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If it was only that easy! Actually the year of donation deduction is the dollar amount of the initial contribution less the present value of the annuity distributions back to the donor based on life expectancy.

For two lines, a dual sim phone is much easier. The problem is, in the US, these types of phones are hard to come by, and have some issues. For instance, google's cell service is one where you can get and easily use a dual sim phone, but your second line will not be "captive" so certain carriers will not allow certain things. If you use a phone captive to a major, to get all the services, then they likely prevent use of the second sim, even if the phone has it. In my case, the problem was the second line would not use wifi when cell service was not available. I need a major for best connectivity, and the other major for times when the other has no service (when traveling). Two phones (actually three) is what I end up with to accomplish what I want. One for each major, and a google cell as a normally "suspended" alternative. Creative call forwarding settings means whatever phone I have on with reception reaches me. (I also carry a SpotX satellite handheld, so I can text message out when there is no cell coverage.) On the OP, it always makes me smile when such a small change to taxable income causes so much kerfuffle. Most TP's who ask are not in a high enough bracket where the extra taxable covers the time spent researching. Employer can make it easy by a taxable addition, say for the desired amount plus 10%. As someone who has two family members who will eventually depend for a large part of their ongoing income based on my SS numbers, anything which can maximize taxable pay up to the SS limit is not a bad thing.

Client gave a relatively small amount to an organization as a charitable gift annuity, and has in his notes that half is deductible. Is it standard for half the amount given to be a year-of-setup tax deduction? There are no docs from the charity (and would probably say "check with your tax professional" anyway). It's been a while since I've dealt with a fresh one of these, and my searches so far have given me all kinds of info on distributions, but nothing on year of donation other than vague "some is a deduction" wording. Am terrified of having to ask the client; he's got some dementia and I just this past weekend got (most of) the 2019 docs, and those only because his granddaughter has been working with him to get them in order. (Yes, I have written permission to talk to her - but she's a tax neophyte herself so it's almost as useless as asking him.)

I'm glad I've had to deal with only Charitable Remainder Unitrusts! Relative piece of cake...

Catherine, here is a calculation I did back in 2015 for one that I had that didn't provide the calculations. This client had done another one in 2013 that had all of the calcs laid out for me that I followed. Here is the 2015 calc: charitable gift annuity deduction.pdf And here is the one that I followed that you may also find helpful: 2013 Charitable gift annuity example.pdf

It's been awhile since I had one of these, but there are calculators if all else fails. https://nationalgiftannuity.org/gift-annuity-calculator Edit: Just tried that calculator and it doesn't give you what you need, but you could use it along with an amortization calculator to get NPV.

I see. [Checks my 3 TB drive and smiles.]

So I need to ask them for the charity's contract or letter? Heaven help me!

Get a taco at Taco Bell on Wednesday for World Series stolen base and Wendy's chicken sandwich Taco Bell is handing out free tacos Wednesday thanks to Los Angeles Dodgers outfielder Mookie Betts' stolen base in Game 1 of the World Series against the Tampa Bay Rays. SEE HERE....https://www.usatoday.com/story/money/food/2020/10/28/free-taco-bell-world-series-freebie-wendys-classic-chicken-sandwich/3758020001/

I am currently representing a client and the agent on the case has been working from home for a while now, pretty much the whole federal building is working from home. Let’s give them a break and be patient.

I just checked again with the IRS amended return link. I got a new response. A notice that the return was received May 19, 2020 but has not been processed yet. So at least they have done something. Logged the return into the system to acknowledge receipt of it. Previously I got no response other than the standard comment that it is not in their system. I'm assuming maybe the 3 week period may start now. Hoping anyway.

I still remember when QB had version 1, 2, 3 etc... and in DOS

It depends on if the client needs to hit the 100% or 110% amount, too - so check that.

I just installed 2021 so I have 2012-2021 installed (10 years), but I rarely use below 2014 anymore. And don't you wish Intuit would store the version in the file details so you'd know which version the file is from? At least the accountants copies have the version number in the filename.

Sarcasm alert: I'd guess they'll do all of the analytics using printouts spewed by a computer, confirmations that will be assigned to the most recently hired junior staff person, about an inch of checklists to document their thoughts and prayers... and then do a cut & paste of an auditors' report template from a reference book onto the financials and notes that Tom supplied. Hopefully the auditor will remember to change the name in the template from "XYZ Company" before it is issued. /endsarcasm My highest level at this point are review statements, and it IS a lot of work even without the all of the documenting of the work I do, but I don't have all the fancy programs and have designed all of my workpapers and analytics on my own in Excel that I update each year. All of that flows directly to the financials, again of my own devising that I tweak each year as needed or required. I'm scheduled for my 3-year peer review on that work between now and February too. It truly is a lot of thought and work that goes into it, but all the clients see are the final resulting statements and notes that, to them, look much like they did 30+ years ago. In almost 40 years of practice, I only remember one client that truly had a complete set of financials including a complete all of the required disclosures, and that was in 1986 for a 72-store regional chain of pharmacies with a huge bookkeeping dept headed up by a someone with multiple degrees and many letters after his name. The only question for the accounting firm was for us to recheck his MACRS depreciation because the law was new at that time. I helped with that but was not involved in the overall audit at year-end. I did work on the separate audit of its pension plan though. That company was ultimately swallowed up by one of the well known national chains.