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Showing content with the highest reputation on 03/23/2025 in Posts
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For 1099-G Tax Refund: 85-0478248 For Department of Workforce Solutions: 85-60000574 points
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Your software may allow you to enter the numbers on the 1099-R (as you should) and then enter the taxable amount as having been rolled over. But I'm with Lee, first see if the issuer is amenable to either fixing the 1099 or explaining it.3 points
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Contacting the issuer of the 1099 R might be helpful2 points
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Good Luck with That!!!1 point
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Thank you all for your contributions. I would like to clarify that the suits in question are actually western wear, not technically cowboy suits. However, as city slicker, we do not perceive a significant distinction between the two. In fact, I personally owned cowboy boots during the 1990s when they were a fashionable trend.1 point
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Exactly 20% ?? Issuers commonly ask if tax was desired to be withheld from distributions and if there is no answer, sometimes they will default a withholding. And a 20% withholding is very, very common. From your post, this is not what happened. However, it might be an accidental transformation of instructions to the issuer.1 point
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Cowboy suits may not be popular in CT, but they are popular in rural ares, especially in the western states. The client is leaving a lot of money on the table if he doesn't try to sell them. He could try the costume shops in L.A. such as Western Costume, then places like Las Vegas, Denver, Dallas and SLC. There is also Ebay, or have his own web site.1 point
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Zero sales and 100K loss may raise a flag. Make sure you have good documentation. If the inventory is indeed worthless, how would there be a value of donating it?1 point
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I can't see that it's passive as they are providing substantial services and don't have an investment due to not owning building.1 point
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Sounds like obsolete inventory which needs to scrapped and written off; ending value = zero.1 point
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Sell to a costume company, theater, that kind of thing.1 point
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There are two special rules, that one if for the replacement of breeding stock sold on account of drought under sec 1033. If they are not replaced under the prescribed period, then the original return must be amended. The second special rule falls under sect 451. That allows for a one year deferral of livestock that normally would not be sold until the follow year due to a federally declared drought.1 point
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You are probably thinking of this: https://www.irs.gov/pub/irs-drop/n-24-70.pdf1 point
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In the back of my mind, I am remembering that farmers can defer reporting sales of livestock during a drought until the following year. Have you looked into that as well?1 point
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Oh, I block them and delete them. But the spammers keep changing emails, so blocking probably does no good. It also doesn't take me much time, so I block &/or report them every time before I delete.1 point
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It's the PTIN Directory you want to opt out of. Numerous sites download that data and make local lists of tax pros. I signed up to have Google search for and alert me about my personal info on the web, then give me the opportunity to have it removed. https://myactivity.google.com/results-about-you1 point
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It is not really income averaging, it is actually tax bracket averaging. You have to play around with the elected amount to determine the optimal amount. Also input any LTCG over STCL and unrecap 1250 gains on lines 2b and 2c that were included in the elected amount so they will not be included.1 point
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That's what I remember too, a checkbox not to share contact information in its directory for the public.1 point
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After reading the article in Tax Notes, the casualty loss relief for scam theft losses is limited to those transactions seeking profit. Personal transactions don't qualify for this relief.1 point
