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Detail pages for dividends - the crucial bits, that show the foreign amount (for foreign tax credit), the federal percentage of dividends, the state breakdowns for tax-exempt interest or dividends, etc. No, I don't need or want the "preliminary" or "summary" statement that's 6 pages. I want the 28-page extravaganza that looks like boilerplate mixed with gobbledygook to the client. And the 5498s. Not exactly a form, but the bursar's office printout for all college costs.

Ours is the 1099-SA and 1099-INT's. With the 1099-SA being number one. Close third is the year end investment forms (1099-DIV, 1099B's). With those, clients seem to forget to bring us "ALL" pages of those statements. Always just the page showing showing interest and dividends. Always missing the 1099B part. And its always the same clients no matter how many times you remind them. But the 1099-SA and INT are our most.

1095-A. Whether they have a subsidy on their insurance or not, I have got to have that form or the return will not go through on e-file. Year after year, they "forget".

I haven't had a bounced check in many years

If the school district has no tax, the return isn't needed. You can verify ANY taxes due at: https://thefinder.tax.ohio.gov/StreamlineSalesTaxWeb/AddressLookup/LookupByAddress.aspx?taxType=SchoolDist A 9-digit zip should be accurate.

My wife!

This year everything! If the clients head wasn't attached we would have to ask for that also! LOLOL!

Charitable Contribution Acknowledgement Letters

Like Jim mentions. Use the link above to see if your client lives in a taxing school district. If so file the SD100. If not then there is no need to file the SD100. The finder is very accurate. Had only one case where it was wrong. To double check its accuracy one has to look at the county auditors site and look up the property details. That will show the School District the home is in.

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This is a bank savings account. If stock was sold, it was sold years ago and the state has been holding the cash proceeds in a bank account. Wages would be reported on a W2 in the year paid and taxable that year. Dividends, interest, and stock proceeds would be reported on a 1099 in the year paid and be taxable in that year. Whatever transaction that cash came from, it happened years ago. This is not taxable in 2023.

I'm puzzled as to how the PAL was allowed in 2023 when the rental was not disposed of but merely taken out of service as a rental. Did they have other passive activity income in 2023, or was the property left in as rental as available for rent and income was low enough to not phase out the carryover and current year losses? What program is allowing this? PAL will only be allowed if there are other passive activity income, income is below threshold for the special allowance for loss, or the activity is fully disposed of. Taking out of service and coverting to personal use is not a qualifying disposition to allow the loss. To answer your question, if converted to personal, you are correct that the assets will not carry forward. You would have to retain all of that and enter the figures appropriately on the forms when sold, and broken down by each type of asset sold (1245, 1250, land)

I'm not completely clear as to what you are asking. If the distribution was taken in 2024 then I would not show it on the 2023 tax return, since there would be both a cash balance and retained earnings balance as of December 31 2023.

https://www.revenue.wi.gov/DOR Publications/pb503.pdf pages 5-6? If that's what you're asking about, did she qualify for those years or not? Does her estate qualify? When there are dueling siblings, it's often better to step away. Unless the monies involved are large enough to cover lawyer's fees, you'll do better leaving it to the PR. It's tax season, so you have more productive returns to prepare than prior year returns for which you won't get paid by a brother who doesn't value your work. The PR has your opinion and the returns you prepared; he also has a CPA and can engage for returns from that source. Take a deep breath. Take good care of your clients who trust your work. You can always vent to us. We love you!

1098-T

We quit taking checks. Had more bounced checks during the covid shut down then 30+ years before that.

Just try, if rejected, try again in a week.

5498 - then you ask if they want to make an IRA contribution and they ask if they can put in more than they already have...arghh! Tom Longview, TX

Yes they do. And that turns out to be the saving factor. If one takes time to look at the account number, they would send a message as well because they would be different. Update on the "wrong" Schwab statement referred to in the earlier post. The late statement finally arrived, and it was from TD Ameritrade. Much easier to understand.

I hear it’s really easy to make a small fortune trading crypto by using a simple 3-step plan 1) Stat with a large fortune. 2) Begin trading crypto. 3) When you notice you’re down to a small fortune, stop trading. Sounds foolproof when you do it that way.

I gave up on organizers long ago. However, if they are a Sch C, I send them a work sheet. This works out well most of the time. I did have one client that entered their Gross Sales to include his UI ($27K) and his wife's W-2 ($50K). I questioned him o how he came up with his numbers and that's when it came out. No harm done.

I stopped using organizers. I have a link on my website that tells them the documents that I may need to prepare the return. Organizers are just too frustrating. Tom Longview, TX