Abby Normal

Oh man, I hate that. I usually figure out how to get it into excel so I can check (and fix) formulas. Never trust a client's spreadsheet and never accept just a printout of a spreadsheet. Half of the spreadsheets I get, the totals are not formulas. People are adding it up on a calculator and entering totals.

You often refi to add or remove a lender or a borrower. The bottom line to me is that the lender did not get paid off. They are still owed the money. This was a legal maneuver to remove one lender. Yes, it probably could have been done by an assignment instead of how this lawyer chose to do it, but the intention was the same.

We've come a long way, baby!

Essentially, this was a refinancing, and you've swapped one installment note for another. I would not treat this as paid off, but just continue with the installment sale.

Have you heard of Excel? It's a computerized columnar pad. No pencils required AND it does the math for you! How cool is that.

Tractor fed, dot matrix.... triggers my PTSD! Remember sound proof cases over dot matrix printers because you'd damage your hearing without it?

It's very dumb. It has zero to do with a 4868. Stupid programmers strike again!

Your elven friends must have done them for you.

I guess I do that in my head, when needed.

It is indeed lazy programming to not be able to add the leading zeroes for you.

Yeah, I just looked at the form and you can elect to exclude qualified dividends and long-term capital gains from using favorable tax rates, in order to claim more investment interest. Not clear how this will affect the foreign tax credit, if at all.

Aren't all dividends already included in investment income? On a 1099DIV foreign dividends are already included in box 1.

Too bad she didn't choose direct deposit.

Distributions don't show on a 1041 K1 because they don't matter. What will show is any income, less expenses, that is passed out as part of those distributions. Did you enter the distributions on page 2 of the 1041?

You probably need to compute purchases from COGS on P&L by subtracting BI and adding EI. This is what you have to do with QuickBooks because they net BI+Purch-EI into one line called COGS. In other words, purchases s/b 11k on the tax return. The balance sheet won't balance in the TR if you get it wrong.

Call the MD efiling unit at 410-260-7753 or email them at [email protected] And no, that's not a typo. There is no 'e'. They had already used [email protected] for something else, and this was the poor decision someone made, instead of doing efilehelp@...

I once missed some US govt interest on a nonconforming 1099-INT because it was list in the bottom half of the page and I just glanced right over it, after entering in the box 1 interest.

You should always look at every page of a lengthy 1099. Sometimes the amounts in the detail are higher than the 1099 amounts for things like bond premium amortization, and sometimes there's a missing basis for a stock sold. Or they might provide a US Gov % for each fund and if that amount is material, you need to know the dividends for just that fund.

Usually, if it's not a state specific muni bond fund, the % for the resident state will be too small to matter, in most cases, especially since most state tax rates are low.

You're right. VA is behind the times (or ATX is) in allowing direct debit for estimated payments. You can probably set them up on a VA website. https://www.business.tax.virginia.gov/tax-eforms/760es.php#

There's no earnings test for qualifying child, and a student who attends one semester of school, is still a qualifying child, but then it comes down to the 'half of support' test. https://www.irs.gov/publications/p501#en_US_2021_publink1000220887 And, yes, if AOTC has only been claimed for 3 years, it can be claimed one more time.

No, what cbslee said is what I meant. I worded my comment clumsily. An inactive limited partner could have some expenses for promoting the business, schmoozing customers, but not actively participating in the management or operations of the business.

I hate when a client sends me just page 1 of a 17 or 50 page brokerage 1099, because they think that's all I need. I tell them that their tax return is like a puzzle and if they don't give me all of the pieces I won't be able to complete the puzzle.

If the partnership agreement says partners can be reimbursed for out of pocket expenditures, then yes.