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Client Email to me today: "Don’t beat me up. Here are all but one. The brokerage was supposed to have faxed a statement on the withdrawals from my IRA’s One was $5k, the other a little over $15k. That was an accident. And I DID have 10% of each ‘withheld’ for taxes. Faxes never came. I tried to log in, and could not. I tried to call but nobody was there. I’ll try first thing Monday. I cannot receive faxes. It was supposed to go to my wife's office. Send me your FAX number and I will have it sent directly to you." My reply: "Haha! No beatings for you. Your tax return is on extension, so there's no emergency regarding the paperwork. My fax has been broken for about 6 months." Liking those extensions this year And "Don't beat me up"???? I have gone off on this guy before for the last minute madness. Every. Single. Year. Except this year.

First time for the last couple of years that I have been done before the last day of season!! All extensions filed. Hooray heading for the deck, sunshine and some good old NC sweet tea!! Another tax season behind us and I hope it has been a prosperous one for all. Mod edit - I merged this post and its topic into this one by the same name.

I've slept 10 hours the last two nights. Sooooo good. Today was the first day I've been coherent for at least a month. One more extension to do, one more return to deliver, gotta pay my amount due and it's quarterly. Got the money in my IRA today.

I slept very late this morning and still only got 7 hrs. It felt good to get those few extra hours that I've been missing.

This is me === anybody else?

For the past 14 years, the last day of every tax season is chaos lol This year will be no different! Lol

Yeah, these forms are useless. My understanding is that institutions are now going to have to report in box 1 (payments). I still don't think that's going to resolve much. We'll still have the tuition billed in December and Scholarships, etc. appearing on the January statement. Still a mismatch that will have to be reconciled.

Thank you, Grace. Student loan interest is lost, but that's small as repayment was deferred until late in 2015. Between looking at URI transactions from them and talking with mom, there really is NOT excess scholarship. It was a state of RI scholarship. When URI billed tuition in 2014 for 2015, they excluded the $5,000 they expected from the state from the amount mom had to pay by 31 December. Then, in 2015 the RI money arrived at URI and was retained by URI to cover the last $5,000 that had been billed in 2014. I REALLY HATE THESE FORMS.

"Any wiggle rom on 1098E if mom cosigned?" Not likely, still goes back to name and SSN on 1098E and who actually paid it. And, don't forget about the document matching folks. 1098E under one SSN and deducted under a different SSN. If the scholarship was retained by URI to cover tuition and fees, then it would not be subject to taxation on daughter's return. If excess scholarship, report on daughter's return, line 7 with notation "SCH" next to it. Depending on the dollar amount, she might not be taxed at all as her standard deduction could wipe it out on the federal (not sure about your state. .NY has a low threshold of $3,000). No personal exemption if claimed on mom's return. Still have to consider Kiddie Tax, if applicable, on mom's return. Not sure what education-related deductions/credits you are considering. Tuition and Fees deduction is similar to Student Loan interest. Who paid is the one who claims. And, only qualified tuition and fees are included. No books, etc. AOC has some rules about age and dependency. LLC is a possibility. However, if standard deduction wipes out taxable income, then credits are useless.

Me to except that both boys have double headers today. I shall be out enjoying myself for the day and evening.

Oh, yeah that too

It's a backdoor Roth IRA. A good explanation is here.

And a substantial increase in fees...

This evening for a return that was picked up last Friday: "Hi Joe, this is Judy. I'd like to have your signature forms back this weekend so that I'm not babysitting the tax program on Monday evening (this guy usually makes his drop offs on his way home from work). "Oh, you need those back, I thought that was a formality." This guy is not new to the party, and I do tell each client that they must return the forms before I'll e-file. Next year I'll explain it like this --> , or he'll get a Tennessee-style hug. I suspect it's that he was trying to delay my payment and was going to drop it all off at some later date.

One or two more returns to file (just waiting for 8879's to come in). Double-checked all extensions yesterday and had them all but one or two which are now filed. A couple of emails to return, then I turn my attention to quarterly payroll issues. Oh, and getting my own QB re-installed on this machine. Possibly seeing if the boat anchor machine can be revived. Sigh.

I have two more left to file that are done and 32 more extensions to file. Usually that's all I have, but this year I've already filed almost 50 extensions. I left for my client conference today and will be filing from my hotel room. The two hour drive to San Jose actually did me a LOT of good. That and the nap before I left that my roommate insisted I take before driving.

Finished with my last evening appointment for the season, and there's no other work to do afterwards. I'll get to the extensions after a nice break.

I have only a handful of federal extensions including for my own return. My state's due date is 5/2 so I'll finish most of the returns within a few days after a much needed break. Everything I have in is mostly complete at this point anyway. Like Lee, after that I'll get to the quarterlies and the accounting work

Just switched gears earlier today. Back to monthly writeup, financial statements, payroll processing and quarterly reports. It's a wonderful life !

No returns are expected to come into the office for 2+ weeks. two pickups remaining three I'm waiting for a small amount of data each but we've been given a 1-month extension. Waiting on e-file authorization from about 25 returns but I know on Monday I'll get 1 call for all of them that says - GO! I might have a beer or four tonight.

Pushed Enter while I was still typing.... At least, the URI "transactions" showed them retaining the $5,000, not distributing it to the student or mom, so that helps with the paper trail. So, the potential $5,000 income goes away. I hope. I know they'll get a letter, and I'll have to explain this coherently a year from now. I think I have my head wrapped around it. And, think I have the data entry straight. Mom gets no education benefits, but we'd discussed this last year and she'd increased w/h, just not enough. Daughter has no income nor deductions relating to URI. And, daughter has a full-time job near mom and everyone is living happily ever after. Mom increased w/h again due to losing daughter as a dependent for 2016.

Waiting for the onslaught tomorrow. Have six people working. Last year did 50 returns on the 15th. Office open today I am not there maybe some of the people will come today.

Yeah, that cap makes for some interesting outcomes. Had one taxpayer this year where she had COD from credit card and it put her in the 200 -300% of FPL level and APTC she received was based on the 100% of the FPL. Moved money from non-qualified mutual fund to an IRA. Between that and the "Saver's Credit" it resulted in a great outcome. Also, picked this up from another forum wherein poster poses the following. {Note I am in no way recommending this, nor would I engage in this). Taxpayer gives erroneous income amount to Market Place. Get's APTC (and don't forget subsidies in the form of lower co-pays and deductibles). Then when TP reconciles APTC on tax return has to pay only some of it back due to the fact that it's capped. In other words, they not only enjoyed a much lower premium, but the subsidy as well as, which they don't have to repay,and the APTC pay back is capped. Hmmmm....how long before the fraudster's figure this one out.

If he can reduce his MAGI to below the 400% level, the amount of APTC to be paid back has a cap. I'd also be one to encourage him to do an IRA or HSA if possible.

I just sent a client home with her tax information. She was a "gone for two years" retread. I did not miss her, but thought she might be different. (not a chance!!) I increased her fees 30% above my normal. She smiled, wrote the check and said.. "See you next year." I was hoping to discourage her, but apparently whomever she was using treated her badly. Next year, another increase.

Yeah, Lion is right, only option is to try and lower AGI. Had similar situation this year. Deductible IRA saved the taxpayer big $'s. One client did not have the money to contribute, but had some monies in a non qualified mutual fund. Called the co and had them transfer 6,500 to their IRA mutual fund as a 2015 IRA contribution. Your situation may be different depending on earned income, AGI, and affiliation with a retirement plan, but it's worth a look.

Thanks all. She discovered her driver's license expired over a year ago, and I guess she has to take the written test, road test, and whole shebang, but is glad it came up in our conversation about car taxes. She now credits me with keeping her out of jail !! I think that could be my new company slogan.

He'll have a traditional IRA contribution for 2015 and one for 2016. Sounds like non-deductible. He can contribute to 2015 through Monday, as long as Edward Jones designates it as 2015. Then, at any time, but I like before any earnings attach, he can convert each one to a Roth. If he has IRAs with and without basis, it's a bit more complex. But, from your viewpoint, on his 2015 income tax return, he's making a non-deductible contribution to a traditional IRA. You won't see paperwork showing Roth balances until his 2016 paperwork comes out next year.

Well here is what I now know. The family chose to have the timber company withhold payment until they closed the estate. I agree totally this should have gone thru the estate. My client whose father is their dependent was one of the kids that received a check. We held things up to see if she could still claim him or not. My client has chosen to back out completely and not claim her father because one of the other kids who got money said they would handle this because the rest of them had to claim this as income but did not have to pay any tax on it. Really???? This whole thing does not pass the smell test. My client has made the right decision and I agreed to back out and take no fee for what research and time I had invested. None of this sounds like anyone involved is doing things the proper way. As Jack would say "run forest run".

That's what I determined last year, but I did NOT write a note in her folder so was doubting myself. I'm writing it down now. Thank you.

Well, there's your excuse. The wrong glasses!

I do not do that either. But I never miss an opportunity to let my clients know that they, each and everyone of them, is the reason I have a practice at all. Without them, my firm is not. And I do not hesitate to communicate that sentiment. It is just a fact! i do not have a great deal of client contact during tax season, but I do not miss the opportunity to look up from my work whenever a client comes or goes and shout out a thank you and use their first name. Found out this year, though, that I might need to rethink that. I called a client by the wrong name. My vision belied me.

I usually return emails fast. Now, I'm returning emails really late at night before getting some sleep, and returning phone calls by email the same time. If I had all those minutes back from telling the naggers I'm filing extensions and then completing returns in the order received, I'd have another half dozen returns complete. But, I've had to put something in front of my phone to block the blinking light !!

"...it is in process. Now it has been moved to the back/bottom of the work stack. Each time you call, this is what will happen." You may not really do that, but let the client think that you are.

I have to stop myself when I know that I am either rushing or being careless. Filed a string of extensions tomorrow, but what is driving me crazy right now are the naggers who keep calling to see "how their return is looking". They interrupt and waste my time. This is the most frustrating and intense tax season that I can remember and I have decent help this year.

I have never been so busy on the 15th! I'm usually at the grocery store by now.

I have a LOT of extensions to file. Saturday. And a couple siblings with kiddie tax to proofread Friday, one sign/pick-up Friday (which means I have to shower and dress!), and maybe the family in Singapore to dig into Friday and try to complete by Monday. If I can squeeze in any little ones (I don't have little ones, especially in April) Sunday and Monday, it would stop some of the phone calls. I gave amounts to mail in to the clients who will mail in extension payments. Going to e-file extensions for all extensions, whether they tell me they're mailing or not. (Thank you, Jack, that's a good idea.) And, have a bunch that called and said please file extensions, so I have no info, so zeroes. I've had only one extension denied, and it was by CT a few years ago for a single mom who teaches violin and doesn't make much money. So, I hope this is not the year any government cracks down on "zero" extensions, because I think I may be e-filing more than my usual number of zeroes. Going to get some sleep before I have to shower and dress!

Every time I tell my wife I have nothing to do the phone rings, the fax starts up, I get an email and then tomorrow morning I go to the post office so who knows. But I'm on track to be done tomorrow. Just missing the usual late ones, and I'm not calling them this year.

Last one picked up a few minutes ago. All done except my own which is a project for tomorrow.

Congrats! I'm definitely doing something wrong. So many of my clients have a cow if they go on extension. I will be busting my rear until Monday. The good side is I won't have as many people on extension bugging me to get them done in April while I'm trying to do payroll and property taxes. I have had so many complicated returns this year that it has really put me behind on smaller ones. Way too many new businesses started and too many late K-1s and 1099's.

One pick up left and all the 8879 forms are accounted for I have more extensions than ever before. Going to see how that works out. Have a 12 year old bottle of Glenlivet gifted by a nice client to celebrate our twelfth year of doing business.