Pacun

Why was he paid by Exxon? Was his body covered with black oil and he could work? Was he so sad to see that his blue sea was now black? Did he work cleaning up? Was he farm-raising whales and he lost his investment? The lack of 1099 doesn't mean he doesn't have to report it. If withholding was garnished, he cannot claim them on his return, unless he uses line 21 to re-report it.

Because I think the bank will give up on this person and cancel the debt.

How will you access it, from a microwave oven or from a TV? Jus kidding. My point is that you still have to deal with a computer to do your work regardless where your data or programs reside. AND don't let me start with your client's confidentiality...

Client received 1099-A but not a 1099-C yet. This was a rental property and when I dispose it from schedule E, I get a big loss and some depreciation. Property was repossed on Feb 10, 2009 and was not available for rent at any point in 2009 so decpreciation is not an option. Where should I report this transaction? I don't feel it is right to have a loss this year and next year have a 1099-C to deal with.

Wouldn't make any sense to report COD when a 1099-C is not received because the bank can take you to court a take some other assets from you or simply leave the possibility open for 3 years.

Close your eyes and buy a Windows 7 64 bit sytem. You will have no problems whatsoever. DON'T EVER compare Windows Vista with Windows 7 because Windows 7 is the best OS EVER. I am so happy to be using Windows 7 64 bit with 4gigs of RAM. It flies and my only problem is that I am too slow for the system.

He will be limited by defenition to 4K if he files MFS.

You need to be registered with NY in order to prepare a return for profit.

Is that famous "more than half of its own support" still valid for EIC in this case? I know it is for head of household.

My partner is not that bright. If I didn't efile, I bet you I would get federal retuns on State envelopes, missing w2s, two copies of the same w-2 sent to federal while missing a w-2, 1040 missing signatures, federal payments made out to state, etc. I am so happy that efiling is saving me.

The only thing that comes to my mind is line 30 (sch A), click on the bunny and make sure that "force standard deduction" is not checked. I get the same results as Bart.

I agree with KC that she lived the whole year and therefore qualify for 8K. The question is: Will she have to return the 8K since she didn't live in the house for 3 years?

Happy Birthday JohnH.

Thank you Catherine for your quick replies. I already got your email and I thank you.

Correct, daughter can still claimed mother if she only made $2,952.

Correct, child must be under 17 at the end of tax year. No more 1K for this person.

If US Citizen moved to the US in December 2008 from a foreign country (where he lived for 2 years), worked in the USA Jan - April 2009 and died at the end of April 2009, will not qualify for the credit even if he made only 5K.

No. You would amend last year's return. Some states have some different programs that might loan you 8K and they will collect it later.

I am a DC preparer, I have a couple of TP who lived in MA half of the year and the other half in DC. Will I have problems if I try to efile MA returns? Do part year residents qualify for commuting credits? I am very interested in the efiling questions, so if you can answer that one, I will be happy.

If she files MFS, the IRS will send her a refund. You should calculate the filing both ways (MFJ and MFS). The sooner they paid the student loan, the better anyways. You split the itemized deductions based on what each paid. If she itemizes, he will start with a 0 standard deduction and build it up using schedule A, but he is not required to use schedule A if he uses his 0 standard deduction.

It seems that the whole thing is treated as dividends. This is what IRS says: U—Dividends distributed from an ESOP under section 404(k). Use Code U for a distribution of dividends from an employee stock ownership plan (ESOP) under section 404(k). These are not eligible rollover distributions. Note. Do not report dividends paid by the corporation directly to plan participants or their beneficiaries. Continue to report those dividends on Form 1099-DIV.

On the work sheet that reads "property 1" through 10, place an X on "print this worksheet".

Only one Schedule E with A and B colums. I would think like 2 properties as someone stated. One for Rental and one for residence. I would do that because the rental property will be depreciated every year, while the residence will be depreciated only on the years when he shares his apartment.

If the child has a green card, he can get a social security number. Why do you need to check if the "green card" has an ID number? All "green cards" have an A number, which means nothing for taxes as long as the person is a legal permanent resident and have a social security card. Since the child was not with TP all year and the adoption is not final, I don't think you can claim this person on the return.

The adult that provided more than 50% of support is the only one that can claim the exemption of her friend (the child), provided that her friend lived with her all year. Since they are only friends, the child cannot be her qualifying child or relative.