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About Christian

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  • Birthday 10/10/1942

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  1. Division of Refund

    Do you need to fill out the ATX bank info sheet along with the Form 8888? I am also concerned that since their accounts are in their individual name if a refund amount issued to them as a married couple will not be rejected by one of these two banks. Does anyone have any experience along this line ?
  2. Division of Refund

    I should have known the IRS had a form for this. I fill out Form 8888 right?
  3. Division of Refund

    As noted in an earlier post I need to divide a refund between husband and wife on the federal return. I just checked the bank information sheet provided by ATX but see no line for indicating which amount goes to which bank. The husband will receive a lesser amount in order for the wife to get her half of the Virginia refund. Can anyone provide any info on this or will the IRS ONLY spilt the refund in half?
  4. Marital Blues

    Your idea occurred to me after I sent my post. I'll simply increase her federal refund by 1/2 of the expected Virginia refund reducing his federal by that amount. Who wants to bet me he will balk?
  5. Marital Blues

    A couple has separated and the husband would like to file jointly for 2017. His wife will do so if the expected refunds can be sent to his and her separate bank accounts. I can do this with the federal refund but I don't know if Virginia allows this. The local commissioner is clueless on this point and the department's help line is constantly busy. Do any of my fellow tax folks in Virginia have an answer for this one? I have never encountered this ever before.
  6. Untenable

    A lesson on Southern grammar. In a room of 100 folks Y'all may very well mean a part of the 100 whereas All Y'all denotes the entire bunch.
  7. Paid preparer due diligence HOH

    I feel sure it will require a new form which will CLARIFY the matter.
  8. Alternative Minimum Tax

    Well after the assistance of one of our members I was able to prevent the client from paying any AMT. Some day when I have a clearer head I will try to understand the mechanics of this alternative tax system. Perhaps I can find a class at my local community college that will clarify the workings of this tax. Clearly I will require the assistance of some college person to make it clear.
  9. Alternative Minimum Tax

    For my part I will shed no tears for it's demise.
  10. Alternative Minimum Tax

    Yes the ATX form is not populating yet. I'll likely have to compute it myself.
  11. Alternative Minimum Tax

    I was of the opinion a large increase in capital gains over prior years would trigger the additional tax but do not understand the reference to a credit for succeeding years. If he pays some 8 thousand dollars in AMT for 2017 does this create a credit of some type for next year in which his gains will likely be much less. Looks like I've got to do some research as I have not had this one up until now as no other of my folks ever encounter this.
  12. Alternative Minimum Tax

    Most of those I serve have no need to be concerned about the AMT. One client of mine has income which fluctuates based on received capital gains from a host of mutual funds he holds and pays his taxes by estimate. We do a workup this time of year to adjust his final payment to reflect this. To date he has never had to pay the AMT. He had large payments from his holdings in 2017 much more than 2016. It looks as if he may have to pay a chunk in this tax even though he uses NONE of that long list of deductions in the rules. For those of you who deal with this particular tax routinely my question is this. Will a large increase in capital gains from one year to the next trigger this tax in and of itself?
  13. AOC

    Good Lord. I thought my nephew had a son problem.
  14. AOC

    Well that wraps it up. Gail that point you raised was what I was considering as well. Since there are no more dollar amounts assigned to a dependent exemption it will be interesting to see how it all shakes out. Oh well, we have a year to sort it for the most part.
  15. AOC

    I was thinking that as well cbslee. If he works some he can claim the AOC. I am reasonably sure he will qualify as a dependent relative so that saves the exemption for his dad. I am less sure his dad can still use the AOC on his return and cannot find the section dealing with this aspect of this as yet.