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WITAXLADY

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About WITAXLADY

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    ATXaholics Anonymous

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    WI

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  1. WITAXLADY

    What company do you use for Webinars?

    ELI financial
  2. WITAXLADY

    overthinking 1041? and insurance?

    you are so smart! see - I knew you all would come thru =- just what I needed - go back and look! nasty gram from him this am!!! and then when I said I am not dealing from you today - my mom is having surgery and you cannot even tell me the 2 prices of the semis the deceased bought - how do you expect me to finish this! He wrote back and said what do you need? - not like i haven't asked 10x and signed a smiley face!!!
  3. WITAXLADY

    1041 and k-1's

    I know - when the income is distributed - it really knocks down the 1041 tax - so lets distribute all the income $88,000 - 88,000 =0 right!! but the 1041 then shows (2,000 income and still part is taxable - and there was only 88,000 of income... cannot figure out why more!!
  4. WITAXLADY

    1041 and k-1's

    ok - I am thinking I need help from someone familiar with the 1041 - I would pay for that help - and pdf the info please - if I give all the income so to speak - so there is not any tax - and the benes are taxed - I get it now... doing distributions brings up the taxable income! and then I need more money - not available anymore as I gave it away so as not to pay the tax ie - $86,000 left in bank - distribute $86,000 - Sch B recalculates to $92,000 for taxable income of $6,000 and $1,200 of tax... What am I missing? Thank you, D
  5. WITAXLADY

    IRS Letter

    Does the client not have any paperwork from what he put in? Is it on a worksheet (as ti would not show up on the 1040) what his contribution would be each of the years? Is this the same broker? and he doesn't have any records? I would push this broker or a previous one to come up with contributions... if not the client himself - check made out? auto transfer? for that money - can he have the bank, look for the transaction around 4/15 each year? Brest of luck
  6. WITAXLADY

    1041 and k-1's

    so I am thinking some more - hey - I am still doing 2017's and 13', - 17's here!! glad it is Nov but.. So the estate pays this $36,000 in tax and then the beneficiaries still get K-1's? If the estate pays all the tax - why would I need to do k-1"s wouldn't the cash just get split up and call it done? Thx D
  7. WITAXLADY

    any one familiar wirth MSHA

    similar to OSHA - I have a gravel/mining small business who is concerned about becoming a S Corp as he receives a yearly call and they ask if he has employees and when he says no, they do not continue with their report or "audit". I looked at the MSHA site and found an email! and when I asked if S corp officers as employees were exempt from this or any requirements, - get this - they referred me to .... irs.gov!! I replied back asking them where/what their employee requirements were and that I knew the irs definition - but have only met with silence... hmmm
  8. jeepers - I do that with my own posts! And just pray someone answers them cuz they are pretty dumb when I have to break down and ask.. and I do not answer much as most of you are so much more eloquent in your response!! D
  9. You are all so good and still lurking!!1 after tax season! congrats for selling - I will someday - hubby says anytime but I said I like to spend money too much yet... So my issue is trucker client died in semi accident last year and estate received lots of $$ for semi/trailer. He is not going to replace them! Had written off most of the value every year as kept buying trailers, etc so there is very little basis to go against the 5 assets sold and the insurance money - therefore the estate owes!! about 2/3 of what they have collected selling and from insurance.. So 1=- when I do the 4684 - Casualty Form - it is showing all as taxable income due to insurance payments.. I do have to report the insurance as taxable - correct? ** Most important - and 2 - it "almost" looks like it is also doubling the amount due to Sec 179 recapture - it cannot tax him for more than he initially paid??? or received? Thank you all! Darlene ps - we won another award! on our baa baa cheese!
  10. WITAXLADY

    how to report stock shares exchanged please?

    thank you so much! - I will look into it!
  11. WITAXLADY

    how to report stock shares exchanged please?

    thank you - I have read through the above articles... I need help Please... I do not know what to do with all the transactions.. It is a mixed consideration - part cash and part stock - so I have the basis per each share of CH2M and I know how to report the ones she received cash for.. I get that But what do I do with the ones reported as exchanged for each stock so it does not create a taxable event - Thank you or email me separately? deckermantax@gmail.com
  12. WITAXLADY

    CA Question - rent credit?

    question - does CA have a rent credit? thx D
  13. WITAXLADY

    Tips -> W-2 -> 1120

    are you talking his own W-2? does it balance out with box 7 as tips then.. the rest should still balance... Or in a new restaurant I have- she is not claiming the additional tips or credit cards tips coming thru the till - says they are hers... and not going anywhere - different scenario! As I said they need to show as her income - other...
  14. WITAXLADY

    Below 100%

    that sounds correct - he should get most if not all of what he paid in through May back...
  15. WITAXLADY

    how to report stock shares exchanged please?

    ok - so client gives me $$ of cash she received and notes - 40/60 cash received vs invested - the short term amounts match - yay the long term do not - can I assume the CH2M stocks are what were cashed and the Jacobs were what were then exchanged? The cash reported is more than the 40% amount she should have received The Jacobs reported is still more than 60% of the cash received ie - rec $60,000 cash, CH2M stocks reported are $50,000 40/60 - Jacobs would be $96,000, exchange/shows $105,000 sold? but not received.. Thank you
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