Gail in Virginia

I have a farm return that has these schedules, and ProSeries does not have approval on the forms yet. Is anyone using a software that has these forms ready for filing? Does your software allow pay per return purchase so that I can get this return done by March 1? If he had a loss I wouldn't worry, but he sold out this year and owes about $200,000 between federal and state so I have to find a way to get this filed by March 1.

Could this possible be foreign taxes accrued the previous year and being paid this year? Or taxes accrued this year which will be paid next year?

You should not have to over-ride to get rid of the penalty. On form 5329, you will put in the exception to the penalty that you are claiming and the amount you are claiming the exception on. Then your software should calculate the penalty on the remainder correctly.

They have BASIS in their Roth that has previously been taxed and they have not withdrawn enough to use up their basis.

From the general chat section, there is a pinned topic where users have collected TIN's for various states. I found this: Vermont (as provided by a Guest): EIN 03-0350860 , 133 State Street, Montpelier, VT 05633

Thoughts only - Does the driver have another job that is his main employment? I would then be inclined to count all of the mileage as a driver except that to and from his regular place of employment. If this is his only employment as a door dash/uber eats driver then I would be inclined to count the first "leg" and last "leg" of his driving for the day as commuting and the rest as deductible business miles. BUT this is a totally un-researched opinion.

I like getting the 1099DIVs that still have the last quarter of the year's check attached. Is this my tip?

Yes!

I don't think that it is just ATX. I use ProSeries and I am still waiting for some really stupid things to be approved for e-filing.

I have a client that has not had a filing requirement for years. He wants their joint tax return filed so that if something happens to him, his wife has a record of the returns that were filed and doesn't have to worry about something coming up after he is gone. Like Joan, I charge a minimal fee and do what he wants.

Maybe we need some kind of been there, done that emoticon/reaction button.

Very true, but that is the reason I would want to know what it is because it is not being reported as simple dividends.

I would be concerned that if he/she has income of $5000 from Canada, the underlying asset might be worth more than $10,000 at some point during the year and trigger a FBAR filing. Or even worth $100,000 and trigger the need for an 8938 with the tax return.

I got that same message, but when I went to home and logged in, then went back to that link I saw the community board just fine. I still like this one better.

I think that is the way it works.

I think that it depends on how you are reporting it. If you report the entire sale and profit this year, then you can report the interest directly on the Sch B and there would be no reason to do the 6252. I am really not sure you can report the sale of stock as an installment sale - I would want to look that up before I expressed an opinion.

Does the link include a password? Or can anyone who finds the link watch the program for free? Are people willing to pay to get the password to watch the programming? I do believe that intellectual property such as poetry, music, programming, etc has a value. Are comparable items available for sale and at what price? Does it have a FMV? What would a willing buyer pay a willing seller, neither of them being under any constraint to buy or sell?

You said suggested fee. Did you have to pay the fee to be able to access the "entertainment?" Then I would say there was a benefit but I am not sure how to value it. If you could access the entertainment without paying the fee, then I don't see the benefit. Just my opinion - no research done.

When my parents were alive, we burned the files in their wood stove. Now, i mostly shred in office with a small shredder but it does take considerable time and we do tend to go through shredders more frequently than I would like. There used to be a recycling operation in the large city we are closest to that would allow us to take shredding there and watch it actually go through the shredder. My husband did that sometimes for the bank he used to work for, but I have no idea how expensive it was or if they will still allow you on site to watch. My personal shredding we do take when the local news channel has a shredding day, but since they just load everything in a truck to take to the shredding plant, I am reluctant to do that with client files I am sure they would not have the time or inclination to look through the documents, but I would hate for something to blow off of the truck that contained my client information.

Sorry, Michael, i switched years ago also and did not have a problem Good luck! Conversion is always the most nerve-wracking part.

Depending on overall situation, have you considered Roth IRA contributions? That should not affect the RMD for future years and should qualify for the same investment opportunities. The difference would be the destructibility of the contribution, which might or might not be significant.

Congratulations, Terry! As far as joining NAEA goes, it depends on what you are looking for from a professional organization I joined primarily because of the local chapter of the state society. Pre-Covid, I found it a wonderful networking opportunity. Now, not so much. The education opportunities are also excellent, and i have attended some of the events sponsored by the NC state chapter since I am not too far from the state line. Whether the difference in the member/non-member price is worth it to you, or receiving another publication/email that you have difficulty finding time to read, is a decision you have to make so as Sara suggested you might want to try it for a year at the reduced price and see what you think. I will warn you that it increases your CE requirement from the IRS required 24 hours per year to a 30 hours per year requirement by NAEA.

If the law and regulations are structured such that either parent may claim the child, and the EITC/CTC regardless of higher AGI, etc. and I don't allow the parents to maximize the tax savings WITHIN THE LETTER OF THE LAW because I know that one has more income and therefore provide more support than the other and my personal opinion is that it is wrong, then I think that is unethical. Congress can, and does, change the law anytime they choose. My responsibility is to my client as long as I obey the law as it is written and not as I think that it should be written. I looked at the Quickfinder example you cited,, and it clearly says 1)mom, dad and child live together 2) Mom's AGI is $8,000 ad Dad's AGI is $18,000 3) Mom and Dad both claim the child on their returns. This example for the tie-breaker section clearly references both parents claiming the child.

Can you please identify where you are looking at the tie-breaker rules? My understanding was that the tie-breaker rules only applied if both parents claimed the child, or if no parent claimed the child.

Maybe now that we can use FAQs as a source, the ITA will be a source and we can just ask it our questions instead of doing any research. Easy-peasy, right??