, 2020
8:43 PM
I would recommend splitting the costs 50/50. IRS will allow the full child care credit based on the maximum expense of $6000 even if the prorated payments are not 50/50.
The Child and Dependent Care Credit can get you 20% to 35% of up to $3,000 of child care and similar costs for a child under 13, an incapacitated spouse or parent, or another dependent so that you can work (and up to $6,000 of expenses for two or more dependents)
... View more
February 20, 2020
8:36 PM
Please review the Form 1098-T to determine if there are scholarship awards in Box 5. Qualifying expenses would be reduced by this amount.
... View more
February 20, 2020
8:10 PM
Most refunds will be issued in less than 21 days, as long as the return doesn't require further review, according to the Internal Revenue Service. Refund information will typically be available within 24 hours after the IRS acknowledges receipt of an electronically filed return or four weeks if you mail a paper return. In addition to regular processing times for banks, factoring in weekends, and the President's Day holiday, the earliest EITC (Earned Income Tax Credit) and ACTC (Additional Child Tax Credit)-related refunds are expected to be available on or about February 28, 2020; that's assuming direct deposit and no other issues.
... View more
February 20, 2020
8:05 PM
If you're wondering how the IRS knows how much you owe since you haven't filed, it's because the IRS has filed a Substitute for Return (SFR) on your behalf. ... With no response, the IRS issues a notice of deficiency. After that, you owe tax, and the agency starts the collection process.
I recommend that you file your complete returns to adjust the tax returns that IRS filed for you.
Please review the following link for the recommended course of action.
https://www.irs.gov/pub/irs-utl/2013_NTF_Dealing_with_SFRs.pdf
... View more
February 20, 2020
7:59 PM
It seems you may need to verify your AGI directly with IRS.
To retrieve your original AGI from your previous year's tax return you may do one of the following:
Use the IRS Get Transcript Online tool to immediately view your Prior Year AGI. ...
Contact the IRS toll free at 1-800-829-1040.
... View more
February 20, 2020
7:51 PM
1 Cheer
Form 8862 does not need to be filed if you meet certain exceptions. ... If you already filed Form 8862, you do not need to file it again unless your EIC been reduced or denied again after the original filing. In other words, you only have to file Form 8862 once for each time the credit is disallowed..
... View more
February 20, 2020
1:23 PM
Roth IRA beneficiaries can withdraw contributions tax-free at any time. ... Earnings from an inherited Roth can also be withdrawn tax-free, as long as the account had been open for at least five years at the time the account holder died.
... View more
February 20, 2020
1:20 PM
Your basis in your retirement plan, for PA income tax purposes, is the sum of all your contributions less the sum of any distributions taken in previous years.
You do not count any employee matching or any earnings in the basis.
Essentially, in the case of an early distribution (box 7 coded 1), you get your contributions back first, then any employer matching and earnings are taxable.
You may have to ask your plan administrator for the above figures, though some plans list your contribution total on the periodic statements you may have received.
... View more
February 20, 2020
1:15 PM
Part of the IRS process for verifying tax return information is ensuring the Social Security Number (SSN) and name combination on the return matches the information in the Social Security Administration's database. A mismatch can significantly delay processing of your return.
The e-filing process checks for many of the most common errors, like a Social Security number/name mismatch.
The IRS expects the first EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by the first week of March, if they chose direct deposit and there are no other issues with their tax return. ... So EITC /ACTC filers will not see an update to their refund status for several days after Feb. 15.
... View more