Gail in Virginia

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Hope you had a :bday:

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I think Margaret has a good point. I don't want to have a lot of non-professionals asking questions about their individual returns, although I have no problem with new professionals asking what might appear to be relatively obvious questions (sometimes I probably ask really obvious questions.) I think Tom did an excellent job in his reply to Retired Teacher but it might be helpful to "nip it in the bud" as Barney FIfe would say. :dunno:

:lol: These are great! :lol:

I agree with Gene; as long as he was a full time student for at least 5 months of the year, you can use the student designation on the dependent entry page for him even if he is 19 years old and was still in high school.

A belated :bday:

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Really, if non-deductible contributions are made to a traditional IRA, I believe that form 8606 should be filed every year if I am not mistaken.

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Just be sure that you get his social security number correct and you should be fine, Old Jack. :spaz:

Sorry, Booger, they just missed the timing. The new law, with the $8000 credit and no repayment only applies to homes purchased in 2009 or early 2010. Unless they purchased their home in early 2009 and chose to apply for the credit on their 2008 return before the law changed, they are out of luck.

:bday: and I hope we have many more!

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Client is taking care of her mother. The mother's LTC policy is paying the client. She received a 1099 MISC with approx $14000. in box 6 for personal health care. According to the instructions on the back of the 1099MISC this should go on Schedule C, but my client is not in the business of providing personal health care - she is only doing this because it is her mother! No question it is taxable income, but does she have to pay SE tax on the money? Any body know where I can find a citation to substantiate not putting this on schedule C?

It has never made any difference how you pay your vendors - a payment is a payment. So yes, if you use a credit card for all of your bills, you would still have to prepare 1099's as appropriate.

My guess is that they are a non-profit entity, just not a 501( c)(3) entity, and that they would file the appropriate form in the 990 series. Depending on the nature of this income from the 1099 MISC they may have UBIT to report and deal with.