lbbwest

NO! No queue for U.

Thank you, I needed to laugh out loud!!! :rolleyes:

Ahhh Q The quality, quagmire, and quandry that is you, But quackery is almost quakeproof, is true. No matter what quarter of original humor or wit, Or even the quality from some tasteless twit; You, Q, never quite quits from being a blast. The joke of quintessential relief will never last. For whether it's a quote, a quiz, or a quiver, I still have to work on returns to deliver. lbb

I would not mail the return. Nobody (VERY slight exaggeration.) I had a situation year before last; where the client purchased a home in bank foreclosure, the local taxing bureaus only allow recharacterization from commercial to primary homestead once a year. Client therefor paid a higher tax on her primary residence than the computer would have allowed based on millage and taxing authority. I called the practitioner hotline and was advised the efile the return as normal and wait for letter questioning the property tax credit. By the by in my 20+ years I've never had them ask WHERE the money came from to pay the rent or property tax credit. This is because the calculation is based upon taxable earnings not asset value, a flaw in the system. lbb

Follow the funds. The amount that was the down payment on the new home is acquisition debt, the amount to refinance the old home is refinance debt. lbb

I filed a return that had nothing withheld, $92 worth of interest and nontaxable social security, it was accepted fine. (No tax, no refund) I still don't see what the issue is.

I'm confused (frequent occurence); why on earth wouldn't you?????

My geography is rusty, but isn't Alaska considered in the US? lbb

Explain to Mr. Cake and Eat it TOO that he can't tell the IRS that it's a second home to deduct the interest and then "turn it into" a LOSING investment. Gee, investments in yachts just aren't what they used to be. lbb

It's about time you take some personal responsibility....oh that's right; you are in California, I understand it's against the State Constitution. Be very careful...they may be coming to get you. lbb

Tell them they must be frikken bananas. lbb

It appears per the schedules that ATX is correct but was hoping the client could use the Carryforward of General Business Credits to offset the 1498 in income tax and then still get the 3000 on the Form 8812. I always hope clients will make their estimates, it doesn't happen that way either. lbb

The child tax credit can only be used to offset federal tax liability; not SE, it CAN NOT be carried forward at all; and is NOT refundable unless it "becomes" the ADDITIONAL child tax credit which IS refundable; and there for offsets the SE. The general business credit IS carried forward but can only offset federal tax. IF your clients have $9,000 in SE they would have about $60K in SE income; didn't they make any estimates? I put your scenario in a return (I'm bored or that's right, I'm brain damaged;) and $60K se generates $8,476 of SE and $3,429 federal tax; I'm missing something. lbb

I think you are on a slippery slope (but then I have brain damage due to extensive alcohol abuse) IF 5% of the gas is used personally, then he has unclaimed earned income. Without knowing the amount of gas he received per credit card and gas used personal/business how do you even know combined with the $300 he has received per month, that he has expense versus income? If this guy didn't keep a log or notations of business/personal vehicle use, where did he get the 5%? I had one client whose salaried employee swore he worked over 45 hours per week, I said simple have him punch in for a period of time to prove he worked more than 45 (calculated for salary purposes) employee quit tallying after three weeks of not even working forty. You are probably familiar with the guy that always donates $500 noncash per year, or whatever the standard amount is without documentation. lbb

Did his hair turn gold with grief? (Think Oscar Wilde)

You are so dang smart OldJack, would you do my return? Believe it or not poster, you have to check BOTH state tax laws; in Michigan the real estate "belongs" to whatever state it's located in. E.G. commonly people have rentals in Florida, hoping to retire there. The rental loss is an addback to Michigan, the Florida loss is lost (pardon the pun, it's not that punny, oh I meant funny); because no state tax in Florida. The capital gain upon sale is NOT taxed in either state. lbb

I like it because it's easy to spell. Atx (they are a little dyslexic, but so am I.)

Did you try superglue?

You mean I STILL have to worry about THAT?

The rudimentary installation is fairly straight forward, it's the minor adjustments that differ from unit to unit.

2:29 PM EST Error message "unable to receive acks try again & if persists contact ATX technical support." I went to MyATX and was informed that server communication was "hit or miss" and CS was VERY busy (probably due to the acks missing instead of hitting.) I have a 1041 lost in space. And so it goes. lbb

I hate that. Just as my juices are flowing, I get cut off.

Ah, but are your fluids still flowing?

My son works for an international company, his W2 was incorrect as he received an "auto allowance" which wasn't taxed, with no reporting requirements. Their policy has subsequently been changed to comply with IRS reporting requirements. Big companies always doing things correctly is an outdated urban myth. Enron, Arthur Anderson, State of Michigan, BDO Seidman, need I go on? lbb

Adult son qualify as dependent? Medical MAYBE; lawyer fees and auto no way.