Jennifer Mae Sheets, EASheets Bookkeeping & Tax ServicePO BOX 278West Liberty, KY 41472-0278606.743.3914 phone606.743.7080 fax
Just got into a client's return and he had no health insurance. His 3 dependents do (wellcare).
With his income he is hit with the "Shared responsibility payment of $136.00, yet on the Tax Policy's webpage http://taxpolicycenter.org/taxfacts/acacalculator.cfm
it says he owes no tax and Proseries did the calculation.
Any body got a suggestion?
In the Lawrenceburg, KY and Lexington, KY area, just wondering what y'all are charging for accounting and or bookkeeping serivces.
Just wondering if anyone with extensive KY tax preparation experience knows whether KY (form 740) Schedule A pg. 2 Part II (Itemized Deductions Limitation Schedule) allows the EXCLUSION of gambling income for determining whether taxpayer has exceeded threshold amount (generally $178,150) that requires a reduction to KY Itemized Deductions ? Only reason asking this is that given that gambling losses (EXCLUDED from limitation rules for Itemized Deductions - both Federal and KY) are limited to extent of gambling winnings, then are gambling income to extent of gambling losses deducted under Federal and KY tax law is a "non-factor" since they net to zero for taxable income purposes. In essence, wondering if there has been an KY Dept Revenue ruling on this specific concept or possibly the matter was litigated in KY state court. Thanks for any feedback you might have ! Happy 4th of July to everyone in NATP !
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