mcb39

Point well taken, Jack. Thanks for bringing that to attention. Values??????

Have a wonderful and happy day!

Oops! A slip of the fingers. Of course, it is an expense to the Partnership and Int Income to the Investor.

I think the interest should be reported on the 1065 as INTEREST...and flow to the K1 and then the K as Interest income. If you put it down as a guaranteed payment, he will have to pay SE Tax on it which is wrong. He should also receive a 1099-Int from the Partnership at the end of the year.

I like Quicken very much and use it for several small businesses without employees. Several of my clients also use it. I really like the simplicity and use of the reports that it creates. I never expect any software to do my job for me. The info from Quicken reports gets transferred to either a Sch C or 1065. The 1065 has its own balance sheet. On the other hand, I dislike Quickbooks and find it to be overly expensive and overkill for small businesses.

Nope, nothing yet; and I have been watching diligently.

Have a wonderful day, Lion.........

You are right, John. Good for you. I am going to take Jainen's advice and file an Injured Spouse claim. Things can't get much worse for my client. She got slammed with all the bills. He goes to prison, but she is left with the bills and two children to get through school as well as counseling.

Husband and I went for six month checkup this AM and eyesight is 20/20 and improving. Don't go back now for a year. This is for those of you who were afraid to take the chance. And for Taxbilly, who did!

That is correct. The child must file his or her own return. If any taxes were withheld, there could be a refund due the child. Your client would have a mess if he tried to include it in his return. The SS numbers would not match and would eventually trigger a CP, most likely. Also, the SS withheld will have been credited to the child's account.

Yes........

You have the entire story wrong. My client was not the petitioner, nor was she hoping for anything other than a divorce once she found out what the defendant had done. The petitioner in this case was the District Attorney and an entire family was nearly destroyed. The attorney had no clue that there was a 10% early withdrawal penalty; nor did he ask for state tax to be withheld. My client had no idea of what the tax advantages or disadvantages were. Her attorney was only involved in the divorce portion of the litigation. She had to pay over $10,000 of the first distribution to pay the attorney fees for a wastrel husband. On top of that, she was ordered to file a joint return with him and guess who had to come up with the funds to pay the penalties and tax on that distribution. I am trying to do my job and IMO, he did not do his as well as he could have. He has nothing to do with the criminal portion of the proceedings. Sometimes, Jainen, there are human beings involved with needs and feelings. Sometimes they are innocent bystanders to terrible things. Sometimes, we need to have compassion and do the best job we can for them when they are not in a position to make sensible decisions, or the knowledge to do so. You come down hard on something that you know nothing about. Many attorneys know very little about tax law and if that is the case, they should not have so much pride that they are unwilling to ask about or discuss the possibilities. You are welcome to your opinion, but in this case it is misplaced.

Hi John........I'm glad you DID bring this to light again. My case was just recently (early August) settled and the ex-husband was found guilty and sentenced to 35 years without parole. Therefore, my client will be receiving the other half of the 401K in its entirety. I have cautioned her to make sure that the funds are deposited into an IRA for her. If her less than brilliant lawyer messes up again, there is really nothing I can do as he won't talk to me because I insulted him when I told him that the first dispersal was done incorrectly., and taxes were not withheld properly. This will be different because she does not "need" the money now. The first half was needed to pay lawyer fees for herself as well as the defendant. Just interesting to read all these old posts and see how slowly the legal wheels have turned. Good luck with yours.

That's pretty amazing because I have seen a lot of Calicos and this is the first one I have seen who has the same markings as Annie. We always had Siamese before, but I was cat shopping and this one just pulled at my heartstrings for a couple of weeks until we decided to go and adopt her. Thanks for sharing.

Cathy, you have a picture of my cat, Annie. Humane Society cat and we love her a lot.

This is also my understanding. But, no proportionate split in 2010, ALL or nothing.

There have been more in WI also. Next year I will have a Part Year Alabama and Part Year Michigan as one of my clients is graduating and taking a position in Ala.

Absolutely! Just trickle, trickle. Suddenly, in the past few weeks, the phone is ringing a lot. People who have never picked up their returns, but have paid, suddenly "have to have them right away!" Must be lots of refinancing going on. Clients call to tell me that their baby has been born. Also, FTHB credit checks are trickling in (or not), and they call with that (good) news. Just got an e-mail this AM from another state from a client who suddenly decided that maybe he should be paying in estimates; which is what I told him in April. (His vacation just ended). All kinds of crazy scenarios which keep life from being dull. And, the CP2000's are stirring up panic attacks as usual. Thus is the nature of this job. Yes, it used to be pretty much over by the end of June except for payroll, sales tax and other mundane stuff. Now, it all goes on forever.

I'm here. Will be away from the office next week preparing for a cousin's reunion on my husband's side. However, I will not be away from the board. Try to check it every day, wherever I am. I, too, still have taxes to do, and I agree with you, Margaret, about missing the folks here. Thanks for starting this thread.

Hope you had the best of birthdays. You certainly deserve it.

Jainen is just "baiting" again. Of course, we all know that John is not a creep and we also all know what Edward meant.

Mine are crossed for you. I have all years back to 1998 on my desktop,; running XP., but have clients in all those years. Since I have them all on disk for import, I guess it wouldn't be necessary for me to load them all to any computer. So far, only have 2008 and 2009 on Win 7 and no plans to add more at this time.

If you ever have gone into ATX's database to check on the status of an efiled return, you will notice that the amout you charged is included in the efile. That makes no difference to me as I report all of my income. I also efile every return that I possibly can and would absolutely hate to have to go back to the old paper way. Remember when you assembled and the client took it home and just HAD to look through it and got all of the pages mixed up as well as the envelopes they went into. Calls were numerous. (time consuming). And, now you cannot even staple, but are supposed to paper clip attachments. Heaven help what happens on the other end. I love efile. I don't care how much money it is saving the government, but I sure care about how much money it is saving me. I save a paper file of each return, which I can find with the power out. It also makes it much easier to reference for the next year's return. I also save two different disk backups. As for someone telling me what I have to do; someone does that a multitude of times every day. It's called the law. In the Dental office where I work parttime, the Drs are licensed, the hygienists are licensed, the practice, which includes all of us are governed by strict OSHA and HIPPA laws. Privacy and Confidentiality are tantamount, just as they are in our business. Just check around, it is that way nearly everywhere. I don't see any point in argueing the pros and cons of efile. There are some who like it and some who don't; just as in every other phase of life.

It is my general understanding that the income is also sometimes but rarely taken, if not simply ignored. Many taxpayers simply "forget" to mention it. I am not suggesting that this is correct, but simply a fact of checks and balances, as long as we are on the subject.