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Pacun

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About Pacun

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    ATX Supreme Guru

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  1. Are you talking about numbers and figures or how to manipulate the asset in ATX?
  2. The only thing that comes to mind is that your hard drive was compressed.
  3. Perfect explanations. Thank you both.
  4. Basically what I understand from the your post is that the plan administrator is correct in my case. It is up to me to keep records to prove that I have a basis on my 401k plan. That's interesting that I will have to show the IRS 30 years later that I have a basis on my 401k. How will I calculate earnings on that money (my basis)? It becomes a hard task. I am glad it is not that much money that I have to send to cover the defaulted loan.
  5. This happened on a small scale. I have been working for the same company without interruptions for 20 years. in 2012, I had 200K in my 401k and I got a loan for $50K. For some reason, the loan defaulted and custodian issued a 1099-R for 10K in 2015. I had to pay taxes and penalty on that distribution. Last month, I tried to get another loan and they told me that I had to pay the 10K for the defaulted loan. I was planning to get a $25K loan but since I have to pay back the defaulted loan in order for the next loan to be approved, I will now have to get $35K. I have argued with the custodian that since they issued a 1099-R, the loan should be cleared and they said NO. I have also asked if those 10K will be invested in a 401k Roth and they said NO. I have told them that the 10K is in different category than the rest of my money and they said NO. I told them that they were doing a "not permitted" transaction and they said NO. I understand that the loan repayment comes from "already taxed" money but no 1099-R are issued when the loans are repaid. I feel that I will have to pay those 10K from "already taxed" money and in addition I got a 1099-R to which I paid taxes and penalty because I am not 59.5 years old. Am I wrong?
  6. Win 7 will not be supported anymore when tax season begins. NO ONE should have so much client information on a Windows 7 machine that is connected to the Internet.
  7. I normally use direct deposit and that covers this issue. I did a joint return last year and efile went through and only the surviving spouse signed.
  8. I have done a few of these returns. My clients' wives don't work or make about 3K in a year. So it is very advantageous for my clients to get married right before the year end. You file jointly and send W-7 with wife's passport to request ITIN... along with 1040. You include global income for both and attach a letter stating something like: My wife and I got married on December 30, 201X in El Salvador. She is waiting for her visa in El Salvador and will join me later. In the meantime, we have agreed to file jointly reporting our world-wide income on form 1040. I normally ask both of them signed the return and the letter. Basically, I prepare the letter, the taxes and the signature page to wife and she signs the form and letter and send it back by mail to husband. Husband comes to the office and signs himself and we send the package to the IRS. I love when they marry University students because their income is 0 and most of them save about 5k in taxes. In my practice... spouse is NEVER a dependent.
  9. I wouldn't get involved. It is not your fault and I would let them pay through the nose.
  10. Pacun

    virginia acks

    The good thing about VA is that their last day to file and pay is May 1. I am concerned about a couple MD returns that were efiled on April 16.
  11. I will also buy one for me but in November. If you wait, I will share my DELL specs and price.
  12. It sounds impossible. How much he made? Filing Status? Give the figures of what he paid and what the gov pay and we might be able to tell you.
  13. I agree. If you are running out of disk space, it might be a good idea to by a new computer or remove other programs. Don't mess with ATX during tax season please.
  14. Bulldog Tom, Good explanation of your customer's case and good analogy. If I am not mistaken, that part of ACA will not change next year. Once a person enrolls on the "exchange", the law will remained unchanged. I guess we will have ACA for a while and I am not a fan of it either.
  15. Gail, I agree with you but how do we know that the "loan was really for the benefit of her husband and he is the one who defaulted on payments"? What we know is that the wife was the one that defaulted on the payments and that's why she got the 1099-R. In any event, my clients ALWAYS ask me: "Conoce algun buen abogado que me pueda recomendar?" (do you know any good lawyer that you can recommend?). My answer is "Such an animal doesn't exist!!!!"
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