Gail in Virginia

Our local chapter of enrolled agents has been meeting monthly (except during tax season) for a lunch meeting with one hour of CPE. We chose our own topics and one of our members or someone in the community with special expertise would provide the instruction. We were authorized under the Virginia Society of Enrolled Agents to provide CPE as long as we submitted the speaker's notes and the sign in sheet to the state chapter. It is my understanding that we will no longer be able to be that flexible in our presentations. We either use pre-approved lectures or must submit our materials in advance for prior approval to qualify for CPE with the IRS. Just wondering if anyone else was familiar with how the new standards were going to work in this respect.

This is a tough roller coaster for you to be on, KC. I hope the ride smooths out soon. Love and prayers!

Thanks, KC. And I will continue to pray for your husband. I am sorry to hear that he had another seizure, but I hope that was the last and from now on his improvement will continue in only one direction!

My mind is just fried. I can't find anything specific in the form 5329 instructions or the Master Tax Guide that says you can't use the same tuition for both the American Opportunity Credit and the exception to the penalty for withdrawals from an IRA before age 59 1/2. It seems like double dipping to me, but I would like to be sure before I rule it out. Any thoughts?

It is my understanding that they are not released until he disposes of the property. After all, he could change use again and go back to renting the property. In fact, he could change to personal use just long enough to take the losses and then change back to rental over and over again if that were sufficient to release the losses.

I don't use that feature, so I am just throwing this out there, but is there any chance that it is not counting assets that are depreciated out? In other words, letting you keep track of assets the client still owns but only charging them for assets that depreciation is actually calculated on this year?

I stand corrected! Or maybe ROFL corrected!

Very strange. I rolled over one just before lunch, and it told me that form was not available for rollover. I went to the website and updated; still no 941. Went to website to see when it would be released - no mention of 941 for 2012. Read this post, went back into the return and like magic, it was there! I think this has bden such a long season that I am losing my mind!

Or he could take the tuition and fees deduction, and it would effectively zero out the income reported, subject to the question of qualification for the deduction. But if he pays taxes on the money, it is his money as far as the tuition payment it seems to me.

We have a few that we make payment with return - very small employers who have less than $2500 per quarter. I just read the instructions on the IRS web site and they can still mail in their checks. Nothing different from last year that I could see.

I remember one year my mother-in-law asking me if my husband would like a pair of Levi 501 jeans for his birthday in May. I asked him later that week if he would like a pair of 501-c-9 jeans, and got very frustrated that he did not know what I was talking about - until he finally repeated what I said and I realized that there are no 501-c-9 jeans! :spaz:

How are you going to file the zero return marked final for the partnership without an FEIN? Still mark it "applied for?"

Amen, KC! I hope Don is still improving!

Just remember, to qualify as dependents since they are over 24 and not full time students at least five months of the year, they must pass the gross income test whether they have to file or not.

I think that I did it under preferences, All Managers, check the box that says, " Hide returns marked Complete in Return Manager, E-file Manager, and Bank Manager."

So I guess I need to start now for the next really big pot?

Hallelujah! Will continue to pray for his continued improvement, and for strength for you!

Could it be the settings in your security software? Has anything changed on your computer since the last time you accessed the site?

Prayers for both of you, KC and all your family. Also for the doctors and other medical professionals caring for Don. May God be with you.

You should try looking on your ceiling. That's where my clients look when I ask for specific details, like mileage or charitable contributions. :dunno:

It can also make a difference on the Virginia return since the marital adjustment for taxes in VA is based on both having income. If nothing is indicated as Joint or Spouse, the adjustment defaults to Filer and no adjustment is made to the taxes.

I have always amended if I change a return, even if it is before the due date. If I need to change a return and file a second 1040, can it be efiled now with MeF? Can an amended return be efiled?

I learn something every day.

Did you not like Lion's answer? I agree with her - if he did not pay it, he cannot claim it. No credit for him.

If the tax return is electronically filed, I believe there is a way on the FASFA online information to transfer the information directly. If that is done, a transcript should not be necessary. Sorry for the vagueness, but I am just going from memory from doing that last year for my son (and right now my memory is tired and frazzled )