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In the past, MAGI for Medicare (IRMAA) purposes was just AGI
Second opinion] In the past, MAGI for Medicare (IRMAA) purposes was just AGI + tax exempt interest. But now we have PPP loan forgiveness.For self employed individuals, do you think forgiveness of PPP … read more
Carter McBride
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In the past, MAGI for Medicare (IRMAA) purposes was just AGI
In the past, MAGI for Medicare (IRMAA) purposes was just AGI + tax exempt interest. But now we have PPP loan forgiveness.For self employed individuals, do you think forgiveness of PPP loans will count… read more
HowardD414
HowardD414
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I am a single member LLC and filed an S-Corp election for
I am a single member LLC and filed an S-Corp election for 2020 but never set up payroll for myself. Instead I just kept paying my estimated taxes as an individual. Now I realize I should have been fil… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I have a S Corp and got PPP round 1 loan. To be compliant
I have a S Corp and got PPP round 1 loan. To be compliant with PPP as a self-employed with no payroll, what forms should I file for payroll so I will be in compliance with PPP and not have a personal … read more
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As a self-employed person, ca you receive a PPP loan and PUA
As a self-employed person, ca you receive a PPP loan and PUA unemployment at the same time in California, as long as you don't have the payroll portion of the ppp loan forgiven?… read more
Carter McBride
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I've been an 1099-MISC independent contractor for the
Hello, i've been an 1099-MISC independent contractor for the government for 3 years. My contract is being renewed and the contracting company is asking if I would prefer to switch to being a w-2 emplo… read more
Rick
Rick
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I ask questions earlier about the ppp loan and I am
I ask questions earlier about the ppp loan and I am understanding that the owner' net income can be considered as payroll for this loan. As to the requirements for using the loan . Will my client be a… read more
Fred Rook
Fred Rook
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I am a self-employed sole proprietor who has no employees. I
I am a self-employed sole proprietor who has no employees. I Close my business on April 1st because of the COVID-19.Because of my financial situation I was trying to find a way to cope with everything… read more
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You have a link you can send me that gives good information
For CarterHey - Do you have a link you can send me that gives good information regarding the PPP forgiveness rules? I know 75% needs to be spent on payroll but am trying to find something that talks a… read more
Carter McBride
Carter McBride
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About SBA Paycheck Protection Program Loan and Single Person
About SBA Paycheck Protection Program Loan and Single Person S-corporation )Hello,I live and work in NYC and have a s-corporation. I am the only owner and only employee and the employee-me gets paid t… read more
DK_CPA
DK_CPA
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My wife and I have a Partnership LLC we started in Jan 1,
second opinion] My wife and I have a Partnership LLC we started in Jan 1, 2020. How does the EIDL apply to us?What can we expect to get from this new stimulus program?… read more
Dr. Fiona Chen
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Lane. For Taxpayer who is 100% owner of LLC (files business
Hello Lane. For Taxpayer who is 100% owner of LLC (files business schedule C), what would be considered average monthly payroll to be entered on PPP Application form? Would it be his net income for th… read more
Lane
Lane
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Social security decreased my benefits because of MAGI..but,
Social security decreased my benefits because of MAGI..but, MAGI has my capital gains included which according to everything I have read does not count against my benefits, should I appeal? … read more
Lane
Lane
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I am 73 year old, married retired. Have a schedule C
I am 73 year old, married retired. Have a schedule C business which took a 600k loan loss in 2018. So AGI would be a bit negative. Considering withdrawing 200K extra from 401k and convert that to Roth… read more
emc011075
emc011075
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MAGI is different from AGI as shown on page 1 of the 1040.
MAGI is different from AGI as shown on page 1 of the 1040. In determining … read more
Lev
Lev
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Is it correct that that IRS 1040 line 17, Rental Real Estate
Is it correct that that IRS 1040 line 17, Rental Real Estate Losses, are included (removed from) the MAGI amount which is used to determine if one is entitled to a premium tax credit on form 8692.?… read more
Chad EA, CDFA®, CFP®
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MAGI question. My goal is to legally reduced MAGI on my 2016
MAGI question. My goal is to legally reduced MAGI on my 2016 fed tax return when I get to that point. However, I'm very confused and need a tax professional on the top of their game! The simple versio… read more
Lane
Lane
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I got an insurance policy from the market place. I am now trying
I got an insurance policy from the market place. I am now trying to figur out my taxes. I am self employed and trying to understand the difference beterrn AGI and MAGI.....Do I add back self employmen… read more
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Robin D.
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