bstaxes

The client's assets are all in retirement funds (stocks) through his work. His only other assets is his home there is no ready cash available. He is 67 and retired. the spouse is also retired. He would use most of his unified credit. He wants to be fair to his other children.

I used it. It saves having to stamp each form with 'COPY'. I do stamp the first page and my signature with the copy stamp.

Client wants to take money from IRA to help his child buy a house. He would like to avoid gift tax. Question 1- can he and his spouse give 12000 to the child and the child's spouse (48000) and can he give 12000 to each of their minor children and avoid the gift tax? Question 2 - could he write the check to the mortgage company and avoid the gift tax? TP knows he will pay tax on the withdrawal of the IRA. This has to be my year for IRA withdrawls. I guess it because of the economy. Anybody know any good IRA courses I could take for next year? Thanks

Thanks for the confirmation. It just seemed strange when I thought about it. Maybe I shouldn't think.

Client is 66 and wife (deceased 2007) was 64. EIC states t/p or spouse under 65. Do they really mean either or? What about a May to December marriage, they can get it? If I read it correctly the tp is entitled to the EIC. Please someone either agree or denied this. Thanks, brain dead.

Found my answer. It was a matter of clicking in the right order. First use Bulk Disposition and then click on disposition and click on asset to add to bulk. Have to do this for each asset on the asset list that needs to be included in bulk. The coffee helped the brain. Now onto the next problem with IRA's and the 2 different clients don't know how much they contributed or when. Need the amount contributed for NJ because the original contribution was already taxed to NJ. Then on to the third IRA mess where the bank used code 2 instead of code G.

Program states this sale will be reported on 4797, using asset manager and bulk disposition. I looked at the 4794 and it is blank. Tried forcing part 3 and it is still blank. How do I get the info to the 4797? I can't find any check boxes and have been staring at this for the last hour, boy do I need help. Going to get some coffee, my brain need stimulation.

Enjoy your vacation in Florida. After she says "YES", it is the start of a new chapter in your life with many, many more happy chapters.

Bob is correct for the difference in Fed and State amounts. NJ does allows excess of 2% medical, alimony, and extra exemption for dependent in college. It does not allow negative amounts.

The TP did not keep the returns from the time they made contributions. It is over 10 years ago. They were not my clients at the time. Neither have any idea of what was contributed. The one client lost all the returns when he became divorced. The other client's husband use to make the contributions to her account (spousal), he is deceased.

Just got 2 clients who had withdrawals from their IRA's. One to buy a house (not 59 1/2 yet) and the other having a normal distribution. Both worked for large companies who had pension plans and their contributions were not deductible, therefore I believe some of the withdrawal or distribution is not taxed. Neither client has filed 8606 forms. Is there anyway I can figure out what was contributed after tax? I have thought about asking the holders of the IRA accounts for histories of the account showing contributions and interest. This really is a screwed up year. Many stupid and dumb mistakes made by banks. Thanks for any help.

Had a similiar problem last year. I don't remember who I called but they were helpful. They would not tell me the correct ssn but if I told them they would tell me if I was correct. So I played guess the number. I started with number that was similiar like 3 and 8, 5 and 2, and then I just counted from 0 to 9 and when I hit the correct number they told me I was correct. Privacy Laws!!!!!!

Isn't nips a small bottle of beer or a bit from an animal?

I've had a similar problem. I am using Office 1040 and PRS for other forms. I downloaded the forms first from the return manager (PRS forms) and then opened the return and clicked on new forms to add them.

On the NJ res return there is only one column so I can't adjust it, unless I override the number and then it will not agree with the Fed sch C. I feel like I am brain dead or better still no brain.

Client was a resident for 2 month in NJ and then moved to Pa. Client was self-employed salesman. NJ requires copy of Fed Sch c. That is the full year. I'm thinking of either doing a Fed sch c for just the time he was a NJ resident and attach that, or writting an explaination with the return. Pa does not require Fed Sch c. Any help, ideas or thoughts would be great.

Definitely greed. When I worked for Block many years ago they sold POM and Will Kits. The Will Kits were $39, or $69, I can't remember which. The district manager said we had to sell these kits, each preparer should sell x number of kits. I refused because on the front of the Will Kit it stated "not valid in New Jersey". They said we had to sell them. That is funny because we live and work in NJ. That was probably the straw that broke this camel's back. I quit after that. It was ripping the public off. That's also what I thought of their POM.

Just tried it and it working. Now I have to get to work. Returns seem to be piling up waiting for answers and a few forms from clients.

Enjoyed the lunar eclipses from my back door, where I stayed warm (outside temp was 17).

I agree with Bulldog Tom. If it is necessary, then deduct it. Although there are paper road maps he could use, but I guess they are not as reliable or up-to-date as the internet or GPS. Make sure he can document the use. He could put it in his log book.

What is the trucker using the internet for?

Last year I brought a corn burner. It works really great but could not find a place for energy credit. Considering it was for me, I searched really hard but found nothing. Oh well no credit but I am keeping warm.

Thanks needed a good laugh this morning. Could she open the garage door with the electric opener?

I like it the way it is. I like finding humor when I am not looking for it. Adding another section to click on is not for me.

50000 work travel miles is high but in the area I live it is conceivable. I am in northwestern NJ and some people work in NYC and Phila, and travel from this area and Pa to work. There are a few speciality construction workers who get big bucks for their services and travel a distance. I would definitely have it in writing.