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Abby Normal

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About Abby Normal

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  • State
    MD
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    Male

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  1. And 8283 isn't bad if you customize it extensively.
  2. I used to have one with 3 kids. I believe I developed a spreadsheet to get the numbers I needed. I could usually have two or maybe even all 3 kids returns open at once, since they have very few forms in them.
  3. There is zero doubt that this is ordinary income. It is not rental income, so box 1 is correct. The two related questions are is this passive or active (definitely passive) and does SE tax apply. I've successfully argued with the IRS that a passive LLC member taxed as a partnership did not have to pay SE tax, but I've never done it with a regular partnership. This is mostly due to the fact that I've had zero regular partnerships since the mid-90s when LLCs came into existence.
  4. Is this partnership not planning on being profitable? Are the losses due to lots of 100% bonus depreciation? He can only deduct passive losses against passive income. So he has to wait until the partnership has a profitable year or until he sells his share.
  5. You might want to split it into two portions, one that was reasonable compensation for work performed and the other....?? Gift??
  6. Yeah, MD was always a flat 13% but they've been lowering it gradually over the past few years. Not sure how low it's actually going, but it's still too high.
  7. Actually, I usually recommend "borrowing" it from the IRS both for lower interest rates and it doesn't show as a debt on his credit report.
  8. With that amount of federal tax, it must have been all short term? 72/186 = 38.7%. But a 'bomb' like this on a return can cause a lot of other things to go away, too.
  9. Yes, quite some time ago the UCE subtraction was added to 1040 Sch 1.
  10. Were the stocks sold before the divorce was final? Good luck getting the ex to report her share. Did the ex get any of the proceeds?
  11. Another important thing to do (and something IT techs often ignore) is turning off all that crap that runs automatically without asking you. There are several places to manage "Startup" programs in windows but the only way to see everything is to download and install Autoruns from Microsoft/Sysinternals. I turn off all 'update' programs that run 24/7 in the background, and lots of other stuff that I don't need or use, including a lot of Google, Adobe, QuickBooks, GoToMeeting and even some Microsoft programs. The leaner and meaner your machine, the better off you will be.
  12. And printer utility software that comes with printers should never be installed. If you buy a new printer, just connect it to your computer and let windows find it and install it.
  13. It's part of the bargain. If you like the software enough, you'll learn to live with it. If you can't live with it, find other software. Complaining on forums might make you feel better but it's not going to fix anything. If you want it to not crash while printing, close it before printing. Or print only to PDF first like many of us do. Search this forum for installing Large Address Aware instructions. It does help. This problem has existed for almost 10 years and the likelihood of it being fixed anytime soon is nil.
  14. Don't worry. We won't be able to access you computer from that link.
  15. No, the IRA due date and the tax return due date are always the same.
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