Max W

Look on the positive sign. It's over, until Oct. which is never as busy as Apr. I screwed up royaly and now have to report the bad news to a client with an LLC. Forgot to plug in the LLC income to the SE page. It's going to add about $12K to his tax bill.

I wouldn't put it past them. Remember, just before W was inaugurated, the white house staff pulled out the letter W from all the keyboards. Infantile in both cases.

You could have used actual expenses - gas, maintenance, insurance, etc. This way it doesn't matter what the mileage was, if it was 100% farm use. Then tell the client to keep a log from here on.

Ah! Then get out the Ouija Board.

Copies of tax returns from the IRS are limited to 7 years. Might try contacting the retired preparer. My next door neighbor was a retired tax preparer and when he died all his old record were shredded. I don't know how far back they went, but the shredder truck was out in front of the house for the better part of the day. I doesn't hurt to ask.

It seems that the tax preparer is probably confused. Before 1997 if you sold your home you could defer capital gains by buying another for the same, or greater, amt of the sale.

The majority of what the dependent received were Pell grants and they can be used for room and board, books, and tuition. The statement is very clear that all expenses occurred and paid in 2024 for winter, spring and fall semesters.

From SEC archives - One of these contacts might help RockTenn Contacts:MWV Contacts: Investor Contact:Investor Contact: John StakelJason Thompson Senior Vice President, TreasurerDirector, Investor Relations 678-291-7901804-444-2556 [email protected] Media Contact:Media Contact: Robin KeeganTucker McNeil Director, Corporate CommunicationsDirector, Corporate Communications 770-326-8245804-444-6397 [email protected]@mwv.com Sard Verbinnen & CoJoele Frank, Wilkinson Brimmer Katcher Bryan Locke/Carissa Felger/Elizabeth SmithSteve Frankel/Joseph Snodgrass 312-895-4700212-355-4449

Westrock was created in 2015 by the merger of MeadWestvaco and RockTenn. To compound the problem, MeadWestvaco was the result of a merger between Mead and Westvaco in 2002. So, unless one knows which of the three stocks was inherited, you are shooting in the dark. Having said that, I think the RockTenn would be the most likely one as it operated in TN going back to 1973. The above info was gathered from perplexity.ai

The 1098 has all the detail and everything was paid in 2024.

Dependent has $16,000 scholarship/grants, etc in excess of tuition, which means $16,000 taxable income. As I understand in, the parent can take $4000 of that income and claim the full $2500 credit. The dependent would take $12,000 as taxable income. Any comments please.

What? No sex, or inappropriate language. Ain't watchin'.

You are thinking like a human. Software works differently. It's broken down into modules and there would be a module for CTC, CCC, RMD, etc. Each has several lines of query. for example with CTC, there would be a module for each dependent. All that stuff from form 8867 , 15 lines are queried. What you check off as 'yes' or 'no', in the computer sw comes out as 'true' or 'false'. In the cas of CTC and the other modules requiring birthdate, the computer sw has an algorithm. It would be something like this - CD - YrOB > 16. Current year - yr of birth is greater than 16. If this is True, then the credit gets denied. If it is false, then it passes. The point is that all Birth years are compared, not any selected ones. The actual software is likely written a little differently, but thi is the basic gist of what's going on.

The IRS does match birthdates, if the return is e-filed.

The client should keep all bank records pertaining to the transaction. It has been my experience that the IRS will send out a letter asking for them.