WITAXLADY

I like my brother HL-L2395 but it does not like non brother ink! Fast

The Brother HL-2280 takes generic but is slower..

ok - adjusted basis is the amount after depreciation -

2 properties sold for $425,000

expenses of $84,000 for paying off commissions, loan etc.

Owner intermediary received $361,000

New property was $285,000

Do I use the $361,000

or the $425,000? and therefore have taxable gain of $140,000?

Thx

everything is in order - I just am having a blank moment

1- what is adjusted basis? after depreciation? of old property

2 - price of new property - can I add in fix-up costs or are those to be improvements?

Thank  you

D

all rest falls properly but my head hurts and I hate taxes right now!!

Box 5 lists $4,000 (non-taxable or Roth contribution)

but box 1 and 2a as the same so the Gross and taxable are not different for the non taxable portion in box 5

Do I need to subtract the difference? Or assume the 1099-R is correct

and box 5 is already taken out of the gross box 1? just wondering..

D

Thank you! even MN says under $4,000 is not taxable!

D

wonderful! She is a doll!

I am stopping Sat for a couple of hours to head to Oshkosh - 2 hours away for my youngest granddaughters 1st bday!!

She barely walks from object to close object.. - I keep saying push her down!!

Taxes take away from my children and Grands!!

WI resident has W-2 from Neb for $265 and $4 withheld.

Neb form III takes $265 by % of gross total income of $80,000 and says his Neb total taxable income is $2,801 and his tax is $8

Does this sound correct? Did I miss a step?

thank you,

D

I would think so - Sch C

D

ya - that is what I decided - otherwise it would be like bigamy...

thank you for your input - playing devils advocate..

Best,

Darlene

so with a signed statement, I feel comfortable filing the man who got married in dec and did not live with new wife..

However, his former wife died   in 2021 - so he could also file mfj with her??

He does get back more money as 1 child

and not QW as not been a year she has been deceased.

So can he file MFJ with her deceased and he surviving spouse for 2021?

D

thinking of this already? buried!!

thank you - 1120S, just family, H/W, children

Good Answer  -  Upfront and needs to be done.. at least 1 year or 2 back..

need clarification please?

Can an employee still contribute to his Simple plan thru work for 2021? His own business, so he can easily change the W-2,  - can he contribute until April 15th?

O know the business can put in for the matching contribution - but he wants to u[p his personal and

my take is he can do this until Apr -

Is this correct for a Simple? thx

WI taxed out

today received first time ever - direct contributions  -

1 1099-R showed code D7

and the other showed 7 - how do I show the 7 one as non-taxable?

Attach the letters from the charity as a pdf?

Thx d

it is so simple!!

Sch F- wages - 2 f -  subtract off labor, I imagine it is similar on Sch C wages

no soc sec med adjustment as those were paid in full.. only wage adjustment

d

1040 - it is under elections - PPP

1120s - has a line on the bottom - PPP

fyi

I like the signed statement..

Thank you all-

??? I should ask that?

Is that considered living together or ....

actually - using basis to allow the -6,000 - regardless if it was 1120S or 1065 -

I show they have a tax of $3,300

I am not saying the software did it correctly - but I checked box 13a on the 8812 and the tax is then calculated over on pg 3 of the 8812

Sure does not seem correct - did have income!

when I took the basis down to $100 - I got the same answer - $3,300 tax - so now I wonder what I am missing!!

MISSING the H/H Birthdate!!!  Gets the $3,300 additional credit!!

so does the soc sec and medicare get adjusted as well? Am I overthinking this?

Ret credit is just a credit on wages and not on the ss /med owed on it? as the W-2's still have to match?

so you are saying it is all on wages and do not bother with what was paid back against the soc sec and medicare?

The 70% - as in gross - I found it on a a Sch F!

over worked! 1 staff still out with Covid symptoms since Christmas - trying to do books from home as she needs to work - staff thought she did not do much - they are finding out  hmm - she did more than they gave her credit for. I prayed a 9 day Novena to St. Joseph for help and got 2 clients - homemakers whose children are back in school and they are working great!

I thought I had someone to train over the next couple years to buy me out - but I think she was afraid to take the leap!!

summer project -

Did you realize that the 3 main forms - I use have added questions and now the PPP has a worksheet -

Retention Credit has to be answered if they received the stimulus!

EIC - if yes - go to q6!! what? and answer q13a on the 8812

Who sits and thinks of these!!!

and how do you charge for this...

Best,

Darlene

went to a tax class that said the IRS wants the retention credit wages to offset wages, soc sec, medicare etc to offset that as well.

First negative numbers do not work on ATX at all.

second - how can you show negative soc sec 

third - another article states it is like a grant so it is other income

But if IRS is looking for it as adjusted wages - K-1 will not match wages under officer comp and W-2?

and wages will not match W-3 nor 940, 941's??

anyone have a better or correct way?

Thank you

Darlene

"The parents:

Are divorced or legally separated under a decree of divorce or separate maintenance,

Are separated under a written separation agreement, or

Lived apart at all times during the last 6 months of the year, whether or not they are or were married."

So this came from the IRS pub 501 - it says OR

and this couple maintained different homes in different cities.. and still do - because of schools?

So they each could be H/H..

I have never run across this - there has always been a date after June  or before ..

D