WITAXLADY

if he is getting a refund - rarely do they get a late penalty - in my experience - I do not think they care if you ever so the IRS can keep the $$$ only WI charges $50

Oct 14th and I am still waiting! for documents

will 2019 stop Oct 15th?

not home - a property they had and he used for business - so probably depreciation on it! He has not sent divorce papers yet.. I will have to remind him again His 2019 personals are not filed yet as I cannot get answers Nice guy but Dr from Columbia - makes great coffee but wants lots of money back to pay her bunco $$$'s

Thank you - that is what I have been doing.. D

so if you do not add it cuz taxpayer does not remember - will the IRS add the missing stimulus???

Child is not K-12 but because they are in college - as a dependent you mark student and school expenses - but it carries to IA to give the $250 tuition credit for K-12 Cannot override as marked on dependent statement and cannot override that as then I cannot calculate AOTC Dilemma - please - any ideas? ATX??? Thx

I asked for papers - divorce, settlement and title.. then we will see.. D

Client only have social security and a huge nol - to carry it forward does a tax return need to be filed every year? Numbers never change as do not need/use any of it. Will use when sell land Now will this carry to their estate? I seem to remember no Thx D

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