Kea

As I understand it, the criteria is if it is a "qualified" pension plan. When I took the HRB class they told us we should use the W2 pension box as our guideline. But we all know those can be wrong. I am familiar with one person who had a union pension that was not qualified. He made IRA contributions until one year the box was checked. I think the company many some changes to the pension.

That's the way I was leaning, but (like you) couldn't find any specifics. Just doing some general "googling" I found a blog with Volt owners discussing the credit saying they had no problems with it. But that really doesn't mean a whole lot.

Don't forget loan interest as a mortgage deduction.

Bump 2? Thanks to Bulldog Tom for reminding me about this question. I'll need to wrap up this return soon - or put it on extension.

From what I've read, no. (Don't remember the cite right now.) My client with a Volt had the tax to cover it (courtesy of converting an IRA to Roth).

I had a lot of folks this year who are typically early bringing stuff in late. Especially folks getting brokerage statements and K-1s in mid to late March. (Can we get rid of OIDS, please??) One client, who's mother passed away last March is STILL waiting for the K-1 from her mom's (now hers & her sister's) trust. I did ask her to ask for K-1s that were properly separated by DOD. Nothing yet!

I was the one who suggested the withholding could go throught K-1. I had thought anything could pass through. My apologies for my wrong answer.

I'm glad (?) to know I'm not the only one who dreams about taxes. Last night it involved numbers dancing from line to line on Sch E.

Great repair job!!! My best repair was amending for an IRS nastygram (self prepared). Went from IRS bill of $8K to getting minor (additional) refund. Originally reported stock gain / loss as selling price and commission for basis; and took state sales tax deduction without adding for city.)

Hmmm... not sure if I'm "qualified" -- are your a "tax return"? Maybe I can get some more training and become a tax return preparer repairer??? I can see a big demand for that profession!

My husband is making my new business cards for me. If I hadn't proof-read them, I would now be a ..... "Registered Tax Return Repairer" Not sure if it's true or not, but I somehow don't think IRS would approve.

I don't really have set hours, but I try not to work much before 1:00 or 2:00PM. Some nights I'm working until 1 or 2 AM (rarely I crash around 10 or 11 PM). My business is moving to more and more faxes & e-mails - and I am starting to prefer that. Not having to stop on one return so I can be ready when an appointment comes - maybe early / maybe late. Now if I could just convice them not to CALL me at 8:00 in the morning - I don't like telephone alarm clocks. I have a small practice and am not nearly as busy as most of y'all (and I don't want to be). But it is still amazing that I'll get 1/2 my clients in the last 3 weeks and the final 1/3 in the last week. I just start getting really grumpy this part of the season. (OK, I guess I'm done ranting for a while.) Good luck to all getting through the end of another crazy season.

Agree with the time issue. I set up my practice to work afternoons & evenings so I can help people after they get off work. And I'm not a morning person. Fortunately I haven't had to call much this year so it hasn't been too inconvenient. But I would prefer if they had more later hours. Their website says they are there until 9:00 PM (Central) Monday - Thursday. But later hours on Friday & WEEKEND hours would be very useful.

And it's the proper 855- phone # that show that. Weird!

My only complaint (and it's fairly minor) is their calling to get me to renew this time of year. I finally answered their call and asked them to call back after the 17th. It seems to have worked - no calls the last few days. My caller ID (through MagicJack) doesn't always show the "name" - it depends on if it's in the database they use. So when no name, it will usually just put the city, state. TRX shows up on my caller ID as "Cambodia!"

Thanks for the personal extension. It's nice to know a specific person to contact. Does Will work in sales, tech support or any area where he is needed? I'll probably stay with TRX. I haven't had any serious issues with them. And my practice is just so small, I'm not willing to pay any more for my software.

My apologizes for not mentioning it earlier. (I thought I did, but doesn't count for much these days!) His mom passed away in early November & last transactions in her SSN are a couple of weeks later. Picks up on son's 1099s by late November or early December. All things considered, it got moved pretty quickly. I have yet to see a 1099 actually stop on DOD. Most have several months of interest or dividends after DOD before the account gets changed over. This is the first one I've seen with stock purchases or even sales.

Wow, that is a great link. All sorts of good info. It looks like I did attach the file properly. However, I still can't find out which forms (even if not an attachment) were actually sent in an e-file. Every search term I can think of is just so generic that I'm getting hundred of hits for each, none of which seem to help me. Oh well, I'll keep trying (until lunch).

When I called the other day, I just looked up their # on their website. It was the 855 toll free number. I didn't see / notice a 615 #. I used the "contact" tab: http://trxsoftware.com/contactus.html I wouldn't like it, either, if all I could find was a toll number as I only recently got unlimited long distance.

Thanks! I'll check that out. I went ahead and attached it (hopefully correctly) and sent it to the Filing Center. I called TRX to ask how to tell if it was attached. Possibly they could "see" it at the filing center. But the guy just said "if you attached it, it's attached" & when you get the acknowledgement, it will tell you that the return & attachment were accepted. Well, the acknowledgement didn't say anything about the attachment. So I called back. That guy said he never heard about the acknowledgement saying anything about the attachment. But they really haven't had any problems with this. If it's attached it's attached! I'm probably going to have another one, so I think your link will be very helpful. Thanks!!

I don't know much about gift tax returns, either. But depending on the amount of the payments on the installment sale, the parents could gift the son the amount of the payments each year. Each parent could gift the son up to $13K & he could use that to make the installment payments. No gift tax return & the sale continues as before. I think that would work, but please let me know if there is some reason it won't - say, if it makes it too obvious that there really isn't an installment sale anymore. Plus it means parents are paying tax on interest they really aren't receiving - so it might not be a good deal for them. Just throwing it out there.

(If I remember correctly!) - The criteria is if the job is EXPECTED to last less than one year & ACTUALLY does last less than 1 year. Sounds like the guy meets the 2nd test. Was the job expected to last less than one year when he started it?

I thought I read in my NATP workbook that if the account was set up "transfer on death" all transactions after death went to the beneficiaries' returns and no 1041 needed for those. I don't do many of these so I do appreciate y'all keeping me honest. Also the "sales" after death were (monthly) returns of capital from REMICs. So (as it turned out) almost every transaction on the 1099B had a $0 gain / loss -- even before worrying about the nominee designations. When I posted originally, I didn't have basis info. I didn't yet know that the REMIC "sales" were just ROC.

Only 9:30 here. But just finished helping a new client respond to an IRS nastygram related to 2010. I tried to put him off until after 4/17, but since they "asked" him to respond by 4/17 I went ahead and helped him. He asked for just a 1/2 hour of my time to help figure out how to fix. When he got here (15 minutes late) I found out he wanted me to amend it for him. Oh well. Turned into 2 hours. But it's done. He no longer owes them $8K and is instead getting a $120 refund. So nice of IRS to find the error for him!

I mentioned it but did not request a correction. This was for 3 transactions out of 81. 2 were return of capital and one was a $26 loss. So minimal (if any) change to the tax. I will follow up with broker on Monday.