helow

A driver received a 1099-Misc from his employer. But TP is claiming he was an emoployee. He is no longer with this employer and says schC should not be part of his return. He has no expenses and as a result has a tax liability. What can I do?

Thanks

Helow

Thank you all. I am going to tell the dad to pay the taxes from the trus. My other question is who is going to sign the 1040, the trustee or the dad who is the guardian. The trustee is saying she has to sign the return. The son lives with his dad and mom who claimed him.

Thanks

Helow

TP filed his return and claimed his 7 yr son as dependent. TP got his refund back.

TP later brought me 1099 -DIV and INT from his son's trust. He was told to file 8615. I prepared the son's tax and there is tax liability of about $500. If the son claims himself, he will have no tax liability.

My qustion is: Can I file 1040X for the dad and remove the SON from the return so that the son can claim himself and avoid the tax liability? Dad's tax return will not be impacted. He will have the same amount of refund. Is this legally OK?

Thanks

Helow

Corrected it. I should have checked the spouse box on the sch C. Thanks

This 1099 is for the spouse but when I unchecked it the amount appears on the schedule C. But when I checked the spouse (which received the 1099) the amount disappears from the sch c!

John

I first enter the amount in box 7 of the 1099. Then I opened the schedule C and followed your instruction but the amount does not appear on the schedule C. What am I doing wrong here. Please help.

Thanks

Halow

How can I send amount in box 7 to schedule C. Thanks

Thanks. Will do

Any suggestions. Thanks

They are not marriend though. I am thinking of HH but want to double check.

Forgot to mention. This is the first time girlfriend is filing. She has no income.

Yes, he contributed more than 1/2. She does not work and wants to file W7.

TP is living with his girlfriend and they have a baby. What is his filing status. They are living in VA.

Thanks

Found it. Thanks

I need to inform clients that their taxes were accepted by the IRS. What form do I use?

Thanks

Jeff

Thanks all. I guess I do not have a choice.

Jeff

Thanks. But how can I enter over 29 different stock bought and sold. I thought entering "VARIOUS" would do the trick.

Thanks all. I appreciate your responses.

Jeff

Want to make sure my approach is accurate:

1) TP is a day trader. 1099 shows various stocks bought and sold. To calculate gain or loss, I deducted TOTAL PURCHASES LESS THE PURCHASE PRICES OF STOCKS NOT SOLD=COST OF STOCKS SOLD. I then deducted this from the sales proceeds.

2) Since I cannot list all stocks I entered Varion for all fields. Is this accurate.

3) In Capital G/L detail schedule, transaction type I selected Personal Sales (8) from the dropdown,.

I would appreciate if someone could give advise on above.

Thanks much

Jeff

TP has started an LLC for his trucking business. He did not make any money but wants to claim startup cose and licenses. All of his expenses are less than $4K. I think he can either amortize them over 60 month or deduct up to $5K. I just want to make sure that he can claim these expenses even though he had zero sales. The truck is idle in garage!

My other question is that: does he have to file form 1065. That is what the IRS said to him when he received the EIN.

Thanks

Jeff

Where do you deduct start up costs.

Thanks

Jeff

TP uses 2 vehicles for business (80% each for delivering computers.) TP wants to use the std mileage rate. My question is if this option is used will TP loose the ability to claim other expenses such as depreciation. My other question is, where do you enter interest paid on the vehicles. Line 9e of the vehicle expenses tab of the sh-C is not active.

Thanks

Jeff

Do you have any template that you would like to share that I can use to document the carryover amount? Thanks

Halow

Quick question:

My client did not get his state tax refund. She received a mail from state tax office requesting additonal information on expenses deducted on schedule E. She provided receipts but one thing she could not provide is a proof of home vacation carryover amount. I advised her to send her 2005 tax return and ask the auditor to find that amount in the sch.E. The audit is demanding more information or proofs. What other information could we submit?

Thanks for you help.

Helow

KC

Did you get my message? Thanks much

Helow