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tax1111

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About tax1111

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  1. The taxpayer took distribution from roth IRA account. He is under 59.5 years old and the money has been in the roth ira accounts for over 5 years. The 1099R has empty box 2a and 2b is checked. box 7 code is J. My understanding is that the earnings portion needs to be taxed as ordinary income and is subject to 10% penalty. Am I right here? If I am right, how can I figure out the amount of earnings based on 1099R? The distribution is not a total distribution, so I guess I have to prorate the earnings based by total earnings of the roth IRA account when distribution was
  2. 1099r shows taxable amount in box 2a the same as box 1 amount. Can I assume it is from traditional 401k plan rollover to roth ira or I need to confirm with client about this? Thanks.
  3. code in box 7 is G. box 1 and box 2a shows same amount. But when I input data as shown on the 1099R into Drake, it shows 0 taxable amount on 1040 line 5b. This is a direct rollover from pension to roth IRA and it should be taxable. Can anyone help fix this issue? Thank you!
  4. This is really helpful! Thanks so much! The partnership didn't provide NJK1.
  5. There is about 180k capital loss on a partnership k1 and taxpayer is NJ resident and has 700k capital gain from other sources. If I input the capital loss in 9a of federal k1 screen of tax software, the amount flows to NJ return as a NJ k-1's line 1 item which is general business income/loss and can not offset other capital gains. That does not sound right to me. Does anyone have experience on how to deal with this? Can I not input on K-1 but rather create a transaction on 8949 form to reflect the 180k loss there which will flow to NJ return as capital loss? Thank you!
  6. He has not filed tax returns for a while
  7. It seems that Drake software requires ssn of ex-wife of one client who pays alimony to her. Is there a way to bypass that? the client can not find that info. and he is not able to contact his ex-wife. Thanks.
  8. a US green card holder who lives abroad all the time has rental property income from NJ and needs to report it on NJ 1040NR. Meanwhile, he has capital gain from US stock sales. He needs to report it on federal return but does not need to report the gain on his NJ 1040NR based on the sourcing rule, right?
  9. taxpayer has $5000 dependent care benefits in w2 box 10. She only used about 3000$ in 2020 and says the rest will be reimbursed for 2021 dependent care expenses. I understand that forfeited DCB usually needs to be added back to taxable income. But as employers are allowed to grant grace period and flexibility for DCB for 2020 tax year, should we treat this unused DCB different from usual forfeited DCB, i.e., treat it as nontaxable?
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