TAXBILLY

>>I would establish term limits: one term in congress and one term in prison.<<

I think Illinois has implemented that suggestion. :~)

taxbilly

Like Terry D I also learned the hard way (twice no less!) about constant backups. I backup to an external hard drive every morning at 1AM.

taxbilly

Thanx to all for the info.

taxbilly

This rule applies to most states. I don't prepare NC returns but here you go.

File Federal MFJ and file state MFS for both and he needs to file part year.

She has to file separately even though her only income was Social Security?

taxbilly

I have a single client who moved from Florida to North Carolina March 1, 2010. He met a lovely woman, a year long NC resident, and they fell in love (he 75, she 66). They married Dec 15, 2010.

I'm unsure how to file their NC return. She only has social security income and the rest of the income is his. Any guidance would be appreciated.

taxbilly

Just to show that I prepared the return. Should I just leave it blank?

The box on page four of the NY return says: "paid preparer" . You are not a paid preparer. Why muddy the waters?

taxbilly

Hi New York Tax Professionals!

I am a PA preparer, can I paper-file one New York return for my niece without being penalized $100? (FYI, niece's tax prep fee is 'family gratis' work)

I thought I read something that I would have to register with the state of NY in order to prepare a NY return or else I would be penalized $100.

I don't understand your problem. If you are preparing it gratis why would you put in info that you are a paid preparer?

taxbilly

Apparently OldJack needs a refresher tax course, as he is going alittle TOO independent from established tax law. Might I suggest taking the H&R Block Basic Income Tax Course. I believe they cover filing status in the first week.

Apparently I do need to stick around this message board for awhile to contribute some counter arguments to your crazy theories.

Apparently you are the one who has been filing tax returns wrong for so many years.

Why don’t you just admit you are wrong so we can move on? The code you cite applies to HOH filing status. A married individual WITH A CHILD may be treated as unmarried and file HOH rather than MFS or MFJ. It does not give abandoned spouses without children the right to file as Single rather than MFS. Get it?

IMO it is unprofessional to hurl slurs at a respected contributor to this forum. While you may disagree with his opinions it serves no purpose to disparage one of our most experienced and knowledgeable members.

taxbilly

IE9 beta was just released.

taxbilly

You need to register prior to efiling. YOu don't have to pay anything if you file less than 10 returns. CPAs, attorneys and EAs don't have to register.

Less than ten? Not according to New York:

http://www.tax.ny.gov/

taxbilly

http://news.yahoo.com/s/ap/20110311/ap_on_re_us/us_japan_earthquake_pacific

taxbilly

http://www.irs.gov/pub/irs-pdf/p4681.pdf

taxbilly

>>taxpayer died 11/18/08 so year is 11/19/08-11/18/09<<

No. You should file two 1041s: A 2008 1041 (11/18/2008 - 10/31/2009) & a 2009 1041 (11/1/2009 - 10/31/2010).

taxbilly

Form 982.

taxbilly

Has anyone amended a 2007 or 2008 return with ATX this year?

The Form 1040X was revised in Jan 2010 and now has check boxes for years 2006 - 2009. However this form has not been updated in the 2007 or 2008 ATX programs which are still using the old version 1040X. I tried calling ATX about this and an issue I had installing 2007 on Windows Vista and they wouldnt even discuss past years programs saying that they are no longer supported. That is just ridiculous. I paid for the software and the it should be suppoted until amendments are no longer accpeted (3 years). I also think they wouldnt answer my questions because I didnt renew with them for this year after using AXT/Saber since the mid 90s.

So aside from my ATX rant what is everybody doing when amending 2007/2008 returns with ATX? Is the old 1040X in the programs accpetable to use or do you have to mannually input the numbers into the updated 1040X in the 2009 program?

Thanks

The old version can be used.

taxbilly

I meant the comment to elicit a continuation of the thread and did not mean it to be a chastisement of anyone. Pacun brings out some good points. I would only say that common sense and ethics are not mutally exclusive, in my opinion.

taxbilly

I'm troubled by a lack of ethical consideration here. When we sign the return under penalty of perjury are we not affirming that we prepared the return to the best of our ability and not whether the client will go somewhere else to have the return prepared? How could that even be relevant?

taxbilly

They don't know anything about NOLs, but it wouldn't affect them anyway. They are both now retired and on SS. The rental income will now be gone, but the grass mowing is ongoing and minimal, but he DOES get a 1099. I am pretty sure they have no tax liability for the years they didn't file, but the requirement is still there. When things settle down, I will be inputting the years they didn't file just to make sure and let them file them if the IRS doesn't get there first. It just goes to show that sometimes there is a "need" for our profession.

>>When things settle down, I will be inputting the years they didn't file just to make sure and let them file them if the IRS doesn't get there first.<<

Be sure to do 2007 first before that year closes in April. If you find you have an NOL that year you will carryback and perhaps wipe out some previous tax.

taxbilly

That's not exactly what it says:

http://www.irs.gov/newsroom/article/0,,id=211309,00.html

taxbilly

I will be, but don't they have to be either insolvent or bankrupt in order for the 982 to apply?

http://www.irs.gov/individuals/article/0,,id=179414,00.html

taxbilly

Worksheet is now approved.

taxbilly

Supplemental insurance is also eligible.

taxbilly

If the returns were done correctly over the years you would have a Form 8606 tracking the basis.

taxbilly

Client has long term capital loss carry-over. I realized, after completing the return, that the Sch D was showing the carry-over to be the same as the 2009 carry-over. That can't happen because he is no longer day trading or anything else with the stock market, this is strictly carry-over loss. I checked to see if the Sch D is current, doesn't look like it. Has anyone else run into this or is it just me messing up somewhere. MM

Did he have taxable income the previous year?

taxbilly

http://www.ladyluckdiary.com/court-cases/

taxbilly