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jasdlm

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About jasdlm

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    ATX Master
  • Birthday 04/29/1969

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  • State
    KS
  • Gender
    Female

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  1. jasdlm

    Summer Gathering

    Total Turtle Poop! That is the one day in June that I cannot be in TN. I am Treasurer of my Church, and we are paying a consultant for a retreat to be held that day to deal with some transition and search committee issues. Have so much fun! I would have loved to join you. Perhaps it will go so well that you'll all agree we should do something again next summer. You are all welcome in KS.
  2. jasdlm

    Trust Distribution

    There is a way to avoid the distribution via disclaimer, and as Roberts says, you can't 'choose' who gets the money. Without seeing the document, if the 3 were equal beneficiaries with no other qualifiers, it would have gone to the Trustee's (who disclaimed) heir if the wording was 'per stirpes' and not designated by class, or most likely equally to the remaining to beneficiaries if no per stirpes or heirs. There could have been a beneficiary settlement agreement changing the terms as your Trustee desired, but it would have needed to be approved by the Court. Both of these options would have avoided the trustee receiving a K1. However, it sounds like he just 'gifted' his share, as others suggest, so assuming that's the case, he receives a k1 and does a gift tax return. Eeegads. Why do peeps expect us to fix things AFTER the fact?!?
  3. jasdlm

    Summer Gathering

    Hello. Sorry to be a dunderbrain, but are we really having a 'gathering' this summer, or is that a long-standing joke? OR . . . is it invitation only, which would be completely understandable. I don't want to show up and end up as fertilizer. Cheers!
  4. jasdlm

    1041?? for decedents estate

    Let the attorney do the 1041 if he knows so much more than everyone else.
  5. jasdlm

    1041?? for decedents estate

    Agree with this 100%. Distributions come first from income. I still think you should get a copy of the will to check for any anomalies before you sign off.
  6. jasdlm

    1041?? for decedents estate

    Is there a will?
  7. jasdlm

    SEHI deduction?

    Publication 535, Business Expenses, page 20, seems to contradict the law (IRC 162 (I)(1)(A)) which simply states "specified premiums means premiums for a specified qualified health plan or plans for which the taxpayer may otherwise claim a deduction under section 162(l). For purposes of this paragraph (a)(2), a specified qualified health plan is a qualified health plan, as defined in § 1.36B-1(c), covering the taxpayer, the taxpayer's spouse, or a dependent of the taxpayer (enrolled family member) for a month that is a coverage month within the meaning of § 1.36B-3(c) for the enrolled family member. If a specified qualified health plan covers individuals other than enrolled family members, the specified premiums include only the portion of the premiums for the specified qualified health plan that is allocable to the enrolled family members under rules similar to § 1.36B-3(h), which provides rules for determining the amount under § 1.36B-3(d)(1) when two families are enrolled in the same qualified health plan.. The code does not specifically disallow insurance that is not in the name of the business or the self-employed person. I would have no qualms taking the self employed health insurance deduction if the taxpayer otherwise qualified since the married couple tends to be one 'taxpayer' (joint and several liability, etc.) under the law. Just my opinion. Excuse the emphasis . . . that's what happens when you cut and paste from the IRC.
  8. jasdlm

    Personal question, kind of

    I agree with the majority of the posts here. The letdown is a really strange phenomena, and it can be overwhelming. I, too, have started to plan many things for the week or two following the end of the season so that I can ease in to regular life (which is very enjoyable)! The office feels a little strange now, but I have client meetings again starting next week, so it will regain its energy. Another thought, if you enjoy working as much as it sounds like you do, is to consider what types of work you might add to make your business 'busier' year-round. I do financial planing, and I'm a lawyer, so I do estate planning, M&A, and some financial mediation and forensic-type accounting for other attorneys. It seems to me that there is a fair amount of this type of business 'out there' if you open yourself to the same. You certainly don't have to be a lawyer to do most of the items listed. Sky is the limit on what someone with good 'bean counting' skills can offer! I might not be understanding how you are feeling . . . these are just suggestions. Jim, please let us know that you are okay.
  9. jasdlm

    Final "Star" week 4/7 - 4/17/18

    Woohoo! Thanks so much. Love the star!
  10. jasdlm

    Bulk Extensions

    Thanks, Lynn. Sad, but not unexpected.
  11. jasdlm

    Bulk Extensions

    Will this function create electronic filing copies, she asked hopefully, or only paper copies?
  12. jasdlm

    SSA Says Taxpayer Is Dead

    My TP just went to the social security office, and they told him he wasn't dead (which I had already figured out). Seriously, I got a reject that SS has locked his SSN because he is deceased, but SS office does not show that. They were willing to give the letter saying he wasn't dead, so I will send that with a paper file. Any thoughts on what is going on? Thanks.
  13. Taxpayer was divorced early last year. In 2004, Taxpayer inherited a farm. TP's ex borrowed against the farm (to the tune of $400k) to fund his own business ventures, which were not very fruitful. In the divorce, TP received the farm and all the equipment, but also all of Ex's debt against the same. It's arguable that the debt is more than the farm ground is worth. Taxpayer had a farm auction in 2017 and sold all farm equipment possible to try and pay down debt against the land. Much of the debt is a line of credit, so payment obligations are substantial. I have a list of assets that comes NO WHERE CLOSE to matching the depreciation schedule. Many of the items on the depreciation schedule are form 2004-2008, and I'm sure are not all accurate. I feel like my only option is to set a bulk sale against all of the 1045 property on the depreciation schedule, which is resulting in a gain from depreciation recap of tens of thousands of dollars. Please tell me I'm missing something that could help this person. She is reviewing the depreciation schedule carefully, but I'm not sure how much that will help anything. Thanks in advance. I feel like this person got a raw deal during the divorce settlement proceedings.
  14. jasdlm

    FOREIGN INCOME?

    Learned something today, but this year's peeps already went on Line 21. Wonder if I can remember for next year.
  15. jasdlm

    Final "Star" week 4/7 - 4/17/18

    Young clients - married couple with young children - withholding was way too low because job income increased substantially. Knocked out several credits (EIC, etc.), and no HI so penalties. Tried to talk them through what was different and encourage immediate W4 changes. Fast forward a few days: They have decided they are not going to file. They have been advised that they don't have to file every year, and that as long as they change their withholding this year, it will all even out, and they can continue to only file in some years. They will pay me for the return. Kudos for that offer. OH, AND he (the President) said it was okay. He is trying to help the working class, and this is part of it. I've had amazing conversations, but this was my first foray into the 'you don't have to file every year; only some years' thread of advice. ***Postlude*** - talked them down from the tree, and they are now making reasonable, rational decisions. 'They trust me'.
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