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code 4 inohio ...guidance on what you can be deducted on theohio state return. if the deceased had retired and taking own distributions and then at death the IRA or 401 transfers to a spouse or child is it deductible? I say "no"....as the deceased was already taking IRA or 401K. many deduct on OHIO if code 4 but I read regs to say that if the deceased was already taking the IRA OR 401k distributions its taxable to Ohio. Thoughts? Amy distinction to anyone between 401k versus IRA. REGS on 401k say no deduction as continuation of benefits. IRA same treatment and not deductible? Thanks for thoughts.

Thank you all. I finally Found the basis and it was box 5 non covered. I think the code X made me think this was a transaction that may not be reportable different etc. But it really is noncovered basis not reported to IRS. I AGREE that the X may not be a "code" but my 1099b says "check code x on 8949". Others say "check code A, D, B E. Ones we all know. I wasn't familiar with X. Still a bit different the way it's labeled. But I found Basis and I'm coding it long term Basis not reported to IRS. AS no code x. Thanks all.

I understand. Appreciate it. He passed away Friday. Wife wants me to file. Long story. Think I will put zero basis. Just trying to see if someone very familiar with selling stock to pay taxes in "other options granted" and code X. ive never encountered code x. Ever. I will likely be conservative and amend as I get more info. Thanks all. Just a bit frantic. It is NON QUALIFIED. I was trying to see if code X was familiar to anyone.

Anyone know how to tax a noncovered security that sold shares to pay taxes for options granted? 1099 b shows no basis but not sure there would be a basis?? It says to code X on 8949 I've researched and can't find anything but I know its for shares he sold to pay taxes on options granted .

Meant it says on 1099 to label code x on 8949

The 1099b says Labor code X on 8459 13,000 and proceeds no cost basis no acquired date. I know it was sales of shares to cover taxes for options granted Any help?

I would appreciate anyone's help on code X on the 1099b it says that on Form 8949 and I should check code x. It's labeled box 5 noncovered securities It appears this client sold shares of stock to cover the taxes on options granted can anyone tell me how I should handle this is it short-term long-term gain and zero cost basis

This is exactly how I see it. We are having a debate among CPAS. The instructions say pension, retirement and profit sharing. Why carve out "retirement" in law. Thanks for your opinion.

Re: Ohio retirement credit. Do you give credit only on annuities pension and 401ks only or are IRAS included? Some folks tell me "retirement" does not include IRAS for purposes of the credit on Ohio. Anyone encounter this?

Totally makes sense now!!! Really appreciate it.

Thanks. Very helpful! Understand now. So managent fees in a brokerage account ok as after tax. Got it.

Some list on brokerage stmt "Advisory fees" some "management fees" Trying to understand if there's distinction between IRAs and regular brokerage accounts or if the distinction is if they don't pay for it separately there's no deduction

Because Ira manage my fees not billed separately or because management fees shouldn't be deducted? Thanks for quick response. How about management fees in a brokerage account?

Fees for advisement advice are deductible but if someone is billed for "management fees" for an IRA but paid with funds inside the IRA (not billed directly) would you take as a deductio subject to 2% of AGI I know custodial fees if paid with funds outside of IRA ARE DEDUCTIBLE But not custodial fees with funds inside IRA BUT many clients have "management fees". Paid inside IRA. WOULD YOU DEDUCT? Rule says expenses to collect income "manage" income etc but is this only if fee billed separately outside IRA Thanks in advance.

Thanks just wanted to be sure. Makes sense. The code L prevented my software from automatically calculating the penalty. So thought perhaps this was different since not a code 1

If under 59 1/2 code L (not an IRA) 401k is it subject to 10% penalty? Its a Loan treated as distribution. Thanks in advance.

I know for AMT purposes that you have to itemize (no standard section) but can you still take the standard deduction for regular tax purposes and then also pay the AMT TAX as calculated. I know it's sometimes best to force itemization for regular tax purposes but in this case it's better to take the $12400 standard deduction but pay the higher AMT TAX. these folks can't itemize. Software saying can't take the standard deduction with AMT but just a "note" not error. What am I missing? Thanks in advance

Some supplies. Put in supplies but rest is equipment. No line so wondering if I should list each separately to show $500 or under? Or just lump together. Just curious. All works out the same but trying to report properly to not trigger questions.

When making the election for sec 1.263(a)-1(f) $500 de minimis election on sch C would you list each equipment purchase of $500 or less separately in other expenses? Or group together if together where? Thanks in advance.

Thanks...appreciative.

Purchased property for investment land in 2010 for $55,000. No breakdown in basis for surface versus mineral rights at purchase. In 2014 sold surface rights for $69000 Mineral rights were sold for $235000 Relinquished all rights. No royalties. Outright sales Sch D SURFACE RIGHTS $69000 sale with $55000 basis? Cap gain Sch D mineral rights $235000 sale with zero basis? Cap gain? Any thoughts on basis for mineral rights?

Taxpayer bought land in April 2014 for investment Paid $220,000 in April 2014 Started logging in JULY of 2014 Received 30,000 for share of logging split 50/50 with logger in July of 2014 Retains property-logging stopped in October 2014 The $30,000 appears to be ordinary income (not cap gain) as held property less than 1 year. How to report and determine any Basis from $220000 purchase?

Thanks. What I was asking where this would fall. Mats balls likely supplies but dumbbells etc are they supplies or equipment. It's equipment that is part of gym but it is a unit of property? Other rowing machines were bought I depreciated those over 7 years. Will re read definition of equipment. Insight on equipment definition?

I agree on the deductions for later years. But many items are $200-$300 and depreciating 7 years and keeping track of when disposed seems like record keeping nightmare as most will not last more than 2 years. But I'll let the client decide. Thanks for walking me through. The $500 safe harbor if elected is applicable to all equipment /supplies right?

Thanks for help. Getting up to speed on cap/exp rules. think some could fall under $200 supplies but most are assets that cost under $500. The first year of business so we just elect on schedule c as no financing statement correct. So 1st year no 3115 as we are not changing accounting method obviously. Just make both elections and make sure they get a written policy?