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About Possi

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    ATXaholics Anonymous

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  1. Possi

    INH-2010 ?

    I have never seen that. Maybe it means "inherited" and it's long term.
  2. Is it a military W2? If so, it is common for box 1 to be less than 3 and 5. Box 1, I agree, is the figure to carry to VA 760.
  3. Curious to get this response. I have a couple of clients in DE and I'm not real familiar with all the nuances.
  4. You crack me up. Mine itemize because of charitable contributions! Woop woop! Some still tithe! Thank you for clearing that up for me. I do have a letter with a potential sale amount.
  5. Possi

    Multi-state W-2

    And that, my friends, is what we call "job security."
  6. My client donated a vehicle in 2019. There is a pending sale of the vehicle for $1800.00 right now, 2020. I believe we can either take the $500 donation for 2019 OR WAIT and take the sales price in 2020 when the 1098C is given. Am I right?
  7. This is just me.... but that, for me, has been a high audit area. I must have the 1098T AND the full Bursar's report (a detail from the student's account) in order to take the education credit. We'll see if anyone else chimes in, but it might be just us today. I did go to church this morning... just sayin', y'all.
  8. This is new, so thanks for pointing it out! Taxes You Paid. For Virginia purposes, your deduction is generally not subject to the $10,000 federal limitation for taxable year 2019 and thereafter. However, if you are claiming a deduction for general sales taxes instead of income taxes, fill in the oval and enter on Line 5a the smaller of the state and local sales taxes paid by you during the taxable year or $10,000 (or $5,000 if married filing separately). • Total Itemized Deductions.
  9. Really? If the expenses are treated the same as cash, why would you need this? I thought their personal receipts documented as charitable are sufficient.
  10. Just one more thing... if the scholarship is GI Bill money, the excess is not taxable. I'm in a high-military location, so I always ask. https://www.irs.gov/individuals/tax-exclusion-for-veterans-education-benefits
  11. Possi


    I'll let you know, but it is my understanding that 2019 was not the first year as an S corp. Thanks for all the input on this ... so far... ghost tax return. I'll update as soon as I can. It should be pretty simple to file a final 1120S. I'll let y'all know. Thanks again!
  12. Possi


    I don't think she is. I think she does regular office work but paid on a 1099. I think. I'll know more and post more when I get the actual paperwork.
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