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Old 04-14-2020, 12:42 PM   #391
Yakoo752
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There are special tax provisions if you qualify. Your location has to be certified as a disaster area to qualify

https://www.irs.gov/newsroom/tax-hel...ldfire-victims

I don't believe there was any disaster certification for CA fires 2019.
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Old 04-25-2020, 07:19 AM   #392
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New provisions from the CARES act recently implemented allows for wider use of losses including eligibility for carry back.

Check with your cpa if you have rentals or a pass through with losses during the last couple years as an amended return may be warranted.
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Old 04-26-2020, 06:25 PM   #393
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Originally Posted by Smash Allen View Post

You cannot make changes to a return once it has been efiled and accepted by the IRS. An amended return is required to make any changes and must be filed as a paper return.
*4 years later... off the turnbuckle!*

False.

https://www.irs.gov/businesses/corpo...porate-returns
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Old 04-26-2020, 06:27 PM   #394
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You have until the due date to file a corrected version. After that if you wish to make a change and are still within the statute then you’re required to amend.
Correct.

The distinction is superseding v amended.
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[Owensdad], you usually pull the trigger on a mouth full of buzz words without thinking.

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Old 04-26-2020, 08:39 PM   #395
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*4 years later... off the turnbuckle!*

False.

https://www.irs.gov/businesses/corpo...porate-returns
Thank you for the link! It references form 1120, does this also apply to form 1040?
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Old 04-26-2020, 08:47 PM   #396
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Thank you for the link! It references form 1120, does this also apply to form 1040?
Yes.

https://www.irs.gov/irm/part21/irm_2...40053623081408
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Old 04-26-2020, 09:02 PM   #397
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Originally Posted by Smash Allen View Post
New provisions from the CARES act recently implemented allows for wider use of losses including eligibility for carry back.

Check with your cpa if you have rentals or a pass through with losses during the last couple years as an amended return may be warranted.
This provision is most beneficial to corporate taxpayers that can carry back fy19 losses at 21% to profit years pre reform at 35%. However it can interact oddly with the 965 transition tax and BEAT for US multinationals.
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Old 07-30-2020, 12:07 PM   #398
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I am still unemployed and soon to be broke, with a 401k. Deja vu to 15 years ago when withdrawing early from my 401k financially crippled me for years.

I'm looking into hardship withdrawal (to avoid foreclosure) and SEPP. Based on calculators, the latter would barely pay the mortage, let alone living expenses.

Can you take a penalized or hardship withdrawal in addition to having a SEPP?
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Old 07-31-2020, 07:46 AM   #399
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*edit, wrong thread for my opinion
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