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Margaret CPA in OH

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  • State
    OH
  • Gender
    Female
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    CPA with 28 years experience and MBA specializing in taxation including individual, corporate, and fiduciary; Master Scuba Diver Trainer; Emergency First Response Instructor Trainer; marathoner; singer

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  1. Wise decision and I misread the capital account amounts. I was thinking the figures were in parens but not reading as negative. Now I see how the number increased! I should know better, duh! Better you doing this than me, for sure.
  2. Sorry I can't help you with this as I purged my brain of partnership knowledge a few years ago after my last one left (whew!) I am puzzled, though, how the capital account can be higher at the eoy with a loss for the year. Is there a way you can add up the income for the years you have done to see whether it is enough to cover this loss? I'm sure someone still active and knowing about p'ships will chime in here soon. My husband also wants me to retire but I have just been shedding the business returns and not taking new clients so easing along that path. Without businesses, I am still (mostly) enjoying the work even with all the credits and more. But no virtual currency! I have already declined one possible new client. Won't do it. Good luck! And remember that amended returns are an option so long as you can honestly state that the returns are true to your knowledge, in my opinion.
  3. There is also an election that can be made to pass through the gains to the beneficiaries. I was trustee for several trusts so made this election titled, 'Trustee makes a regular practice of distributing capital gains. Pursuant to Reg. 1.643 (A)(B), trustee is making a regular practice of distributing capital gains to the beneficiary as trust instrument permits.' So, as Lion noted, read the trust document and see whether it is permitted and whether the trustee has made a regular practice of distributing the cap gains.
  4. Have you checked Pub. 970? I am looking also at QF Handbook. It shows awards 'given for outstanding educational..winner is selected without any action on his part, winner is not required to perform services, and he assigns the prize (my emphasis) to a government unit or tax-exempt charitable organization.. is not taxable. My bold is wondering if that means giving the prize over or noting that it was received from so not sure. In Pub. 970, it says ' a scholarship or fellowship grant is tax free (excludable from gross income) only if you are a candidate for a degree as an eligible educational institution...... and only to the extent: *it doesn't exceed your qualified educational expenses; and more on page 5 which you should read. I can't imagine that there was no tuition although Box 1 may have been blank because it was not paid by outside funds. Have you seen the account transcript? I have had students with scholarships that, on the transcript, show as offsetting the tuition. It would seem to start there and, if determined to be tax-free, I don't see how it could be subject to Kiddie Tax because it wouldn't be unearned (or earned) income which is taxable interest, divs, cg, taxable ss and pension payments, certain trust distributions, unemployment comp. and tribal gaming revenues (from QF). Maybe someone else will chime in here but Pub. 970 is the place to start and clarify with client any conditions of the scholarship and get an account transcript. I'm guessing the student didn't see any of it but if some was distributed as living expenses, that could be another issue. Pub. 970 has a worksheet to determine what is excludable from gross income. How nice that they give you so much time to do this 2 months after the due date and what, two whole days before kid leaves country. /s I say rush job surcharge is in order!
  5. 2026 I've read in multiple places. However, they have done a security update recently for Win 7 which supposedly was out of maintenance some time ago. My computer guy suggests to not worry. I've read several articles including one that stated that a lot of 11 features are already in 10. Also, I don't want to be the test user with multiple fixes and updates for the next year or so that seems to happen with every new OS. I'm good with 10 Pro for a while yet.
  6. You have some good questions here and made me think about my Aussie clients. They are both paid on salary so earn money when visiting in the US. I've never allocated foreign salary earned while in the US as the visits were in the range of a couple of weeks not months. Technically, though, I suppose the money was earned while in the US. I will look this up later, can't now. It would seem to me that both A and B income would be excluded by the 330 day rule but now I wonder if the 2 months income from A in the US would be different. I would think not, but not sure. I hope others chime in.
  7. As answered to your FB post (I guess it was you), here is a link to several KB answers. See if one applies to you: https://support.cch.com/sfs#q=xml data failed schema validation ohio&t=All&sort=relevancy&f:@commonproduct=[ATX™]
  8. Hello! I hope you are enjoying retirement and are happy that you have popped back in here. Sorry that I don't have the answers you need as I know zip about VA taxes. Just happy to see a familiar name! Come back often.
  9. Don't feel too terrible, Catherine. You are in great company, those of us, The Unshielded. We have nothing to hide, probably, maybe.
  10. They are not linked. All the information needed is on each return ( names, SSNs, etc.). It would be a surprise to see tax due given the exclusion of $11,580,000. None of my clients gift that much!
  11. It won't automatically flow as it was remitted to OH, as I understand it. There is reciprocity but that just means that the OH employer withholds for and remits to IN. If the tax is withheld and remitted to OH, the taxpayer must pay IN and file a non-resident return with OH and include Form 2023 (I think) allocating all earnings to IN and await the refund. If the employer is really small, this is not required and even some larger employers will not do it but most do. Yes, a pain. The taxpayer must take it up with OH employer.
  12. Next ATX Community gathering at Joan's!
  13. KlfyhaM, I would definitely call the rep/sales folks for this. You may have better luck calling tech support first to see if you can get help restoring and, if not, get a case number to support your claim to not have to pay a second time. I do a handful of clients not in the 3 states I have in the 1040 package and would be, well, quite upset if I had to pay a second time for a PPR after a software crash. Fortunately I have never had a crash in over 20 years (jinxing myself?) but would be adamant about not paying twice for something not my fault. Good luck!
  14. So, you submitted an amended return to the State without filing a regular return? No, the state received only the original state return. As mentioned, I hold the state returns until federal is accepted. I received information after filing the federal which warranted an amended federal return. After filing the amended federal return, the original state return was then filed. As an original state return had not been previously filed, it was not appropriate to file an amended state return.
  15. FDNY, your humor is so appreciated! Fortunately I have suffered very little in all the years (since 1997), I have used ATX. Luck? Good computer? Few problem clients? Stars in alignment? No idea but, for me, it ain't broke so I'm not fixing it and meets my needs. I like how it works and, for me, the price is right. I did begin with CCH Pro something back in the mid-eighties when I first worked at a firm but that was filling out the sheets, sending away for coding and, well, ancient technology. Now this program is like my comfy, broken in slippers.
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