WITAXLADY

well it is a mouthful.. I do no think there is any provision - I will ask  him for the paperwork

He used her lawyer, she took him to the cleaners He was trying and still trying to be nice

what she asks she gets!

I doubt this was in anything -he is placating her.

Can I just treat it as part of divorce and ignore like Possi?

Ex husband sells property and ex wife demands $34,000 of it as WI, community property and she owned 1/2 - (She lives in CA, now)

How do I show that - 1099'ing her as he should not have to claim all that as part of it is hers..

More Alimony? not really?

Thx D

mostly only hard and messy left - Please do not abandon this forum so you can answer my questions, pplleeaassee

He left it as a non deductible Trad and filing 8606..

Thank you all!

D

thx - I knew somewhere it netted!  I rarely use bonus as WI does  not recognize..

D

1065 - does line 1 ordinary income net against sec 179 for SE Income on line 14A

It does for taxable income and it would make sense for SE tax...

I have a Sch F inside the 1065 so the numbers do not always flow properly - like never...

so I am second guessing myself. First year they have had a profit!!

Thx

D

you know you can look up the stimulus they received!

Oh wait - only the very last one! how helpful..

D

1099-misc is in soc sec not EIN

Long time client moved to AK to teach a number of years ago -

In Dec 2020 he suddenly passed away and I received a call from his daughter to help her with the tax filing.

1040 no problem but the 1099-Misc payment that AK gives out of $15,000 this year! came in the Name of his estate.

Do I do a 1041 now? It is marked 2020 -

He has a will that his 2 children will inherit some land, no stocks - sold those 2019

So just money and a parcel of land.

If I put this on a 1041 - he owes $3,765

on his 1040 - $3,366

????

Grrr

D

well - there is not an EIN so filing by paper..

and I will have to look - thx

D

right - but his agent does not want to do that - so he is now calling Thrivent to talk to him,, I did not charge for this and he already paid - another charge?

thnak you all

D

Thank you, D

not changing to as Roth - abut a back door Roth - does that make a difference?

I think I will have him leave it as a Roth and do a 8606..

S corp - employs himself and wife.

He can contribute up to $19,500 + catch-up of $6,500 = $26,000

then the employer can contribute up to $25%

with the employer contribution - can the 401 amounts exceed his gross wages?

Say his wages are only $32,000 - so the 25%  is $8,000 - now = $34,000

or do his gross wages need to be at least that

I do not think so as I have other W-2's where all their wages go into their retirement..

and it has nothing to do with the employer's match..

Correct?

And he asked if he can  increase his wages for 2020 as he has until October to fund his 2020 401 to the max of $57,000?

What say you all on that one?

Thank you,

D

they will charge you $5 probably

d

Sorry - what is foreign employer compensation?

and when I use the 1116 - the tax is $940 converted

but she only gets credit for $432?

Why does she lose so much?

Thx d

who is OP?

He changed his Roth to a TIRA

He made too much so he has to withdraw or have his broker do a back door IRA

His broker does not want to do a back door as too much keeping track

so the broker said just leave it as a non-deductible traditional IRA..

1 - Can he do that? - just leave it?

2 - Either way it needs to be kept track of..

D

hey Pizza Hut is paying drivers $20/hr - my staff discussed it but decided late nights and probably had to pay for their own gas - here might be better - more flexible hours..

Dear Possi - can I "talk" to you about how you sold your business?

d

you mean they will now work on the 25 or so semi's of paper/mail I hear they have??

thank you - I did read that..

Interesting - if summer or short term

D

he already recharacterized it,,, from Roth to Trad as income was too high so he could do a back door roth

Now the Broker says it is too complex so leave it as a non-deductible IRA -

Best to leave instead of argue?

duh - yes it is in US $$'s

2555 - need to meet physical presence test?

And no Aussie taxes paid

so I guess very simple -

Thank you,

D

Thank you,

I will go back to the attorney..

D

I agree with above -

just confirming a LLC has nothing to with a Corporation!

LLC is a great tool but I always recommend insurance always as a first step

d

client sold business so I had him convert his Roth to an IRA for a back door as I knew his income would be too high.

Vanguard agent said he cannot do a back door IRA..

plus it is too hard to keep track of.

Client and agent saying are leaving as is! This goes back to the posts earlier - about leaving earnings in, etc.. - What penalties does he incur?

My client wants to know what will happen if he leaves it in the IRA and it was not to be in there?

I said just put it into 2021 as he will be able to use it then. He wants to leave as is in 2020.

I said find another agent and he does not want to open another account!

Actually for keeping track of the %, that would not be a bad idea??

Thx d

I need some help please.

I have the 2555 form

And the conversion value.

From the W-2 - how do i use the conversion?

No exemption as not enough days..

Just a summer job

Thank you,

D