mcb39

Calling is next to impossible and useless.  My clients are also receiving weird letters with no explaination; just a Balance Due.  For what, we say?  The IRS is a mess.  As for WI, not the case.  I had a client receive 7 letters from them last Friday, all about the same subject, but in different format.  Overkill in the other direction.

Because I have a vendetta against Intuit, I will never willingly purchase one of their products.  I have never forgiven them for what they did to Parsons Tech; the program that I started with in 1992.  Also, I see some of my clients struggling with and being limited to use of Quickbooks; which, IMO, is overkill and over priced. So says the person who knows that she should never hold a grudge.  I have committed to Max for one more year and am moving on.  And, yes, it does do the calculations for the WI OS form.

As I said, any activity that took place in Kentucky, is taxable to Kentucky, no matter where the taxpayer lived.

That box has always been there and I almost always check it, for whatever reason

The first question that comes to my mind was how long did he live on the farm and does it qualify for the main residence exemption.  Of course, the business part will have to be separated, which further complicates things. WI will tax him as a part year resident and tax him on the income made in WI. A part year KY resident is taxed on all income from all sources while a Kentucky resident and on Kentucky-source income.  Therefore, the entire sale gets taxed to KY.  KY does have partial reciprocity with WI, but only for salaries and wages earned in WI.  I think that I could prepare this return, but am glad that it is you rather than me.  BTW, you have to be domiciled for more that 183 days in KY in order to be considered a Resident.

If she is a half time student, the rule as I understand it is that the tuition follows the exemption, no matter who paid it.  I would tend to give it to the parents.  Many times, we figure it both ways and let them decide who to give the credit to, and who benefits the most.

I am having withdrawal ever since the 15th.  I would like to see these extensions disappear.  I am so totally disappointed in the IRS for various reasons; many  of you can relate.  I am disappointed in ATX for pouncing on us before tax season was even (over?).  I have since been bombarded with emails and calls and snail mail from them.  They choose to attack when our resistance is at its lowest.  I only want to sleep.  

I am fine with whatever Eric does for us.  It can surely only make our lives better and easier.  Thanks again to Eric and all of you for what you do for me.

7 hours ago, jasdlm said:

I just held for an hour and 7 minutes.  After being given an ID number (in a very flat, disaffected tone), I was told I was being transferred to the 'correct department' (never had that one before).  Immediately back into the same queue (I'm certain) and back on hold, only to eventually be cut off.  This is INCREDIBLY frustrating.  

Yes, Exactly!

1 hour ago, Lee B said:

When you go to "Where's my Refund" what does it say?

It says that return is still being processed.

4 hours ago, Joel said:

I might add the following:  If you really want to  learn a subject, prepare to teach it to others.

If you really want to learn a subject, learn it hands on and do your research.  This is my fourth year of teaching another accountant that "accountant" does not equal "tax preparer".  She has a certificate in accounting.  I have one in tax preparation.  I taught myself and gleaned knowledge from others along the way.  This tax board, in particular, has been a major contributor.  She is terrified of starting out on her own.  I HAD to learn Partnerships because my husband was, and still is, one.  There are areas that I don't step into.  Take on only what you can handle or are willing to learn.

Just now, mcb39 said:

Today I waited 46 minutes on hold with PPL only to be told by someone that I could barely understand, that I was not authorized to receive this information after whoever it was had asked me for all of the taxpayer information.  My client is still waiting for his 2023 refund and we can't get any answers anywhere.  Huh???

Incidentally, I had already contacted the Taxpayer advocates in January.  So far Nothing.

Today I waited 46 minutes on hold with PPL only to be told by someone that I could barely understand, that I was not authorized to receive this information after whoever it was had asked me for all of the taxpayer information.  My client is still waiting for his 2023 refund and we can't get any answers anywhere.  Huh???

No, generally it is carried over on the NOL worksheet from the prior year.  At the moment, I can't tell you exactly where it ends up on the Sch C.

8 pm!  Just filed the last extension and there are many.  This day is SO over.  Had to pause for one more senseless phone call.  I am going to bed.  Have been in this chair for 12 solid hours.  We didn't even stop to eat.  Good night all.  Things will look better tomorrow.  I am also rethinking giving up and shooting for one more year.  What?  Have we all lost our minds?

I will be working all day today and tomorrow.  Then on to the extensions.  This has been a whirlwind year.  A client is bringing homemade soup for tomorrow.  Then I can say that we have been given everything from soup to nuts.  Friday it was two quarts of homemade maple syrup.  You just have to love these clients who appreciate what you do for them and we really try to do the best job possible.  Off to work I go.

Thanks to Eric and to all of you.  I am starting to double guess myself and waking up in panic mode.  Not Good!  Without you, I would be lost, even with all the research material that I have.  Please donate to keep this board alive and always appreciate all of the knowledge and comradery found here.  Happy Summer to everyone.

On 4/11/2024 at 8:01 PM, BrewOne said:

just enter the amount that was rolled over at the bottom of the 1099-R worksheet, will show zero taxable on the 1040.

Didn't need to be issued if it was institution to institution--but it could be correct if taxpayer moved the money themselves.

This was a rollover from a retirement fund to an IRA.  Please advise which box to check.  The financial planner will NOT work with me at all and is questioning my integrity even though they admitted that it was wrong.  I cannot find the exact perfect box for me to check.

What do you do about a 1099R that is Coded 1 when it should be a G and they refuse to fix it even though they admit it is wrong?  They want us to file it falsely. How stupid is that?  They have 38000 coded totally taxable and worse yet, the owner is under 59 1/2.  It is a rollover.  Please advise.

I've gotten e-mails and a renewal letter in the mail.  Yes, the increase is substantial and I wonder at what point you say "too much" and walk away.  This, just after reading an article about the shortage of Accountants in the United States.  We are so burdened right now.  A stab from ATX is not necessarily appreciated.  

7 hours ago, Lee B said:

 i have a client who is 83 years old who is a business owner and is still very sharp and with it.

I am 84 years young, but I tell most people 78.

I have a Schedule C Clergy who needs a lot of lines, but let's not go there tonight.  He has been my biggest thorn for 25 years, but how do you fire a Priest who calls you "his angel"?

File an extension and hope for the best.  I have a client who brought in his jump drive with all of his bookkeeping and it is a total scrambled useless mess.  We asked for his inventory and we got a number three times more than his purchases for the year.  A blind man would know that his COGS would be way off.  And, of course, even though he is retired from law enforcement, he is far busier than I am and doesn't have the time to get it together and hates bookkeeping and blah, blah, blah.  He hasn't gotten his refund yet from last year.  I wonder why, even though we tried to work a miracle. 

I just finished another one tonight who knows far more about taxes than I do.  Of course, he went gambling and won a pretty small jackpot (but he can wipe it out with his losses) Nope!  You know the rest of the story.  If he picks it up tomorrow, he, (rather SHE) is FIRED.

There can be both, but separate contributions after tax from the employee do not show up on the W2.  That is information that is given to you by the client.  I think you are fine.  Only occasionally do I have a client who contributes to the HSA after tax.

4 hours ago, WITAXLADY said:

Well MCB!!

that is a good problem to have - rather than the reverse!!

I have 90 to do yet  befoe I hit the dropoff date of 2/22/24 -

Best,

D/WI

Thanks Dar....this is the craziest year ever.  We have been working such long days and are still spinning our wheels.  Try to catch your breath.  Thanks for the contact.  If I get any more farms, I will send them to you.

MCB

For sure!  My IT person stops in or calls nearly once a week during tax season just to make sure that everything is going well.  I know that I am very fortunate to have him and he has taught me a lot of things that I can do myself.