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Gail in Virginia

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About Gail in Virginia

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    ATX Guru
  • Birthday 06/02/1959

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    Church, Reading, Music, BSA and other Youth programs

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    I guess the advisor is thinking that the amount was not part of the balance of the IRA at 12/31/17 and therefore will not be included in the calculation because it isn't in the 5498 amount. But I thought the reason 5498's were not issued until May or June was so they could include contributions made in the first 3 1/2 months of the year for the previous year, and I would think that would include rollover amounts. But I am just speculating and thinking out loud. I don't think it is legitimate, but you might get away with it. Like so many other things....
  2. Problem with CA 568

    I don't know, but since no one else has answered my first guess would be to see if there is an update available that would correct this. Other than that, I got nothing.
  3. NY Non-Resident Income Tax

    Thanks. I don't do enough NY to be comfortable, and from what I hear they are almost as bad as CA ...
  4. NY Non-Resident Income Tax

    I am doing a return for a kid that graduated from college in 2017 and is playing basketball for a minor league team. Of course, income is low and we are filing several different state returns. My question is about the amount reported to NY. He was not a New York resident, although the basketball league has their headquarters in Secaucus NY (I assume - that is return address on W2). The entire amount of his earnings is shown as NY earnings in the state part of the W2, with 0 withheld. He only earned $5700 last year (roughly) and is paying taxes of $107. I don't see anything else to do but pay it, but I wondered if someone with more NY returns experience (or basketball player experience?) had another suggestion. I keep thinking that if this is right, they would have withheld some state tax for NY like they did for VA, his domiciliary state.
  5. Kid claimed his own exemption, but how did they know?

    Could it possibly be that H&R Block has access to TurboTax and that is how they know that he claimed himself? Maybe a shared database?
  6. NT - my eyes are falling out

    And you can have the floaters without the torn or detached retina. I have always had some floaters, but if they suddenly get worse I still RUN to the eye doctor for reassurance. So far it has always been nothing, but it is a classic sign of damage to the retina and should be checked out. Just like the aura you are seeing may be nothing but should be checked out. I consider those peace of mind visits.
  7. I am going to cry or scream!

    I love the Serenity prayer. Someday, perhaps I will be able with God's help to live every moment like that.
  8. Don't know whether to laugh or cry

    Years ago, I started seeing a charge on the mechanic's bill for shop rags. And what about the car dealer's charge for document processing? If enough people pay it, and enough people charge it, it soon becomes standard business practice.
  9. I am CRAP sometimes - I should be fired

    I am working on perfection, but it is still a long way off. The only advice I can give you is to look at what happened and try to come up with a way to prevent this particular mistake from happening again. If you are the only one in the office you can;t have someone else check behind you, but can you look over returns a second time several hours after they are prepared? Or list all the documents when they are brought in, and then check them off by comparing to the return? Or something more brilliant I did not think of? I have someone in the office to check on my work, and believe me that is a very good thing! Especially this late in the year. Even with all that, mistakes occasionally go out the door and I totally agree with rfasset - it feels like a punch in the gut!
  10. New Tax Law and 2018 Planning

    I have not heard of any changes yet for VA standard deduction. And yes this will be a windfall for VA if they don't do something. I think they will do something but I have no idea what or when - they usual don't make decisions about conformity until late January since they only meet annually beginning in mid-January. So while we may hear rhetoric between now and then we won't know officially until next year what if anything they plan to do about the tax changes. Unless they have a special session.
  11. Eric, our Honorary Tax Star

    Apparently, like usual, I am a little slow. I didn't join until 4/22/2007, and my first post wasn't until 4/24/2007. At the time I was upset that the official board was yanked so close to the end of tax season, but since joining this board I haven't missed (or viisted) the official board. Yay Eric! Thank you, and thanks to all of you who make this board what it is!
  12. Don't know whether to laugh or cry

    I guess that eliminates the need for the backhoe and back 40.
  13. Self Employed With Advanced Credit - OH SHIT!

    Or maybe everything in the ACA forum should automatically be considered a vulgarity unless it is off-topic.
  14. New Tax Law and 2018 Planning

    ProSeries also has a tax planner, and I have used it more this year than ever. I was not surprised that most people come off better under the new law - that had been my understanding from the media all along that the immediate benefit was for everyone. I am waiting to see if the changes that benefit the lower income and middle class taxpayers remain in effect when they are set to expire. Congress has a way of making changes like this continue rather than being known for raising taxes. The only people I am noticing a negative or no impact for are those who itemize, and especially if they have large employee business expense deductions. But I am not sure how accurate this planner is this year, and I know it tells me nothing about the state. Does anyone make a planner that includes state income tax effects?
  15. income to closed S Corp

    You can't put the 1099's on the personal return, but if the income was earned by the person and not the corporation, then the income can go on the personal return. You can either have your client contact the people who issued the 1099s and explain that the corporation was out of business and they were dealing with him/her personally and ask that they correct the 1099s accordingly; file a corporate return and back out the income that was never theirs; or wait to see if the corporation gets a letter regarding their failure to file on these 1099s and answer the letter explaining where the income was actually earned and reported. I personally might take a chance on the wait and see approach, especially if the corporation was accrual. IRS might assume these are already reported in the accrued income and not question the 1099s. BUT it might also depend on how nervous your client gets if they receive letters from the IRS.