Stimulus Line 70 Who Remembers??

[SFBOB]

I am sure this has been posted many times. You ask the taxpayer, how much was your stimulus payment last year? They give you that deer into the headlights look.
I went to IRS.gov and the memo states info may not be available 10-10 to 10-15-09.This thread will likly pull up prior questions.

[Lion]

Bummer

That's a bummer. I have a couple that I wanted to confirm. Glad I printed out most when clients made appointments or dropped off. I had a grand total of one (1) that brought me the IRS letter giving their actual amount. Most are continuing clients, so my software tracked. And, a large percentage of my clients are too high income for it to matter. I tried to remember to look up and print everyone. This issue is over in a week, right?!

[SFBOB]

Lion Thanks For your Comments

I saved my form 1378 that shows the simulus I received.on my personal return,The check was dated 11-7-2008 because I need not file my personal return until 10-14-08.
The recovery Rebate worksheet requires line 28 to input the amount from 2008. If we paper file, the amount is not reqiured. If we E File it must be included if you use Proseries or Turbo Tax. My son has a very complex return and thinks he can do it himself next year, so I am setting up all the forms in Turbo Tax. His Dad will be 80 in July, so I will just review his work and take time to smell the roses next year.
I use ATX for my clients and the entrie was not required to E File. I assume IRS did the calculation.

[S T]

Maybe can access

Maybe we can access late on Oct 13

NOTE: “How Much Was My 2008 Stimulus Payment?” may not be available between Saturday, October 10 and Tuesday, October 13. We apologize for any inconvenience this may cause

I think it is down over the Holiday weekend the same as Modernized e-file system

Sandy

[ChEAr$]

That's a bummer. I have a couple that I wanted to confirm. Glad I printed out most when clients made appointments or dropped off. I had a grand total of one (1) that brought me the IRS letter giving their actual amount. Most are continuing clients, so my software tracked. And, a large percentage of my clients are too high income for it to matter. I tried to remember to look up and print everyone. This issue is over in a week, right?!

Nope. There will still be some people who wait for a year or two to file their 2008 returns.
So we'll need to know in order to correctly compute the rebate recovery credit if
applicable.

[SFBOB]

I likly should have taken the time to carefully check with my clients

I have now carefully read the line 70 work sheet and found that I may have missed a Recovery rebate for my clients by not insisting that I get the rebate amount they received or did not receive.
Does anyone know if the IRS calulates this work sheet even if I have not asked for the calculation by checking a box some where in my program.
LOTS OF EGG ON MY FACE TO BE ASKING ABOUT THIS ON 10-11 SUNDAY MORNING.WOW!!!!

[JohnH]

I think that the client bears primary responsiblity for giving us the info. I've looked it up for most who didn't (when I was not able to determine it in advance by the process of elimination). But if I miss one who was eligible when the client didn't give me the basic info requested in my newsletter & worksheet, then my position would be that I'm not responsible for the oversight. No reason to feel embarrassed.

[SFBOB]

Anyone that wants to check after the 10-15-09 Deadline may save the client a buck

I just did a review of a 2007 high income taxpayer who did not get a Stimulus check in June of 2008.Do to reduced income in 2008, the MFJ taxpayer will get $1500.00 check by using the Line 70 Recovery Rebate Credit work sheet.
The AGI phase out starts at $150,000 MFJ $75,000 single. Taxpayers AGI was $450,000 in 2007. The amonut of $300,000 over the $150,000 times .005 is $1500
This wiped out the $1200 husband and wife credit plus $300 for one child under 17 years of age. Total Stimulus would have been $1500 if AGI was $150,000. Taxpayer now gets $1500 on line 70 page two of the form 1040.
MAYBE THE ANSWER IS THAT I SHOULD THINK MORE AND NOT EXPECT THE SOFTWARE TO DO EVERYTHING!!!

[OtisMozzetti]

These payments are enough to make me ERP

[QUOTE=JohnH;87821...But if I miss one who was eligible when the client didn't give me the basic info requested in my newsletter & worksheet, then my position would be that I'm not responsible for the oversight...[/QUOTE]

I realize it is a different issue, but a quite similar issue, but let's pause a second to notice what will happen with the ERP (Economic Recovery Payment) which is an offset against any MWP (Making Work Pay) Credit on ***2009*** tax returns. I understand that if the ERP (Economic Recovery Payment of up to $250 per taxpayer) is incorrect, then an e-filing will reject back. However, it is said there will be no IRS lookup for the nontaxable ERP that was paid out by the Social Security Administration.

[OtisMozzetti]

that deer in the headlights look? around here it's that foxy look

You ask the taxpayer, how much was your stimulus payment last year? They give you that deer into the headlights look.

Around here, the taxpayers don't bother with looking like deer in the headlights; around here they give you that foxy look which says "I wonder if I can get an additional payment if I 'forgot' about the earlier payment?"

[Lion]

Simple

And, the client says my return is so simple and I hardly made any money, don't you have all the information on your computer, why are you charging me more than last year? When will the IRS stop doing this to us preparers?!

[ChEAr$]

I realize it is a different issue, but a quite similar issue, but let's pause a second to notice what will happen with the ERP (Economic Recovery Payment) which is an offset against any MWP (Making Work Pay) Credit on ***2009*** tax returns. I understand that if the ERP (Economic Recovery Payment of up to $250 per taxpayer) is incorrect, then an e-filing will reject back. However, it is said there will be no IRS lookup for the nontaxable ERP that was paid out by the Social Security Administration.

Probably won't be any kind of "look up" to verify that client(s) received 250/500$, but
if I've got both SSA 1099s in front of me for 2008, I just know they each got the 250.

there may be some clients who when ask, answer in the negative about getting it; heck,
I know there will be. Some don't even check their banks statements monthly or they
would have seen the 250 deposit! Sad.

[oceanlovin'ea]

Tried to look up

I tried to look up 2 today and got the message. I was hoping to finish these up tomorrow or Tuesday at the latest.
Oh, go to eye doctor on Tuesday.......won't be seeing much till afternoon.

I'm sure neither one remembers what happened last year either.

Guess I'll check on Tuesday. Thanks for the info.

Linda

[ChEAr$]

Why not

just look at 2007 return and determine from that how much they were entitled to and
use that amount?
IRS will correct if necessary.

[S T]

Dependent I guess

I guess we are all becoming dependent on IRS web info and e-services - I have enjoyed the feature and it has given some information that I "could not" obtain from the client.
So I am disturbed that they would decide to pick "this" weekend to shut it down and do upgrades!

I managed to access e-services earlier today 10/11/09 prior to 5PM Eastern - but after that it won't be accessible until late on 10/13/09. I use this feature all of the time

Just goes to show we can not rely on that "source" of information either.

Any IRS "site" connected with "e-modernization" is not accessible until around 5PM Eastern Time on 10/13/09.

I was hoping to complete a couple of returns today and Monday and have them submitted to efile so now I have some clients "digging" through their records instead. "Good Luck with that" - All of my clients are way too "spoiled" - My Fault

Sandy