About MichaelL1

MichaelL1 · ‎April 11, 2021

You only upload prior return information at the beginning of the filing process. You do not upload the state information separately. Everything you upload happens when the Federal date (and state data if there is any) is uploaded at the beginning.

MichaelL1 · ‎March 14, 2021

MAGI calculation To calculate your modified adjusted gross income, take your AGI and "add-back" certain deductions. Many of these deductions are rare, so it's possible your AGI and MAGI can be identical. Different credit and deductions can have differing add-backs for your MAGI calculation. According to the IRS, your MAGI is your AGI with the addition of the appropriate deductions, potentially including: Student loan interest One-half of self-employment tax Qualified tuition expenses Tuition and fees deduction Passive loss or passive income IRA contributions Non-taxable social security payments The exclusion for income from U.S. savings bonds Foreign earned income exclusion Foreign housing exclusion or deduction The exclusion under 137 for adoption expenses Rental losses Any overall loss from a publicly traded partnership

MichaelL1 · ‎December 17, 2020

Due to sale I would purchase TurboTax Premier, which would ask you detailed questions on Sale of Assets.

MichaelL1 · ‎March 10, 2020

Review your numbers you entered as you most likely got the decimal point in the wrong place on an income entry. So you could of entered $200 as $20,000.

MichaelL1 · ‎February 21, 2020

Many States have put additional checks in place to ensure the refunds are going to actual taxpayer (and not filed by someone else). This might be the case in your situaton. You can always call the State that issued you the letter and ask them what is going on with the processing of your return. If it was me, I would call the State.

MichaelL1 · ‎February 19, 2020

First you need to be able to itemize on your return to claim a contribution. So if filing status is single, you would need at least $12,200 in mortgage interest, property taxes, contributions, etc. to be able to claim the contributions you made. Click on below for more detail. More details on Schedule A itemized deduction. If you are able to itemize, you do not need the contribution receipt to file the return. I would document what you have said in the question along with some more detail, and then if audited, you can explain what happened. I hope this helps.

MichaelL1 · ‎February 17, 2020

If you have an attorney or executor for the estate, this could be taken care of this way. First the Form 4972 is not needed. It appears a 1041 Estate return should be filed for the 1099R, and it would show all the money distributed to the 3 heirs on a 1041 K-1 (that each of the 3 of you would get). The 1041 would have no tax due, and each of the 3 heirs will report the distribution as ordinary taxable income. I would however talk to someone with tax expertise, to do this for you.

MichaelL1 · ‎February 17, 2020

You do not need to give her your SSN, and I would not give it her. You can and should give her a receipt for the amounts she has paid you. I worked for IRS as a Revenue Agent ( for over 30 years prior to retiring) doing audits, and you can print this response and give it to the parent.

MichaelL1 · ‎February 17, 2020

You need to contact your state taxing agency and find out why the refund was not received. You should have a copy of the return in front of you when you call, as they will ask what the dollar amount of the refund was suppose to be. You can go to "google" and type in your State taxing agency and the web site will have contact information for you. Sometimes refunds are not received if you owed money from a prior year, other state or federal debt such as student loans, child support, etc.

MichaelL1 · ‎February 17, 2020

I do not want to enter into a debate about this, as I said, "most" of the time when you are audited by the State Taxing Agency or by the IRS, the other agency will look at the audit report and if there if there additional tax (that exceeds their tolerances) you will get a audit report from the other taxing agency. In your case, if you were audited by the State for income tax (and if there was a substantial tax change that also impacts the Federal return), you should at some point in the future get a letter with a IRS audit report. It can take many months from the State audit for the IRS to send out the Federal audit report. I worked for IRS for 34 1/2 years, and part of that time I was a Fed/State coordinator that made sure these reports were shared. I also was in charge of correspondence audit at another point in my career.

Date Registered	‎April 28, 2018 6:00 AM
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