RitaB

46 minutes ago, Gail in Virginia said:

I thought it was just my clients.  I have never understood how they can trust me to do their taxes but not trust me to know what a W2 is. 

The one I "lost" in this thread also told me that 10,000 of his unemployment is not taxable.  You don't say.  I should have told him Lefty Loophole down the road would make it 10,200 if you wanna try them.  Would have saved me some time on the depreciation schedule issue.

1 hour ago, cbslee said:

Rita, I am truly impressed with your composure.

However I am sure your were smiling as they walked out the door

They have a CA rental and no depreciation schedule.  This is a good day.   Catch and release is a beautiful thing.  Sad about their manila folder, but casualties occur at times. 

17 hours ago, RitaB said:

I told my new client at drop off I needed the Depreciation Schedule.  Crickets.  I mailed them a letter last week telling them I have to have the depreciation schedule, and I sent three sample depreciation schedules, cause they are not the sharpest never mind.  I said I'd be happy to look thru old tax returns if they would bring them in, but the easiest thing for all us would be to ask the 2019 preparer for the Depreciation Schedule.

He just brought in four years of Schedule E's, one of which I had.

Me:  Go to the preparer's office now.  Walk in there, now, and ask for the Depreciation Schedule.  Now.

He:  Ok.  Otherwise how's it looking? 

I had a feeling he wouldn't go to the other preparer, so first thing this morning I got all their paperwork together, extracted my notes, and sure enough, he came in and said they thought it best to just let the other preparer do it.  What do we owe you for your time? 

Me:  Not a thing, and that's a great solution.  Thank you.  Here is your paperwork.  

He:  Didn't we bring it in a [manilla] folder?

You all know how happy I am to not have this client, don't you?

18 minutes ago, Abby Normal said:

It's looking like I'm going to either fire you, or hurt you badly!

17 minutes ago, jasdlm said:

Here's a hug.

ISTG y'all.  Yes.

I told my new client at drop off I needed the Depreciation Schedule.  Crickets.  I mailed them a letter last week telling them I have to have the depreciation schedule, and I sent three sample depreciation schedules, cause they are not the sharpest never mind.  I said I'd be happy to look thru old tax returns if they would bring them in, but the easiest thing for all us would be to ask the 2019 preparer for the Depreciation Schedule.

He just brought in four years of Schedule E's, one of which I had.

Me:  Go to the preparer's office now.  Walk in there, now, and ask for the Depreciation Schedule.  Now.

He:  Ok.  Otherwise how's it looking? 

4 hours ago, Lion EA said:

But, charge the client for that form!!

Yeah, cause, you know, I can see them getting denied on the marketplace for failure to file the 8962, and trotting right into our offices later.

4 hours ago, Possi said:

Nope, it won't fly by zeroing out the PTC. 

We will have to wait for the update... or delete the 8962. I wonder how much trouble that will cause, @Abby Normal?

Well, Abby might have a better outlook than me, but I'd rather chew off my right arm than have a client get a letter.  It's so much more trouble to me than doing a return.  First the panic call.  Calm down, and bring me the letter.  Then the drop off and the 15 minutes to explain how I got this.  Then 20 minutes catching up and telling them how Uncle Fred is doing, and hearing about their dog that has an infection.  Then, oh yeah, 35 minute conversation for their quick question because they talked taxes with their hairdresser.  I fix the problem.  Eight months later IRS sends a letter saying, "We got your response, but we lost it..."
 

7 hours ago, joanmcq said:

I honestly don't know if the gain was adjusted or the wash sales added to basis because each of the ones where I had questions, there were tons of transactions - 1099s with 50+ pages for example.  I assumed the basis was tweaked, not the gains/losses.  Should I assume the gains/losses are incorrect?

5 hours ago, Randall said:

I have a similar situation.  I'm just going with the 1099B.  There's no way I can do what Lion did.

All my disallowed amounts this year have been less than five or six bucks.  I assume the gain or loss is off by that amount in IRS favor.  Shoot me, I don't care, and I don't have time to input and upload stuff for amounts that are negligible.  Not even for $600.  In the poor south we lose clients over stuff like that.  My $475 client who pays his broker $18,000 a year would fire me over that.

On 3/25/2021 at 12:50 PM, BulldogTom said:

Have you tried the override and then create the efile?   Any Errors?

I don't know if there is a good reason to wait, but I am.   We only have 3 with amounts due, and since they are going to get something they did not expect, I think a little patience until the software is updated is OK.   But if it works for you I might get them out the door.

Let me know how it works.

Tom
Modesto, CA

Donna uses TaxWise.  I was unable to override one the other day using ATX.  When I say "other day,"  that mean three to seventeen days ago.

7 minutes ago, Lion EA said:

I met a woman at a Mensa meeting who was on full disability for a mental disease. She was very clear about never going back to work, because then she wouldn't get free health/dental/vision, free daycare, and maybe even free public transportation and a few other goodies that made me tune her out.

This type person offends me to no end.  We have made it easier not to work than to work for years, but now we're full blown, "Hold my beer..." 

And if Jesus was in my lobby healing people, ISTG some of my clients would say, "Don't touch me, I'm on disability."

2 hours ago, Lion EA said:

Yes. And, the Q&A states that UC that's "included in your federal AGI..." I was responding to your question about 75% IL residency. It's IL residency OR from IL Dept. of Employment Security.

I didn't ask about putting 75% of the income on the IL return.  I was just wrong about that one.  Thank you, I understand what you meant now.   

This woman is milking the unemployment benefits and we are wide open here.  If she wanted to work she'd be working.  This is too stupid to be real.  Best of all, I'll get to do this again next year.  

I don't know if PACUN and ILLMAS are handy.  Could they be busy?  I'm not picking up what you're putting down, and I'm about over these part year resident tax returns.  

I'm just asking do I use 75% of 10,200 since I'm using 75% of unemployment benefits on the IL return?  What if 25% of unemployment is on another state (it is, we just happen to tax interest and dividends in TN).  Wouldn't I save 25% of the 10,200 for the other state?

17 minutes ago, Possi said:

HE'S ALL DONE IN MY OFFICE.

Just got a call back telling me that if we "need more income, I can give you at least $15k more because if I use Friends and Family on paypal, they don't report it to the IRS..." 

Click... buzzzz.....

access/denied

Hahahaha if they only knew what we've been thru.  

16 minutes ago, cbslee said:

Since, he is not conducting like a business then it's a hobby

12 minutes ago, Possi said:

Oh no, it is quite the business. 

Yes, and that's the way you get him to straighten up.  The other thing you might try is making him tell you a fixed markup, and you back into what you need using sales.  Which is not possible if he's rehabbing, I realize.   So this guy sounds like a catch and release if he can't provide you with an ending inventory.

13 minutes ago, Lion EA said:

I think IL unemployment benefits are IL-sourced income and reported on the IL return, but you may want to look deeper than just a Q&A.

https://www2.illinois.gov/rev/questionsandanswers/Pages/101.aspx

Ok, yes, I have seen that, my flashlight battery is not completely gone, but all bets are off for 2020 and the BS legislation that somehow passed.  According to Donna's Taxslayer Link :  "3/23/21 - If you have not filed – You may file your Illinois return once you have filed your federal return. Taxpayers will not be required to add back any of the nontaxed unemployment benefits in computing their Illinois base income." 

Client moved here from Illinois and 75% of her 17,000+ in unemployment was received while she lived in IL.  Would I subtract 75% of 10,200, or the entire 10,200?  I'm searching, but I gotta tell you, I couldn't find my @$$ with a flashlight and both hands today.  

I would treat it like a 1040-V payment.  I would not change the return.

On 3/25/2021 at 6:23 PM, Abby Normal said:

My policy is to assume they got the stimulus if their AGI was low enough and let the IRS sort it out.

Yes. And mine come in telling ME if they didn’t. I’ve not had much aggravation out of this one. Knock on wood. 

3 hours ago, JohnH said:

Listening to today's news, now I'm wondering how many clients are going to be keeping every receipt for hand sanitizer, masks, sanitizing wipes, etc because IRS announced today these are deductible as medical expenses.  

 

This seems unfair to those of us who were taught to rub some dirt in it. 

31 minutes ago, Possi said:

No, no warnings at all. I had to know ahead of time, and I had to figure out the adjustment. 

I guess that’s why they pay us the big bucks. I do realize all I had to do was read.  

25 minutes ago, RitaB said:

Yes, I completed Form 1 correctly, just caught that I needed to adjust Page 1, Line 5 when Line 10 was -30,000 ish.

"Yes, I completed Virginia Schedule of Income, Page 1 correctly..." is what I should have said.

1 hour ago, TAXMAN said:

Just be sure you complete the income and adjustments section of the PY. Software does a good job at getting numbers right.

Yes, I completed Form 1 correctly, just caught that I needed to adjust Page 1, Line 5 when Line 10 was -30,000 ish.

1 hour ago, Possi said:

Yes, so it will come off their income. 

ATX put 28,633 which REALLY got it down there.  No warning that I might need to adjust since they are part year residents.  Would Taxwise warn you?  Or make the adjustment?  I know it's ultimately on me, but things like this are kinda why I gave up pencils and the carbon paper.

Line 5 Instructions - Social Security Act and Equivalent Tier 1 Railroad Retirement Act Benefits Enter Social Security and equivalent Tier 1 Railroad Retirement Act benefits reported as taxable income on your federal return and attributable to your period of residence in Virginia. 

My client moved to VA on 11/20/20.  Filing Status 2.  SS Benefits 33,686.  Taxable SS Benefits 28,633

On Line 5 A, I'll enter the quotient of 28,633 and 12 = 2,386, correct? 

It's strange to me that Line 10, VA Adjust Gross Income turns out to be negative for these folks, but I see that I'm subtracting the Qualifying Age Deduction twice, so ok.  

I'm still mad about PPP funds being abused and then not even being taxed.  And while I found a wonderful substitute for health insurance in 2015, this is all too stupid to be real.