Lynn EA USTCP in Louisiana

My research concludes that the repayment of he 'defaulted' loan, for which a 1099-R had been issued in a prior year, results in no deduction in the year repaid (see IRS Notice 82-22). However, that amount becomes basis for the 401(k), so that when MRD's have begun, it is not taxed again. I'd appreciate hearing if anyone has come to a different conclusion. I'd appreciate hearing if anyone concurs with my conclusion. Lynn Jacobs, EA, NP Kenner, LA

New client (nonfiler type). In 2002 took out loans from her 401(k) and defaulted on the payments. Received a 1099R for the default for 2002. But in 2006 she wanted to take out another loan and the administrator required that she repay the loan (the one that had been defaulted and for which a 1099R had been issued in 2002) before getting the 2nd loan. Oh, and she defaulted on the 2nd loan too (no surprise there, huh?). I expect to be able to show the repayment as a deduction against AGI (line 21). Or is it properly shown as an itemized Schedule A deduction? I've never had this issue come up before. Anyone else have words of wisdowm to impart? Thanks, Lynn Jacobs, EA, NP Kenner, LA

NC and SC EA Society's also have joint 16-hour CPE sessions in May, 19th - 21st. http://www.nc-sea.org/CPEseminars.htm Lynn Jacobs, EA, NP Kenner, LA

Verify her name. I had one reject 6 times before I found the right name combination. Lynn Jacobs, EA, NP Kenner, LA

In ATX the Clergy Worksheets have not been released yet. Per their website, they are noted "Final Pending from Tax Agency". Once they are available and updated you should be able to e-file the return. Lynn Jacobs, EA, NP Kenner, La

Those of us from New Orleans don't see the 'joke' in this. Lynn Jacobs, EA, NP Kenner, LA

Have you tried the 'synchronize with EFC'? I usually do that before trying to send my first e-file, which was successfully sent this morning. Lynn Jacobs, EA, NP Kenner, LA

Have you looked at form 4835 (farm rental income and expenses; (Crop and Livestock Shares (Not Cash) Received by Landowner (or Sub-Lessor)) (Income not subject to self-employment tax)) and its instructions? Lynn Jacobs, EA, NP Kenner, LA

If you do NOT have a FEIN, then for this purpose your EIN is your SSN. Lynn Jacobs, EA, NP Kenner, LA

simple google search yielded: http://www.irs.gov/pub/irs-pdf/p2043.pdf Lynn Jacobs, EA, NP Kenner, LA

I couldn't find the ALS Script, either. So I used Lucinda Handwriting, regular, size 12. Lynn Jacobs, EA, NP Kenner, LA

They -both- work for me Lynn Jacobs, EA, NP Kenner, LA

Red forms are still required. Lynn Jacobs, EA, NP Kenner, LA

I don't have an answer to 'that' question. But I never even realized there was an Asset History section to the deprecation reports, until this year when everyone is talking about it not being there in the 2009 program. My question to you is, of what use is the Asset History? Lynn Jacobs, EA, NP Kenner, LA

I took the exam in 1989, passed first time. Once you pass the exam you'll receive a big packet of forms to complete, which may include a fingerprint card, and forms for IRS clearances including checking that you're current in your tax filing obligations. I would guess it to be about a 3-month process, give or take. Lynn Jacobs, EA, NP Kenner, LA

SunTaxMan - I've heard others who purchased the F. A. M. and were offered the software at half price. If you must have the asset history, ask for the 1/2 price deal that others received. Lynn Jacobs, EA, NP Kenner, LA

To clarify Taxbilly's reply - you may do a W2, as an original W2. The W3 may be prepared with just this person's wages. Of course the 941X, amended 940 and amended state unemployment forms are also required. Lynn Jacobs, EA, NP Kenner, LA

My off the cuff (i.e. unresearched) answer is YES, you do need to change the payroll as once she becomes 18 she will be subject to the FICA/Medicare withholding requirements. Lynn Jacobs, EA, NP Kenner, LA

MAS - you still need a PIN to efile even just your own quarterly reports (941's and 940's). It's a 10-digit number issued by the IRS. I didn't even bother to go that route for my clients - I do paper returns for them, but e-file those for my office. Guess this isn't of any help to you after tall. Lynn Jacobs, EA, NP Kenner, LA

Doug - tell us more about the Research Service Lynn Jacobs, EA, NP Kenner, LA

Ken, which 'status field' are you talkng about? I have my program open and the only status field I see is on the e-file tab. The status field on the e-file tab is not modifiable by the user. What am I missing? Thanks, Lynn Jacobs, EA Kenner, LA

Our library has a 'friends of the library' program which accepts donations of used books, cd's, etc. which they then sell (paperbacks sell for 50 cents) ; there's a cart with books for sale in every library. Once a year our library friends program has a BIG sale. My 2 cents worth. Lynn Jacobs, EA, NP Kenner, LA

The sale of stock is generally the seller's preferred type of sale, as it gives rise to capital gain treatment on the sale of the stock. On the other hand, buyers generally prefer to buy the assets, thereby avoiding the assumption of any liabilities of the corporation. And, the allocation by number of days is the default to report the k-1 information, unless an election was made by the shareholders at the time of the sale. Lynn Jacobs, EA, NP Kenner, LA

I had never looked at the 'history' report, but will now (in the 2008 program). But I always printed the next year federal report and am at least relieved that report remains part of the program enhancements. Lynn Jacobs, EA, NP Kenner, LA

Request the wage and income information (which will report income via W2's, 1099's, SSA as well as mortgage interest via 1098's) and create a 'real' return. What the IRS has done is an SFR. The 'real' return, once filed will supercede the SFR. Lynn Jacobs, EA, NP Kenner, LA