Margaret CPA in OH

Thanks, pals, I knew you would understand...

This has really been the year for nitpicking questions. Clients file MFS so I have to split everything, of course, with most things jointly held. But for some reason the Average Tax Rate on the Tax Sum/Carry form shows his rate at 18,76% and hers is 18.3%. He wants to know why. Their incomes are close, hers is about $2750 higher but tax is just $40 higher due to bracket. He thinks her rate should be higher. I have no explanation and the field doesn't jump to the calculations. Cap gains rates do not factor here. Any ideas besides telling him a computer error and to white it out? Oh, he just now noticed that there is a possible deduction on A for safe deposit box and wants to know if the feds want the information in case they are hoarding a bunch of money. I think he's serious but am afraid to ask.

A high school student is taking college level classes but not half time - smart kid - but I don't want to spoil the AO credit when the big money payouts begin. Is it appropriate to take Lifetime Learning until he is enrolled as at least half time student?

That was absolutely wonderful! I could say more but am a bit teary about this at the moment. I am so glad that these folks recognized the humanness of the poor, the homeless, the hungry and treated them accordingly. Thanks for sharing, KC.

As I mentioned earlier, this is the first time I have seen this and it was with American Funds. Schwab, Vanguard, LP, others have all provided dollar amounts for both ordinary and qualified divs. I have often had to look up in my Mutual Fund Publishing reference books for Municipals and US Treasuries, but even now firms are doing a much better job with providing those percentages. For example Ohio does not tax interest on US Obligations or municipal income from Ohio or territories (Guam, Virgin Islands, Puerto Rico). Many folks will not have this or very little but a handful of my clients have significant investments in such and it does make a difference. And they appreciate that I know about this and look out for their bottom lines. Of course, I am also looking out for mine

Those taxes are county and occupational taxes. There is no option to not pay and there is no filing. You can type in the name and it does flow to 1040 Schedule A as local taxes. Most are percentages but some, mental health maybe and others, are dollar amounts like $25. Nothing to do with any local returns or KY state return.

Typically they are not shown on the main page of the 1099DIV. Most investment firms (at least with my clients) provide div details in additional pages and show which funds have foreign income and paid taxes. Many also just provide the totals at the end. American Funds apparently only provides percentages so you have to do the calculations. (Ask me how I know - client had this and it became a small issue as he wasn't happy to pay me to do it, his advisor couldn't/wouldn't tell him but he wanted the credit. Arrgghh!)

Also make sure that you determine the foreign ordinary dividends and qualified dividends. At least in ATX, it autofills with the total on Lines 1 an 2. Rarely, in my experience, are the total divs foreign. Additionally, when you look at 1116, look at the drop down box on top and choose Passive.

This seems to have degenerated into a rant so, after today's adventure, I will contribute ( also after 1/2 pitcher of 1/2 price Margarita's at El Coyote with my best friend this evening). Client has American Funds three of which have Foreign Tax paid. Did client provide additional data showing total foreign dividends and total qualified foreign dividends? Of course not! Client referred me to investment firm. Liaison informed me about the contents of Form 1099Div. I informed liaison that I am aware of contents of such forms having a master's in tax and about 30 years experience reading such forms but no support pages were supplied. Liaison seems upset. I inform client that, if client wants correct calculated foreign tax credit, I need dollar amounts of foreign divs and foreign qualified divs. All I was provided was percentages. I offered client option of saving money (my time) by doing calculations himself as client seemed concerned with my prep bill. Sheesh! I mentioned that we could go with Sch A foreign tax which would be unhelpful as standard deduction exceeds itemized. You choose. Next thing I know, here is client, I end up doing calcs, saves about $50 on tax (client happy), takes me about 45 minutes (not in my schedule and I am not happy) and now how do I charge! Arrgghh! Glad for the Margarita's this evening although red wine is my usual beverage of choice. Knew y'all would understand.

Well, silly me. I was looking in Last Monty/Quarter tab. No 941's until I rolled it over from 2012 returns, Q4. Bizarre! At least I now have it - whew! And good night all....

Hmmm, I only seem to find Update Program. I've used this program since 1997 season. You would think I could manage this!

I just realized that the Payroll 2013 does not have 941's for 2014. What am I missing? I have MAX so should have this. It's been a very long day....

This year it is called 'other country'. Sorry to see various disappear.

Update-accepted ack finally came in 3 days after transmission with the date of acceptance the same day as I transmitted it. Hmmm, some conspiracy out there messing with me, I guess. At least it is finally done and gone!

MsTabbyCats is a great help. Listen to her. It may be completely exempt so check the code.

Yep, that's it, for sure! And I can't even resend because, well, it's been transmitted you see and, well, it's up to IRS. I did find out that the phone tree voice that said it was accepted (Option1) meant that it was accepted at ATX. Sigh...maybe by Monday. I just really want it off my list and outta here!

I did that, Jack. That's what I meant when I said web says waiting for IRS ack. I can't ask to rehang something they say on the website they don't have. (I have had to do that in the past on rare occasion so knew that.) But when I called and followed the prompts, the voice said the status was accepted. So what to believe? The truth is out there somewhere, I just want to find it. Oh, IRS Where's my refund doesn't have it, either. My first GRRRRR this year.

So how do I get the truth? I efiled this on Tuesday and have had others accepted in the meantime. I want to finish this with 9325 and letters accepted but no acks are coming down and I can't file the state until I get federal ack. Clues?

Thanks for the heads up. I must be under a lucky star, though. I had zero issues on a stand alone. Zero, as in none. I did follow your advice and had no other apps open and did monitor usage but it was, for me a nonevent. Nothing near max happened. I think a lottery ticket is in my future today!

JJStephens, what an amazing story of, well, hubris at the least. Was he still a co-worker after moving out? I hope not for long! Just know you and family are good people and they are maybe not so much.

I would love to help but don't know this. My clients were both citizens living in AU and both German living here. This board has certainly had the gamut of combinations this year. What an education! I do hope someone can help you as I've been helped.

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Curses! But thanks - see self kick in the butt here... I recalled $50 but not in the right place.

I sort of recall that if the tax change on the federal return is less than $50, no change is needed. I hope that is correct. In reviewing a return for a 92 year old client, really pretty sharp still!, I realized that I had a transposition error on the Qualified Dividends. When I got back from the nursing home and changed it, the tax difference is $46. I really don't want to take the 2 hours+ to go back, explain and have him sign again. Someone please confirm my memory or smack me upside the head (gently) for making such a stupid error.

I always include that summary as well as the comparison with prior year whether generated from prior year software or, if new client, I have entered myself. Folks seem to genuinely appreciate both. I add the letters and Form 9325 so they don't call me about the refund status. Works for me.