Marie

Thanks. I understand that employee/wage thing, and the recepients are not employees or workers.

Gifts in any amount? Could the church give $25000 to an individual? $13000 limit doesn't enter in? To clairify, individual does not work for or at church,.

Church has extra money and feels very blessed and wants to give money to several individuals who need help. Does this consitute taxable income to the individuals? Do amounts have to stay under the $13,000 gift exclusion? Or does it make a difference?

Yes, I am working on the insolvency worksheet. He had debt cancelled 5 different times, all pretty close to each other. I think there is a death benefit on the retirement, though. His wife died later in the year, and he received some from the teacher retirement in her number. Is wife's death benefit an asset since the debt was cancelled before she died? Would his death benefit be an asset to him, too? It could have been simple if they actually had no money, but they did have some money in the bank, but the medical bills got overwhelming.

I'm doing a late return ( and one I was dreading, but..) Taxpayer has lots of credit card debt, medical bills (wife had cancer and died). Lots of credit card debt cancelled. He also has teacher retirement. How do I find out his interest in this retirement. I know they pay in, but depending on how it is set up, when you die, your heir only gets what is left of your initial investment. The retirement is a good thing as long as you stay alive. At point of cancellation, what is it worth if he dies the next day? Anyone know how to figure, or do we have to contact the state teacher's retirement group?

I thought it would be actual expenses, too, but last year's tax pro took mileage and I told him that I didn't think that was correct. Like he said, it was easier, but not correct. Thanks for the input

I have a client who rents his vans out. This is an individual, not Enterprise or any type of Company. How does he deduct expenses? Can he do mileage expense or does he have to use actual expenses? I understand vehicles used for taxis must use actual expenses, but he is not doing the taxiing, he rents the vehicle for someone else to drive.

THANKS, I worry about not getting it accepted in time. Is it accepted date and time, or efiled date and time? How much time after the 15th do we have to fix rejects. Do extensions ever reject?

When is the latest time I can efile returns and extensions on April 15? In Missouri, is it midnight? Then if rejected, how long to re do. What about extensions? It seems like the accept status takes longer on extensions. What time is considered filed on time? Just want to make sure I am not late with these filings

I had to file an extension for client's s corp. I haven't mailed the scorp in yet, but have the individual's with the K-1 income tax done. They want to efile. Can I send in the 1040 with the info from the scorp before the scorp is filed?

Where is the estimate tag. I've not used that feature. Can you explain how it work?

I efiled a late W-2, and now have realized it was wrong. Minister's wages, and I didn't change SS and medicare wages to 0. Can I efile the corrected w-2 hours after I have efiled the first one? No 941's or 944's have been sent in on these wages. Nothing in withheld, what is the best thing to do? Any ideas? THanks for any help.

No one told me they sent it back. I guess that is their option. I am still dealing with that other preparer giving the add'l child tax crd. He has now amended back 3 years to get this for some of these clients. Most have quite a few children which amounts to a substantial refund. Now thru the mennonite community talk, several have called me and want to know if it is right and/or what they should do. I know they shouldn't receive ACTC, and have told them that I have worked the worksheet and it says do not use exempt SE income. In your experience, does IRS catch this eventually? Should we just write VOID on the check and send it back? Or send in another amended return and pay back. But wouldn't that generate interest and penalty. Can they hold their tax pro accountable for this? I'd like to have these clients next year, so I'm trying to help, but during the last week of the season isn't the best time.

I told him to stimulate the economy with it and he said he bought a tractor already this year. (not with the stimulus, didn't know he was getting it, but helps with the payments, anyway). I'm pretty sure most of his people who received the check last summer spent their money. I didn't hear from them, anyway. I would still like to talk to Ray in Ohio, if he's out there.

Today, a mennonite client called and had received $1800 for recovery rebate credit. I had failed to put this on his 08 tax return. He said he had not received anything last year, which was correct, I checked. Why wouldn't he have got somehting for his two kids? I didn't do his return last year, but he's a farmer and had gross income. He asked if this was a government hand out and was wondering about keeping it. I feel it was a payment based on income tax, not SE or social security. What do you think?

No, husband has wages of 30,000, so there should be no issue on that. I was just surprised the software didn't show availability of putting in a ROTH. I know it's not deductible, no credit available, but I do believe it is allowable.

Gross income is under the amount, and they are drawing out of IRA's and some other retirements so credit isn't available. They are allright putting money in a ROTH, aren't they, even though I can't make the worksheet work? Would that keep the efile from going through?

My clients are over 701/2, but are putting money into a ROTH IRA. When I go to the IRA worksheet, it shows the limits to be 0, but I read that it doesn't matter how old, as long as there is earned income, and they can put in $5000 each. I don't think I have to put in their contributions since they aren't deductible anyway, but I was wondering if the worksheet just isn't working, or I havent put something in right? Anyone else looked at this?

PLease, I need some imput. Does the alt minumum NOL add back in to take away the reg NOL I had to add in. What is the difference between a regular NOL and an AMT NOL?

My clients have been taking NOL's over the past 15 years. Now they sold their farm, received money in all one year. AMT has come up, adding the NOL's into the income. Granted, it's lower that if there had been no NOL's, but I'm stuck on the alternative tax net operation loss deduction. I gather that would be a subtraction to get back some of my NOL's I'm losing on the AMT form. I haven't been figuring AMT NOL's for those past years. I'm not sure I know how. I've read the instructions and am just as confused as before. Can anybody help me?

When I rollover, the NOL's aren't rolling over, and I have to put in some years, the last one was just 2007, but earlier returns I had to put in most. Anyone else having this trouble, am I not doing something right, or is this just the way it is?

Ray, thank you for your imput. I thought I was right, but needed confirmation. I worked thru the worksheets and it's pretty specific about exempt income from SE not qualifying. Now I'm dealing with a preparer who is giving the Amish the add'l ctc, they are getting refunds, and worried they will have to pay back and coming to me to amend. I just wanted to be sure I was right. If I need you, I will specifically ask for you, thanks

I'm getting some new clients from the mennonite community, and most of them are 4029 exempt. ATX software has a 4029 box to mark and after that no EIC or Add'l Child tax credit is figured. I think this is correct. A competitor in the next town is giving these exempt people the add'l child tax credit. I'm getting calls wondering if she is correct and if not they want me to amend their tax (and say they will be back next year). My question - am I right? is the ATX software right? how come her software isn't doing the same? Last year she used TaxSlayer, I'm not sure about this year. I have some of her last year's and she gave add'l CTC then, too. Does anyone else have some experience with this? I think I'm right, but when someone else is doing it different, I start doubting myself. I know this is getting long, but, as long as I amend and they pay back by April 15, there shouldn't be any interest or penalty, right?

Thanks, I hadn't found it yet. What attachements need to be sent in with the KY return? Federal? MO?

I did pull up the KY efile form and that's where is says there is no refund or balance due. If part year can't efile maybe that's why when I try to create it doesn't come up. I'll try to check the instructions. thanks