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Terry D

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About Terry D

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  1. Anyone happen to have saved a downloaded copy of OneDesk for 2014. Unfortunately, I have to admit I used this stuff in 2014. While I deeply regret it, a client would like to have a copy of his 2014 return. I have the backup file but not the program. I also have the entire computer backup but don't want to restore that.
  2. This is the main thing that I agree with in this thread. The quote below is excellent advice as well. Also, never assume. Always verify with the client and have documented proof to support your position. As said in another thread, nothing is worth loosing a license over.
  3. I think the early withdrawal penalty applies. Agree, no earnings or principal is taxable. OP said he was under 59 1/2
  4. Only thing I can add to this is through Drake, I use Secure File Pro. Provides the same services mentioned here but comes at a much lesser price. I am billed $14.95 per month. For e-signatures, I have been using the free version of Pandadoc. Comes with a certificate of authenticity for the signature. E-signatures through Drake can be purchased as well. The cost would still be less than the other programs mentioned in this post.
  5. Only have done a very few military tax returns over the years. I have a client who's son is in active duty with the Navy. During 2019 he receive form W-2 with box 1 and 2 blank. Box 12 has code Q which is combat pay. He has no other income from any other sources. I have looked at Pub 3 to find out if he has to file a tax return. All I have found, which I knew, that combat pay is excluded from taxable income. The W-2 does show amounts in box 3, 4 5 & 6. Question is does he have to file a return? If so, how do I get the return to be eligible for E-file with no wages on the W-2/
  6. Thanks Catherine, No you're not. I'm right there with you. Only under my breath is the holy crap comment.
  7. cbslee. I did not ask, they volunteered the information. As far as your other question, NC will recognize the common law marriage of a couple from another state as being legally married. I believe they do this because a precedent was set in the other state. I did read this but can't remember the exact wording.
  8. New client. Never been married but has lived with girl friend for numerous years. They have two dependent children together. Previous tax filings have been filed using the MFJ status. NC is one of the few remaining states that does not recognize common law marriage or cohabitation as a certified marriage. As we all know, that IRS will follow state law regarding marital status in these situations. I have advised these folks that I cannot file their 2020 tax return as MFJ. Not sure how they want to proceed. But if they do stay with me, how many years should they amend the previous filings? Of co
  9. Thanks Possi, I realized after I posted this that this property was indeed their primary residence for two of the last five year period prior to the sale. The client did their 2019 return on Turbo tax and for some reason they depreciated the property at 50% use. According to their records, the property was converted to rental in June of 2018 and rented for 365 days. I think they used the 50% business use due to renting the property of half of the 2018 year. The recapture of the depreciation won't be that much. But, it looks like 2019 needs amended with a 3115 to correct the depreciation. Folks
  10. Client purchased property on 12/14/2014, converted the property from personal use to rental 6/1/2018. Sold the property in December 2020. Isn't this out of the time window to claim the 121 exclusion on the sale?
  11. I did read page 5. My wash sales are reported as required. I can attach a .pdf of the summary statement or any other parts in Drake as well. I really doubt that I could get anyone at Robinhood to give the 1099B in excel format. I would love it if they would.
  12. Good reading material. There are wash sales but they are identified as disallowed. Thanks,
  13. I have used QB in the past. For the most part it is not beginner friendly. But.. if the payroll is setup correctly and not too complicated with fringe benefits; etc. It does do a fairly decent job. PR tax payments can be setup for automatic EFTPS deposits, state deposits; etc. I agree with Medlin though, to start they should use a service.
  14. It seems there are some previous post regarding Robinhood Securities and I apologize if I am beating a dead horse here. I do understand the transactions and do know where they go; etc. My client just brought in 52 pages of these transactions. If I read the top of the 8949 correctly, we can enter these transactions as a summary????? For me to enter each individual and group transactions will take about 2 weeks solid work. I don't think this guy can afford that. Yeah, I would love the final bill but really???? Proceeds of one summary is $385,093.75 - By the transaction dates, these are day
  15. I stand corrected on NC. NC always uses the Fed taxable income as a starting point. With that said, the exempt unemployment from Federal is also exempt from NC.
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