Gail in Virginia

Since I am below the Mason-Dixon line, does that make me Southern Fried?

I am so glad both Beth's daughter and Carol's daughter were able to walk away from serious accidents.  Thank God for all his blessings.  Sometimes it is important to stop and remember out priorities!  Prayers for everyone in the final grind of this season!

11 hours ago, Catherine said:

If we didn't know your statement was tongue-in-cheek, that would be dangerous. Asking for a bunch of ATXCommunity-ers to show up at your office with pitchforks and tar. Fortunately for you, we'd all have been too busy anyway!

Actually, I would just show up with the tax returns I don't have the energy to finish.  That would be worse than tar and pitchforks!

Thanks for trying, though, Pacun.  I wish there was one number for all those affected. 

I don't use ATX, but I thought your question was about setting up the VA estimates to be automatically deducted from the bank account at the appropriate times during the year.  I know that I can do it with ProSeries, but I am not sure about ATX.  And maybe I misunderstood what you were asking. 

Thanks for looking.  I was assuming since they had no income tax there would be no tax on a real estate transaction, but the ways governments can find to get money out of non-residents, and even citizen/residents, are myriad and convoluted so I thought that I would ask. 

I have a Virginia client that sold a home in SD last year (not personal residence, but rental house).  I don't see any withholding for SD on the settlement statement, so I am assuming since SD has no income tax as such there is nothing to file there.  But if anyone on here has experience with that state and can confirm that for me, I would appreciate it. 

9 minutes ago, joanmcq said:

I did a client last night who withdrew $350k from inherited IRAs I think to buy a new condo in NYC.  Took maybe 20% withholding from one, 10% from another and nothing from the third.  Owes approximately $96k just in federal tax and $18k in NY tax. And I haven’t seen what the gain was from selling his coop (he’s single).  Sent him an email last night but haven’t heard back.

Maybe you should do a wellness check on him - he may have had a heart attack!

9 hours ago, DANRVAN said:

Since most rental repairs are done on site, I can't imagine him doing much related to the rental in a workshop.

I am wondering if instead of planning to do rental repairs in the workshop, his thinking is that he stores all of the tools that he uses in the rental repairs in this building and therefore the use is for the rental properties. 

17 hours ago, Terry D EA said:

I'm just going to go with the return as it is and stop worrying about it. Yes, there is a small amount of EIC which does bother me. But I can't find anything stating you have to have expenses for self-employed income to qualify for EIC. If the IRS questions it, then so be it. I've done my research and have too many other returns to do so it's time to move on.

You don't have to have expenses.  If there aren't any, fine.  My concern would be the due diligence question asking if you prepared a complete and accurate schedule C.  Especially if the amount of the income is low enough that adding expenses would reduce his EIC and he TOLD you he had some expenses but no receipts.   

I have wondered if a taxpayer could file form 3911 if they disagree with the IRS about whether or not they received a stimulus payment.  I have one client that got the letter saying he and his wife each got the $1400 last year. but he swears that they did not.  Ordinarily I would suggest a phone call but we all know how well that works these days.  I gave him the form and suggested that he could try mailing that in, but warned him it might take two years to get a response because paper isn't working so well either. 

39 minutes ago, Lion EA said:

By the way, is this thread really about entering Forms 1099-DIV like OP asked?

I think he actually meant the consolidated 1099, which includes the 1099DIV and the 1099B.  I am assuming that like me his fingers sometimes just keep typing what they are used to. 

I would be cautious about a schedule c with no expenses, even though he had spent some money he did not keep receipts for, if this does generate EIC as someone mentioned earlier.  If he has enough other income that EIC is not an issue, then I would be less concerned about the lack of expenses.

2 hours ago, Marie said:

I NEED ANOTHER MONTH OR TWO

I think I need another drink or two. 

I thought that the partial exclusion only applied if you meet a further test - moving for work, health, unforeseen circumstances, or other facts and circumstances that qualify as hardship. 

I find with a lot of my clients that they university/college does not "furnish" the 1098T, the student must go online to their account and print the form.  Did the parents actually check or is this just an "I did not get it in the mail so it doesn't exist" situation. 

I have a client, MFJ and both over 65, who has a decent amount of interest income (around $12,000), a little bit of social security (around $17,000 for both of them) and a DC pension that is non-taxable of around $45,000.  He has no tax liability with this kind of income but does he have a filing requirement if this is all that he has?  Does the non-taxable pension count as gross income? If so, I would say he has to file.  If not, then unless he has investments that he sells which would kick his gross income up it doesn't appear that he needs to file a return.  Any opinions please?

My first inclination was the same as Possi.  But I did not think that Robinhood provided management/advisory services.  So if these were actually expenses of the sale (although they seem high for that) then perhaps Grace is correct.  So basically, like all tax questions I need to know more information and until then my answer is "it depends."   

What a blessing she must be!

Was this a traditional IRA where the $8,000 originally contributed was deducted from the taxes for that year?  I don't think it counts as basis if it was originally deducted.

Do remember that Virginia is a fairly large state and I am about 4 hours drive from Fredericksburg.  But a Saturday in June would work for me. 

I don't have a pool, but I do have a pool table.  And i have a big field for parking.  I think it is about time to work something out. 

I am not familiar with that particular school, but in general if the school is eligible to participate in student financial aid programs from the US Department of Education, they would most likely qualify for 529 plans.  Do you know if they do? 

I see that a lot too, Lion.  And many times the 1099S is right under the copy of the client's statement answering all the questions that would allow the title company to not prepare a 1099S. 

I love guessing games!