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About mrichman333

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    ATXaholics Anonymous

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  1. A client took over his 90 year old mothers finances, who cannot contribute to a IRA. However he did not know this or that there were limits. He made the contribution via phone and the rep. at Vanguard allowed the contribution. He made a $20.000 contribution 01/18 and took out $55,000 09/18. Vanguard issued a 1099R for the $55,000 and while they admitted they were wrong said there is nothing they can do. He never filled out a excess contribution removal form. Since the money was removed before the due date of the return, I believe I can NOT include it in income, and when the IRS contacts him about the difference as reported on the 1099R we can explain what happened. Not sure how else to proceed
  2. Am I missing something or is my software not calculating the penalty correctly. Married couple with a 1 dependent 21 years old full time student. Income is $133,000 I thought the MAX penalty was $2,085, my software is calculating $2,698
  3. Thanks all, I really thought it was funny, he read pub. 501 and didn't get past the "single or considered single" part. He believed because they were not legally married that was all he needed.
  4. So a client calls me and says his girlfriend and her kids moved in with him and he pays 51% of the cost of keeping up the house hold, "So I can file as Head of Household, right" I say HOH is really for single parents... he says but were not married. As we went back and forth and I looked at pub.501 I can see how he thought that, or is it me that is missunderstanding
  5. Exactly how I see it Hahn and jack, the credit goes with the exemption. H&R should have verified she is a dependent and not take her word for it, after all that's their job isn't it
  6. I have a long time client who's daughter had education expenses, she turned 24 by the end of the year and earned 24K. I told my client she could not claim her daughters exemption and therefore could not claim the education credits for 2017 and that her daughter should claim them on her return. The daughter already filed, so I recommended a amended return. The client sent me the daughters return prepared by H&R block. They did not take the personal exemption on the daughters return but indicated she could be claimed on someone else's return. My understanding is For education credits, You must be able to claim the exemption For claiming the exemption MUST be UNDER 24 at the end of the year and a student. OR earned under $4,050 How's correct and shouldn't H&R block have picked up on this
  7. Hi Everyone, I have clients that refinanced their mortgage and the loan company sent them a 1099C. How do I indicate this is not taxable? Do I use for 928 and what line do I use. Thanks Mary
  8. Dan is gone, there is now only OLTPRO. Found this out after I paid to renew and never received a link. I am disputing the charge with my CC. OLT would not match the price so it cost me $100 more. This will likely be my last year doing taxes and I never had enough returns to justify more expensive returns.
  9. I cant tell you how many T/P want to deduct cloths, sales people especially want to deduct their suits, I keep a copy of the requirements handy to show them. I love when they say I would only wear a suit to a wedding it wouldn't replace my regular cloths. lol I highlight this from pub.529 " However, work clothing consisting of white cap, white shirt or white jacket, white bib overalls, and standard work shoes, which a painter is required by his union to wear on the job, isn't distinctive in character or in the nature of a uniform. Similarly, the costs of buying and maintaining blue work clothes worn by a welder at the request of a foreman aren't deductible."
  10. I know now, but there is a popup question that's ask if they are subject to NYC tax and I indicated yes as a non resident, so I assumed (Big mistake) that is would do the calculation
  11. I have several T/P who were part year residence of NYC and worked in NYC all year. The program will NOT calculate the city tax and I have T/P calling because they got letters. Anyone do a NYC return
  12. I'll be holding my breath for the rest of the year, hoping I don't get call from T/P's saying......... because the program messed up
  13. I think I'm having problems with PA return. I'm in NJ and TP received some PA W-2 earnings, the earnings are not carrying to line 1a. It is on the Sch w-2s and says to copy amount to line 1a. BUT IT"S NOT THERE.
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