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TaxPreparer

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    MN

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  1. Found a Form 1065 that I didn't list the amount of QBI in Line 20 Code Z on the K-1. I printed them a new K-1 and marked it amended. However, do you think I need to actually amend the return to the IRS, or just give corrected ones to the partners and leave it like that?
  2. Right in front of my face! Thanks!
  3. Hi guys! My client wishes to make a Section 454 Election to report savings bond interest on a final return. I'm trying to find the election in the elections/statements but can't seem to find what I am looking for. Any ideas?
  4. SHe had the bank call me. They said that "Yup it was submitted to Texas". She has to call the big branch bank to see if there was even an ID number for it or if it was submitted as sales tax or something since they don't have income tax. I just don't see how it was even an option for the bank to withhold income tax from texas. But of course, the bank makes it seem like my problem because "I'm the tax preparer".
  5. It's an IRA distribution. The bank says that it is correct and withheld from Texas state. I'll have to do some research to see how to get that back seeing how Texas doesn't have a state income tax return.
  6. It just says Texas with no state ID number.
  7. So my client from here in MN has a 1099-R. There is state withholding showing but it says it is from Texas. Normally, you would file with the other state to get the withholding back since they wouldn't owe taxes with the state they didn't live in. However, Texas doesn't have a state income tax return to file to get that money withheld back. Any advice?
  8. TaxPreparer

    DPAD

    Does anyone have a good resource that explains the 2018 DPAD that is allowed? I have heard that it is for agricultural coop's that sent 1099-PATR with the DPAD on it, they have special rules for getting that deduction in 2018. I can see where you put the amount on the 1040 line 10. However, I know you are supposed to decrease your regular QBI deduction by so much. I just can't seem to find anywhere that is good and reliable to explain it better. THanks!!!
  9. If you retained earnings is negative or less than the distributions it won't show up. You need to go to options and click the box that "Allow distributions to go in excess of AAA"
  10. Yes, but if the taxpayer is drawing on Social Security, they get an exclusion and don't have to pay self-employment tax on the payments. That is from what I understood. I believe it is Section 1402(a)(1) exclusion.
  11. I have a new client this year who is an active farmer (with a schedule F). He is also on social security benefits. He receives Ag. program payments. Prior preparer put those on the schedule F. My understanding is that if the taxpayer is on social security they do not have to pay self-employment tax on the payments and those payments should not be reported on the schedule F. Am I correct or is the prior preparer correct? Thanks!
  12. TaxPreparer

    QBI Fee

    The extra reporting on the K-1 has found to be a lot simpler than I had originally imagined. There is a box for W-2 wages and a box for the unadjusted basis and boom!
  13. Section 351 does not apply in this situation.
  14. That is a really great idea Lynn! I never thought of that! Thanks!
  15. LLC who made the S-election. He has a lot of assets!
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