Abby Normal

225. I like to say 250 is my minimum, but I keep violating that rule. Edit: It would be 250 if a 1310 was involved.

Partners have to pay tax on the cancelled debt of the partnerships they're part of. That's not unfair. The value of their partnership goes up more or less by the amount of debt cancelled.

But the gain on the house would have happened in 2003. Would be really nice to have that return to see how much basis was claimed against the insurance proceeds.

The IRS doesn't want a call. Sounds like it's just an FYI letter. I got one about 6 years ago where the IRS told their employer to change their W4 to Single 0, because client owed 2 grand every year and kept rolling over installment plans.

Just count me in the better safe than sorry crowd: § 1.6081-4 Automatic extension of time for filing individual income tax return. (a) In general. An individual who is required to file an individual income tax return will be allowed an automatic 6-month extension of time to file the return after the date prescribed for filing the return if the individual files an application under this section in accordance with paragraph (b) of this section. In the case of an individual described in § 1.6081-5(a)(5) or (6), the automatic 6-month extension will run concurrently with the extension of time to file granted pursuant to § 1.6081-5. (b) Requirements. To satisfy this paragraph (b), an individual must— (1) Submit a complete application on Form 4868, “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return,” or in any other manner prescribed by the Commissioner; (2) File the application on or before the later of— (i) The date prescribed for filing the return; or (ii) The expiration of any extension of time to file granted pursuant to§ 1.6081-5; (3) File the application with the Internal Revenue Service office designated in the application's instructions; and (4) Show the full amount properly estimated as tax for the taxable year. https://www.law.cornell.edu/cfr/text/26/1.6081-4 It's a stupid requirement and I hate it, but I'd rather pay a temp to enter liabilities based on prior year tax than zeroes.

I would never file a zero extension. Unless the taxpayer legitimately expects to have a zero tax liability.

You can prove that email didn't come from you by looking at the headers... if she didn't delete the email.

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MD may well allow a state level NOL carryforward on rental losses. I just had never considered that possibility on out of state rentals. Most of my out of states make money, though, or just break even.

MD starts with federal AGI, so they don't track your carryover rental losses separately. But MD does withhold income tax on the full sales price when out of staters sell. Or are you saying you could generate a state NOL and carry that forward separately for that state? I'd never considered that.

...hear Spock's voice in their head when they click 'Remember' in the print dialog box? No? Just me? I do tend to get punchy this time of year.

Well, that's good to hear! Not retired. Divorced and still working college professor. Thanks to you both!

And typed words have no inflection. Inflection can totally change the meaning of a sentence like: I never said he embezzled money from his business. Depending on which word in the sentence you put emphasis, that sentence can have at least 7 different meanings.

I had one drop their records in our slot before 5 today, and by the time I got out of my office, they were gone. I think it's like the walk of shame.

I had one where the IRS sent a notice to their employer and forced them to have more taxes withheld, after 3 years of owing and needing an installment plan. Icing on the cake? It was my ex's new spouse!

Client moved from sunny FL to upstate NY. I know, crazy, right? Anyway, after the struggle I had with a part-year MA return a few days ago, I thought I'd ask for tips. Thank you in advance!

Communicating has always been difficult at best. I've tried to eliminate words like it and that to be more clear, even at the risk of sounding condescending.

I emailed a client for their business mileage and they replied, "You got it!" Now, I don't know if they meant this as a colloquialism for "Sure thing, I'll get that for you." or do they mean they think they've already given it to me.

I never file a nonresident state with a loss. I figure they're not interested since they won't get any money.

If only I had known this Sunday morning at 10am! I would have had a much better morning.

Ok, I got rid of my override by using line 6 to subtract dividends earned after leaving the state. Did the same for CG distributions.

And WTF is Sch NTS?

Yes I used X for alimony income. You know a state's complicate when they're all the way up to the letter Z!

It kept telling me that lines 13 and 14 had to be blank if you checked part year resident. And they are. Had to manually enter line 11. My override was Sch B line 2.

I just spent 45 minutes trying to figure out a PY return. Even read the instructions, which were no help at all. Apparently there are several forms and several methods for allocating several differenr kinds of income, none of which I ended up using. There are 3 pages for investment income. I finally had to give up and just overrode dividends to amount that belonged to MA. No red errors so fingers crossed when submitting! I've done plenty of PY returns for many states over many years, and you can usually figure out how the income and deductions get allocated and the return just works. Most of them are quite simple and self-explanatory. MA forms must be designed by a sadist!