Janitor Bob

maried couple....no kids...1 mortgage and each have 1 W-2...should be simple enough right? Wellll........ They kept the previous home in Springfield, OH, but on 12/31/09, HE moved to WV to be closer to work and SHE moved in with her mom in Sidney, OH because she was ill...then on 07/01/10, she moved to WV to live with him. HE lived in WV, but worked in PA all of 2010 and has only PA wages on his W-2 SHE lived 1/2 year in OH and 1/2 year in WV, and has only OH wages (did not work after moving to WV) It is better for them to file as MFJ Holy crap!

That's it.....my brain is officially fried.....I can't believe I just asked this question about transactions within the IRA....Not sure I'm gonna make it 13 more days! at least without a lot of very strong drinks

Client's IRA had a bunch of transactions in 2010....over 150 seperate transactions with 85 different CUSIP numbers. In the end, she had a total gain of $1,273. Is there any way to enter this as one transaction with proceeds, basis, and gain or do I actually need to individually enter 150 different transactions? Option two will take a ton of time that I do not have and I'll never be able to charge this elderly client enough to get my time out of it. I'm not sure what this fund was doing, but in many cases, they sold the same stock 3 times in the same week. I appreciate your advice.

Key West end of May....Can't wait

Thanks! I have done their taxes for many years, so I know there was no OIH.....However, I will need to talk to client and get the basis for depreciation.

client moved out of their primary residence on 09/30/10 and into a 2nd home. They immediately converted the previous residence to rental. Tennant moved in the next day (10/01/10). They have rental income and some expenses such as 3 months of property tax, 3 months of insurance, and repairs and supplies. Do I handle this any differently because it was client's residence for the first 9 months?

By $2,000 deduction, I meant that I am trying to decide if this is deductible as seller-paid points on client's Sch A

Thanks Margaret! for a $2,000.00 deduct for client, I will certainly investigate this further....and at some point, I may even conclude this never-ending post...but not yet!

I do not charge extra for state, school and city returns...all included in my flat rate as most of them are pretty much flow from the Ohio return so are pretty much completed automatically. To my knowledge, you cannot e-file the RITA-37 (at least not with ATX). you may be able to go to their web site and file on-line. If so, I am not sure what the payment options would be. Yes, The SD-100 return is e-filed along with the Ohio state return. You will only receive one ACK from Ohio though. If the state return is accepted, so is the school

Thanks Terry D. I was not sure about that $2,000.00. This client is not actually unhappy. He is just one of those clients that does not understand taxes, but is smart enough to ask questions and do internet research....so I always have to be prepared to justify every number on every line of his return. I almost always can, but it is still a pain.

Here is what I am going to deduct and just hope it is correct: Mortgage interest $41.00 Mortgage Insurance: $1,519.88 County taxes: $174.89 Points: $1,900.50....$756 from 1098 and $1,144.50 from HUD Points paid by seller $2,000.00

There is not a specific form or payment voucher for RITA 37. I would just send the check along with the return.

That school district did not have a tax in 2009. In 2010, however, they implemented a 3/4% (.0075) tax.

I LOVE LOVE LOVE the MFS MFJ comparison this year....In years past, I had to actually complete all three returns to see which way was better. At first, I did not trust the new "feature" so I continued doing all three returns and comparing my results with the ATX results.....Eventually I became convinced it was correct and since then, It has been a huge time-saver. The one thing I did notice was that the MFS MFJ comparison does not allocate the state/local taxes paid between the taxpayer/spouse.....you have to key it in manually.

The problem is that when the client closed on the home, the banker told him that "almost all" of the closing costs would be deductible on his tax return. I did the return only claiming the $756 in points stated on the 1098. Client is disappointed with the amount they owe and wants a detailed explanation of why only $756 is deductible points. Unfortunately, I do not have a good explanation. I want to make sure this is done correctly and need to explain to him what exactly is deductible as "points" I am leaning towards taking the $1900.50 from the HUD-1 and list the difference between this and the $756 from the 1098 as "points not included on 1098" I also assume the the $2,000.00 closing costs paid by seller is not deductible as points.

He had another 1098 with interest of $1,500, but it was for the property that he sold...nothing else for the new property...just the $41.00

5101 (Elgin LSD) is one of the districts I found as well so that is probably correct...they do have a tax, so you'll need to complete that form. If you enter the school district number on page one of the Ohio return, ATX should automatically open the school district return. However.....Ohio has two types of taxing school districts.....1) A district can have a "normal" school tax, where all income is taxed, or 2) it can be "Earned income only" where SS and retirment are NOT taxed. In your case it is number 2....earned income only.....as such, the income numbers will not flow over from the state return, you will have to go to the tab that states "Lns 20-23 Qual Earn Inc" and enter the amount from 1040 line 7. The tax withheld (if any) should flow to the school return. Just be sure when you are entering W-2 information to include school district information at bottom Correct....no returns would be filed for Marysville or Milford Center....Just RITA 37. Retirement and SS are not taxed by cities in Ohio...It would just be their W-2 income and any income from rentals, self-employment, etc. Only include income that was earned while they lived in Richwood. If this includes CA income then yes...include it, but not if it was earned after they moved to CA. Another tip regarding Ohio.....the wage base for state and school district taxes is W-2 box 1, but the wage base for city taxes is W-2, box 5

Yes...I forgot to black out name and address...pretend you did not see it. When I'm done I'll delete the attachment. The 1098 ONLY lists interest of $41.00 and points of $756....This is one reason for my confusion...not sure if I should deduct the $1,900.50, or the $756...or both?

This zip code actually qualifies for 4 different school districts (3 with a tax, 1 without).....I'm afraid I will need the postal "+4" number to be sure we have the correct one. The client should have that on something they received in the mail. Did they file Ohio returns last year? If so, their 2009 Ohio return should tell you what school district they filed under last year. almost all of the information will flow from the OH state return to the school district return if it is needed (with one exception and I can help you with that once we find the correct school district #). For city taxes, they would file OH RITA 37 (ATX has this form). at the top of page 2, make sure you choose Richwood from the drop down menu. You then fill out SEC A with info from their W-2s. Don't worry...I can walk you through this!

Ohio school district return is based on where they lived. If You give me their exact address with zip code, I can look it up quickly and see if a school district return is needed.....everybody in Ohio lives in a school district, but not all of them have a tax.

Please see attached the entire HUD-1 (3 pages). Jainen....please take a look and let me know your thoughts. bcolleen...Thanks for the tip on the property taxes.

I just found out that client put $18,000 into Roth IRA in 2009and took out $2,500 in 2010. She is age 60, but since it has not been 5 years, I understand the "T" instead of "Q".....so this would be taxable, correct? Or since her basis is more than $2,500.00 would it not be taxable?

Attached is the page from the HUD-1 that details the points. Again....I'm not sure what I can claim for the client. The 1098 states points of $756, but as you can see, the HUD has points of $1,409.01 If someone culd look at this and tell me what you would see as deductiblr points, I would appreciate it. Also...the seller paid closing costs of $2,000.00. This reduced the amount that my client (borrow) had to pay, but the HUD does not detail what comprises this $2,000.00....not sure if all or some of this would be points

I just get more confused as I go. I will scan and post the actual HUD-1 and see what advice you may have.