jasdlm

If it was a trustee to trustee transfer, I believe that the 1099R is wrong. However, were beneficiary IRA's established? If not, and if the IRA is set up in just daughter's name, I believe you will have to correct that and include the name of the decedent in the registration. Daughter did not commingle any of the inherited money with her own, existing IRA, correct?

Since she is not a spousal beneficiary, she would have had to set up a beneficiary IRA rather than a rollover. This would mean that she would have to take her RMD annually. Did the money go directly to the fund company or come to her?

I could do it last year; I don't know why it won't work this year.

My system won't open two returns. I've tried several times.

I'm kind of gobsmacked that you were asked to do a return for free or for lunch. I've never been asked that before. I've chosen to do that on occasion, but the offer came from me. I agree with everyone else - you should take a pass!

Agree with Marilyn IF no reimbursement for expenses had been made. However, given the reimbursement for expenses, I agree with KC in this particular situation.

Given that the individuals were reimbursed for expenses, I would say that in this case, you can NOT take the charitable deduction.

Someone posted earlier on this topic, but I can't find the post. Apologies for asking again. LLC owned rental property. Rented through July and sold in August. All amounts (including rental income) are flowing through 100% to each k1 rather than in proportion to the ownership interests. I have done this partnership return for several years and have not had a problem with flow through. What am I doing wrong?

I agree with Jack, but make sure you get a copy of the property settlement agreement and see what language was actually used regarding the $10,000. I don't ever trust what clients tell me when they are interpreting legal documents.

Not sure what MIR is talking about. The 1099-Misc came to your clients, not the student, correct? I think you have to report the income and then deduct the expenses you can account for (unless the expenses were actually reimbursements under an accountable plan, but then one assumes a 1099 would not have been issued). I don't know of any 'per diem' for exchange students. Can you assign a percentage of utilities, etc., based on the square footage of the student's room? You didn't ask, but I believe this negates the monthly charitable donation amount allowed for hosting an exchange student.

Publication 527 Used as a home but rented less than 15 days. If you use a dwelling unit as a home and you rent it less than 15 days during the year, its primary function is not considered to be rental and it should not be reported on Schedule E (Form 1040). You are not required to report the rental income and rental expenses from this activity. The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. Used as a home and rented 15 days or more. If you use a dwelling unit as a home and rent it 15 days or more during the year, include all your rental income in your income. Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in this chapter under Dividing Expenses . The expenses for personal use are not deductible as rental expenses. If you had a net profit from renting the dwelling unit for the year (that is, if your rental income is more than the total of your rental expenses, including depreciation), deduct all of your rental expenses. You do not need to use Worksheet 5-1. However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. To figure your deductible rental expenses and any carryover to next year, use Worksheet 5–1.

I'm a bit OCD so they all drive me crazy . . . . even if they are not red!

I don't seem to have the March Lull, which is why I was so dismayed that I already have a large queue and am already behind.

Thanks. Sorry I didn't see the previous post.

Why is this showing up a a warning and wanting me to 'accept or decline'? I've never used this, and I don't discuss it with clients. I had never even heard of it until I just did a 'check return' and it popped up in the warnings. Anyone else have experience with this? Is this insurance offered by ATX? Huh? Thanks.

I just went into the back room to grab a file. WHEN did all those people drop off tax information? Last week, my son was sick on Monday, and school was cancelled Tuesday, Wednesday and Thursday for snow. My husband is in health care, so I had to be the 'at home' parent during those times. I worked from home, but it's not very efficient when I'm the only parent around. I lost a week last week, and now I can't believe the number of files that are 'in the queue'. Are people dropping off earlier this year? I hate feeling this behind on 12 February. Thanks for listening.

I had the exact same situation happen last year. The attorney told the client that the debt forgiveness (on a rental property) would not be taxable and that the bank agreed in the negotiation not to issue a 1099C. First, I don't know under what legal authority a bank could 'agree' to not issue a 1099C. Second, sure enough, a 1099c came in the mail. I spent many extra hours working with the client, who was absolutely shocked to find out that the event had tax consequences. The attorney (who said the client 'misunderstood' - I wasn't involved in the negotiations, so who knows what was really said) agreed that it was taxable. Very bad season for the clients.

This is straight out of Pub 503: What is not earned income? Earned income does not include: Pensions and annuities, Social security and railroad retirement benefits, Workers' compensation, Interest and dividends, Unemployment compensation, Scholarships or fellowship grants, except for those reported on Form W-2 and paid to you for teaching or other services, Nontaxable workfare payments, Child support payments received, Income of a nonresident alien that is not effectively connected with a U.S. trade or business, or Any amount received for work while an inmate in a penal institution I'm with KC on this one.

Jack, thanks much for all the work you did. Your analysis helped me to move forward.

I have Onenote on my desktop, laptop and tablet. I take all of my client notes on Onenote. My 3 devices Sync through Skydrive, so my notes are always up to date regardless of the device I'm using. I suppose I could also take notes on my Samsung Galaxy Note 2 (my phone) and sync them the same way, but it's easier to take the notes on the tablet (Samsung Galaxy Note 10.1), and I almost always have it with me. I file the notes by Client, and within the Client folder, by date unless I want to label a page by a specific project. I also keep a 'to-do' file in One-Note with the pages filed by date. This also Syncs on all 3 devices. I integrate One-note with Outlook, so during client meetings, I can grab a note I have just taken and make it a 'task' or email it to one of my staff members to delegate a 'task'. I can also email the Onenote page to my clients if I want to share with them notes for a particular meeting. I'm not using the system perfectly yet. There is so much more that it can do, but I'm kind of a slow learner on the technology front. Let me know if I can give you any more information. So far, I really like the system. In particular, I love taking notes during client meetings on my tablet. I use the S-Pen, so it is no more intrusive than writing on a pad of paper. The tablet converts my handwritten notes to typed text (can stay as handwritten, but I prefer the typed). I don't like to type during client meetings because I feel like it's distracting.

Thanks very much.

Are you talking about the Mortgage Relief Debt Forgiveness Act? If so, I believe it uses the Section 121 definition of Principal Residence, which would be 2 out of the last 5 years. Instructions for form 982 say Principal Residence Indebtedness. Maybe I'm not following what you're asking, because I'm not sure what the 12 months (as opposed to 1 month) would refer to.

I use Onenote. What do you want to know?

I have a client who has an S-Corp. His company has just received to contracts in Canada and is currently applying for the requisite work permit. I need to refer him to someone who can help with the ins/outs and return preparation. Please Message me or post here if you have experience and would be willing to take on my client. Thanks!

I love my HP 12C. Used a 10B in masters program and still have it, but I can't use it now . I remember loving it in grad school, but Kea is right; I cannot get my mind to switch gears from the 12C.