Tracy Lee

Both his K-1's (1065) show Box I1 Type of Entity as IRA/SEP/Keogh. He had no separate Charles Schwab Form 1099 Year End Summary, just the 1099R, and the account numbers did not match to his K1's. I did NOT enter his K1's. Her K-1's (1065) show Box i1 Type of Entity as Individual. She had a separate Charles Schwab Form 1099 Year End Summary with statement page showing her K1s as NOT being reported to IRS with matching numbers tying them all together, so I entered her K1s. So, did I do this right, or should I enter his K1's as well?

Account number is different; so sounds like I need to enter the K1? Thank you for reminding me about the account number because it doesn't show up on the K1 itself, just on the supplemental page.

TP gets a 1099 R showing: Charles Schwab & Co Inc Cust SEP-IRA with gross & taxable distribution, code 7 and IRA box marked. He also gets a K1 in his name that shows Charles Schwab & Co Inc Cust SEP-IRA with Box 1,2,5,6a income, do I also add that K1 to tax return or is it all taxed thru that 1099R? I always find these confusing.

I found the place to enter all the data, thank you, I'm grateful; however I can't seem to find the right worksheet to print that shows the data. I chose 1116 under Federal Worksheets and check marked the Sch B-Cred Carry and AMT Sch B - Credit Carry but neither are populating. What am I missing or is there a different line item I should be checking to get this? This is the form I'm trying to create (in attachment). I also, always, include the tax summary with my clients tax return. I find it very useful! Tax Return Carryovers to 2024.pdf

New TP has a worksheet that says ' Tax Return Carryovers to 2024' The first column shows Disallowing Form, and it shows 1116 amt. the description shows Passive inc C/O form 2014-2022 with all the individual amounts. I can not find this form in ATX to put those amounts in there to continue to carry forward, anyone know where this form is?

TP is 35 years old and got a 1099R code 4. He inherited the remaining balance of his fathers pension. He kept the money and did not put it anywhere. Is this subject to the 10% penalty? He was clear that this was not an IRA of any kind.

My notes show wife pulled back out the $2434.00 on 1-15-2025 is there somewhere in ATX I should put this?

Taxpayer husband's W2 shows Box 12 Code W $8300.00 paid into for family HSA. Taxpayers wife's W2 shows Box 12 Code W $2463.92 and Box 14 HSA $ 1572.00. I have read Pub 969 but still feel confused about whether the wife can have employer and her own contributions to an HSA when the husband has a family HSA. Both Employers also pay health insurance as well. They have 4 children. Can the wife still have her own HSA for a single person and a contribution of $4150.00?

Client has a guest home 'on the beach' which he donates weekend stays to be auctioned off for a school booster club. It would appear that they are a 501c3, and he does have donation slips from them with a value of $500.00 a night. He has donation slips for $4400.00. Can these be deducted as a cash or item donation?

I have a laptop that I take home with me each night from my office. I am the only one that works on this laptop. I have all my protection, including encryption. My laptop requires my fingerprint or PIN or password. I always use my fingerprint. My understanding is that under this new law I won't be able to use my fingerprint; a password will be required then I will get a text message to accept in order to get into my computer. Has anyone found a way to get this authentication and still be able to use their finger print? Is there anyone who has decided not to do this because they already have great protection (like I do)? I totally protest this!

I am working on a new client with 6+ rental properties. The previous CPA did a lousy job (named each property on depreciation schedule as 'building'...) so I'm trying to add more detail and 'clean' up the many shortcuts he took. Two of these properties are Townhomes and one is a Condo. Old CPA listed the Townhomes as Property Type 1 (single family residence) and the Condo as Property Type 8 (other), it seems to me they would all be the same property type as stated in the PUB 527. Will the IRS allow me to make all the types the same without their approval and what Property Type would you show it as, 1 or 8?

New client received a Form 3922 Transfer of Stock acquired through an employee stock purchase plan. I have never seen one of these. I have read the instructions for it but am still confused. It would seem that this is informational only and not taxable at this time; until he actually withdraws money? Is this a correct assumption?

New TP was told by a friend that he donates his rental to charities and is able to expense that out as a charitable contribution and get a 'HUGE' tax break. My research shows that he can only claim the contribution, on his Schedule A, if he claims the FMV of the rental as income. Where might I find the facts on this? Is there a PUB that spells this out so I can show him in black and white how this works? I have never had this situation before.

I was reading through the QBI rules again because I have so many that get this credit. I had missed the part where realtors and property managers are not eligible. WOW that is going to hurt? I was wondering about clients who have Sch E rental property? I thought I read the first year QBI was allowed but after that they were no longer allowed the QBI deduction either, but now going through the instructions it looks like clients with rental property CAN take the QBI credit? I am only talking about the passive income types, not Sch C. What do you all do?

I feel the same as Bulldog, but I do not take any new clients that are behind in tax returns until after April 15th, they have to go on extension. If they are not willing to do that then they are not the client for me. I feel like the clients that keep up on their returns in a timely manner deserve to be taken care during the regular tax season. For the most part that has worked out well for me, however there is ALWAYS exceptions.