mwrightea

1 hour ago, RitaB said:

I have never been assessed a penalty as long as I pay by 4/15.  Also I have never known of a client being penalized if the tax is paid by 4/15.   I am not aware of any vouchers available to pay by check.  If your client wants to pay ahead, they can do so online, but our site is the WOAT (worst of all time) to navigate:

https://revenue.support.tn.gov/hc/en-us/articles/115005892446-How-do-I-submit-a-Hall-income-tax-estimated-payment-for-2018-

Rita, Thanks!  Your site can't be as bad as Colorado's it is so very bad...................

My clients owe the Hall tax on interest & dividends for 2018, and ATX doesn't have any forms for 2019 estimated taxes for TN. So I guess my question is if they owe over a certain dollar amount does Tennessee require estimates? Sorry, for any confusion.

Does TN require Estimated taxes and is there a form ? Thanks in advance.

Report both on the 8949 and use the H code in column F putting the adjustment $ in column G.

We can now file 1041 in Colorado with just the name.  I agree with Abby Normal run error check and see what pops up.

Colorado will probably look at the 1099R early distribution as non military pay and taxable since your client separated from the military and was a resident for 1 to 60 days.  CDOR is great at revenue raising and matching forms about 3-4 years after the fact.   The department will bill for as little as a dollar with penalty and interest after the fact, I kid you not.  Just looking at the Non resident status, what pops out to me is the "full-year Colorado resident" and "nonmilitary income".  Also be aware that the Colorado Department of Revenue hardly ever answers their phone, not even the practitioner line.

Colorado Department of Revenue will want their share.  I would do a part year and allocate as such.  If taxpayer was 55 or over it may not be taxed in Colorado depending on the amount.

ATX forum said  1099INT  will be released later for efiling. 

4 hours ago, jklcpa said:

I think it has something to do with REIT dividends. 

I believe that you are correct.  REIT Dividends are  the only Dividends that qualify for the QBI deduction. 

I agree with KC, I wonder where is our lobby?  Where is my government pension?

Quote

 

Catherine is correct . You will need to follow Revenue procedure 2016-51 to make corrections and contributions for eligible employees.

I would fill out the 8606 part III for the year in question and attach with a letter explaining that there were no earnings along with a copy of 1099R and the CP2000.

Colorado encourages E file of W2' but will accept paper filings.   

I am so thankful for this board.  Happy Thanksgiving!

16 minutes ago, Roberts said:

Off topic but when you do the checkbox as the signed preparer and authorization to speak to the IRS about that particular return - that time period should last 3 years instead of 1.

I have found that without a POA, the signed preparer & authorization to speak worthless at the IRS.

Recently, I had the same problem.  I finally had my POA put up on the CAF after  faxing Practitioner's  Priority twice for a client  and requesting that they forward POA to the designated unit. :(

Congratulations!

19 hours ago, cbslee said:

In my experience, very few taxpayers with similar problems have the fortitude to make the lifestyle spending changes necessary to pay off debts of this magnitude,

which is the very reason they ended up in big trouble in the first place. I have reached the point in my life where I really have no interest in working with clients with these problems.

I hear you and I'm with you on this matter.

Congrats on being able to sell your practice !!!  May you have the retirement of your dreams!

If total taxable pension & SS is 45k then,  yes only 24K is excluded from Colorado income tax 

Colorado excludes 24k of taxable pension and social security income if taxpayer is 65 or older, 20 k is excluded for under 65.  Sorry this is a day late! 

I have also had good luck with penalty abatement request.   You have nothing to lose by trying for abatement.

1 hour ago, RitaB said:

I believe if the rent charged is a flat rate regardless of sales by the tenant, Sch E is correct.  Use Form 4835 if the landowner's rent depends on production by the tenant. 

See p. 2:  https://www.irs.gov/pub/irs-pdf/f4835.pdf

 

I believe that Rita is correct.

I'm with Bhoffman and Abby Normal on this issue.

Perhaps you should explore a travel blog.  I so wish I could have been there, your photos are amazing!