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    I like reading, playing billiards, and just hanging out with friends. I am retired and like helping people prepare their income tax returns.<br /><br />jacksorh
  1. Has anyone used Ultimate Tax? If so, how does it compare to ATX. I know it is cheaper than the software ATX offers. What are your impressions of this tax program?
  2. OK Thanks to all of you that responded to my post. lt is a pleasure to have so many astute tax practioners answering all of our queries when we need help.
  3. No, I'm not adding the excess (8,603) income back into the parents income because the scholarship is never treated as income to the parents.
  4. Daughter is in her 2nd year of college with income of only $160.00. She received a scholarship of $55,000 and her education cost box 2 is $46,397. Her parents is claiming her as a dependent and claiming the AOTC. The parents AGI is 73,173. What do we do with the excess of 8,603. Parents stated that daughter used it for room and board off campus. So is the excess taxable to parent or child.
  5. I generally use this wording and it has worked for me in answering those questions about the dependents, "Personal Knowledge".
  6. Client will not be getting a refund for the federal but he will for the state. I am using the fee collect feature and would like to know if I can still deduct my fee from clients state refund. Thanks for your replies.


    Father receives medicare and meets the essential coverage of being insured for the year. Son is 20 yrs old and just moved in with father after finding a job. Is he required to get insurance through the marketplace if his restaurant job doesn't offer health insurance to him?
  8. MY client was a teacher/principal for 30 years and I was reading that if you were a part of the teacher retirement system, e.i., WI retirement and Milwaukee Teacher's retirement that you could subtract the total pension you received ($70,000.) from total income when preparing your WI Form I state return on line 11 under other subrations thereby lowering your total wisconsin income of 109,000 to 39,000. Does this sound correct? Thanks for your help.
  9. I went to the IL dept of revenue and couldn't find there ein number for the 1099G. If anyone knows it please post it so that when I check the return, it wont render an error message. Thanks

    1099 A

    Client received a 1099 A for a timeshare that they abandoned in 2013. Box 2 and box 4 show the same amount (7078.82) . Nothing is check in box 5 and box 6 says a timeshare. Do I have to wait for a 1099 C before I can determine whether the amount is taxable or not.

    1099 R

    An oversight on my part. I didn't put the state abbreviation in the box for payer 1.

    1099 R

    I could not create the efile because on 1099R (payer 1) states: The state abbreviation should be entered for State 1. The 2-letter abbreviation for Illinois is IL. Each time I key it in and try to check for errors, that error comes up. What should I do?
  13. It has worked well for me. I understand clients may not have the money to pay right away for their tax return so I give them this option and they seem to like it. Of course the fee I pay for it, I pass along to my clients. My fee has been deposited on time every time into my account.
  14. He is retired and that amount was in box 7 as previous stated. I know if it was in box 3 I could include it in the wages. The supplier is a window company. I guess they had a drawing and this couple won the windows, hence a 1099M was issued to them.
  15. My client received a 1099 Misc. for which he won some windows that were installed at his personal residence. The supplier issued him a 1099 and the amount is reflected in Box 7 nonemployee compensation. How is it recorded on the 1040. Generally, a schedule C and SE would be prepared, but I don't see how in this case I would prepared this form. Need your help, it was a prize that my clients won and now they are asked to pay taxes on the prize. How do I handle this one. Thanks for your speedy reply.
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