Janitor Bob

I called US Bancorp (issuer of the 1099), but they would provide me with NOTHING unless taxpayer was with me and could verbally authorize....of course client is ill and not with me. Nobody else knows anything about this so I just have to wait until she is better and can speak with me? The problem is that her memory is gone and even taxpayer does not remember what the details of this transaction are. I also assumed this was $100,000.00 face value note redeemed, but I cannot be sure at this point.

Elderly client has a statement from her bank with dividend and 1099-B information. I see the following: Dividends from General Electric Capital Corp Medium Term Note....$5,278.79....this was $429.17 each month from May through December with final interest amount on 12/19/07 of $128.75 Proceeds from transaction as follows: General Electric Capital Corp Medium Term Note....Transaction Dtae 12/19/09 Price $92.85 Quantity: 100,000 Amount: $92,847.50 (Total proceeds from Brokerage transactions) Client is too ill to tell me what she did or when she did it. I am assuming that she purchased a medium term note and is now redeeming it? If so, I assume she is merely recovering her principle and the only thing taxable would be the interest stated above....Am I at least on the rigght track here? Trying to dig for more information, but it would be helpful if I knew what I was digging for. Thanks for all of you!

Thanks...Thats what I thought.

Small Business Scenario: Business sends out 1099s & sends Form 1096 to IRS. Oops! Small business forgot to send 1 of the 1099s and did not include it on the Form 1096. To remedy this scenario the Small Business has quickly sent out a 1099 to the missing person. What is the best way to fix the Form 1096? Is it better to send an adjusted form or a new form with just the missing 1099 amount? Or is there a better option?

The worst part is that we are currently holding off on filing her tax year 2007 returns because the exact same scenerio is playing out this year....1099-Misc received last week is incorrect and issuer has said "I'm sorry, I messed up again this year"....Now client can say yes...and I know where you messed up somewhere else.....by not filing the corrected 1099-Misc to IRS....make sure you do it right this time! ....Man.....this small business really should be using professionals for their finances and taxes.....and it is NOT gonna be me!

In February 2007 (for tax year 2006) My client originally received a 1099-Misc with $1652 in box 3 and $13,330 in box 7. My client knew (from her pay records) that this was not correct.....She went several rounds with the issuer (a small local business) and received several "Corrected" 1099 Misc over the course of last year....finally in September 2007 receiving the correct "corrected" 1099-Misc that indicated nothing in box 3 and $9,331 in box 7....This matched her pay records. So she filed her return with this final corrected 1099-misc. Now, she receives a Notice from IRS (CP2000) that they have corrected her return with the amounts on the original 1099-Misc....IRS stated that they had not received ANY of the corrected 1099-Misc. These 1099-Misc (copy were done by hand by the issuer...is it possible they never sent copy A to IRS? I have drafted a letter and will send it to IRS with a cpy of the corrected 1099-misc....I assume IRS will contact the issuer to find out why they never received it?

I know this is not much help, but you could always try re-installing the 2005 program

I have a handful of senior clients that, even though I explain to them that they do not need to file, insist on filing every year. I do this for them at no charge and will do so again this year. As word gets around at the senior center, I imagine that many others will arrive at my door. I will prepare theirs (new clients) for $20.00 for those that I know can afford it and the rest for free..... To me, an appreciative smile is worth more than what I would feel right charging them.

Some of the funniest and day-making posts are stumbled upon enexpectedly....Leave things as they are I like oatmeal cookies better than chocolate chip

"Nuts" is when Crazy Pam from across the street comes over at 11:30pm and tells you that she cannot sleep cause her dog keeps wanting to go outside.......and she does not have a dog

Thanks.....I did what you suggested in scenerio # 2......I am just so burnt out on this issue......The last three returns I have prepared (actually 6 returns for 3 couples) have been this exact same situation. Unmarried parents living together with children. ....Just wait until they see my bill....They really do not understand how much time and effort it takes to maximze their respective refunds (legally, that is)

I have not had any problems....transmitted several last night and received ACKs this morning.

Please help...I want to make sure this is done right. I am preparing tax returns for two clients. They are not married but have one child together (born in January 2007) and lived together all year. She has W-2 income of $13,764 He has W-2 Income of $45,117 The note in their tax folders state that she wants to claim the child as a dependent....but who really should get the dependency exemption and the asociated credits? My thinking is that, since they both agree, she can claim the dependency exemption, but that he should file as HOH with the child tax credit and that she should file as Single and would not qualify for the EIC....Just gets the dependency exemption. If I treat the child as her qualifying child for EIC, she gets a few thousand in EIC...If the daughter is treated as his qualifying child, nobody gets the EIC because his income is too high OR.....If both agree, can she claim the deoendency, HOH, CTC, and EIC? They rent the home, and, based on incomes, I feel that he easily provides more than 50% of the cost of keepig up the home. This couple is the type that will come back on me hard if this is not done right and IRS audits them....So I need to do this one "by the book"

From what I am readng.....ALL people will need to file 2007 tax returns in order to be eligible for the rebate check. This means that seniors who would not normally need to file will need to do so this year.

Monkeys are funny

OK...So I have chocolate in my ear...How did it get there? I have not had chocolate recently. My left shoe is especially squeaky today when I walk.

I just received several this morning...finally. As for the SD40 ES voucher....VERY annoying! You would think they get set that up so it is added only when there is a balance due (like the federal and state).....but then again, I am still waiting on the client letter to include school district information instead of just the federal and state. ....and NO...I have no more frikkin banana pie....Doctor also said that from now on, I need to eat more frikkin oatmeal cuz I am gaining too much frikkin weight. I told him that the Quaker Oats guy scares me, but he just laughed and said....you need to excersize more too.

Lila the giant dog likes to chew them up and eat them...keeps her regular

I do not know about Missouri, but on OH and IN state returns for non-resident you put a "999" or "9999" for the county

Great to see you here! Lenny The Pirate sais "Squisheez to you!"....I have no idea what that means, but that is what he said

Cynthia Finkenbinder http://www.alphaomega-acct.biz/

I purchased a homemade pen from her (her son?) last year, I think I still have some e-mail correspondences buried deep...I'll look this evening and see if I can find her info...and send an invite to join us here.

I see that the form 8863 has been updated today (form version 19)....Hopefully this is the update that allows e-filing and printing.

On the Dependents Screen (in the 1040) is the box checked for "Qualifies for Child Tax Credit"? It should be, based on what you are stating....If not, check it and try again

I like mustard on my pretzels