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MargaretMort

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  1. How nice of you to share. May the coming years bring nothing but joy--along with the frustration, etc. They are worth it MM
  2. I was wondering that, too. Happy Thanksgiving to all. MM
  3. Sincere congratulations. They are beautiful and I can imagine that you are tired. Good luck in the future. MM
  4. First, let me thank KC and anyone else who has responded to my questions about the IRA roll-over and reconversion. Still have a couple of questions, of course. The amounts being reconverted are not the same as the amounts that were rolled over because money was held out for taxes. Does it matter that the reconversion amounts are not the same? The other question, KC said to add an explanation about reconverting from the Roth to the original IRS and that, if I use ATX it is easy to do. I think my mind left town but I can't find anything where I can explain that. Please, please give me some guidance. I want to get this finished and off my desk. MM
  5. I also received it. Didn't have 30 min. right then to even look at it. Since I am retiring I might not be polite so maybe I should just not say anything! MM
  6. Thank you. I will try to do that tomorrow and see what happens. Yes, I do use ATX. MM
  7. Sorry, It has been recharacterized in 2011 but I am under the impression that as long as this is done by Oct 2011 it is as if the roll-over never occurred. The original roll-over occurred in March or April of 2010 but was erroneously reported on the 2009 tax return. The roll-over is reported on the 2010 tax return which has not been filed. That is why I am unclear about how to go forward, file 2010 and then amend? File 2010, leave off the reporting the roll-over and explain with a letter? I don't know about anyone else but I am confused. MM
  8. I have asked this question before and received no answers. I am hoping that now that things have settled down I will get some answers or suggestions. Client mistakenly reported rolling an IRA into a Roth in 2009 to take advantage of low income. In fact, the roll over took place in early 2010. The tax consequences of this are way more than they want to pay so they have rolled the roll-over to the Roth back to the original IRA. The 2009 tax return has been amended and sent to the IRS. The 2010 tax return is on automatic extension. I have read everything I can get my hands on about recharacterizing and truly don't know exactly how to proceed. Do we send to 2010 showing the roll-over now and then amend it before Oct. showing it has been changed? The TP just received the 5498 for 2010 and is very worried about the entire situation. I sure don't want to do it incorrectly now. Any help will be greatly appreciated. MM
  9. I would suggest you get in touch with Canadian Tax, www.cra-arc.gc.ca/tax Several years ago a Brian Levy,a Canadian CPA, used to contribute. The email addresses I have for him are:brian.levy.esq@rogers.com or brian.levy@amcham.com Earlier this tax year I got a phone number for CanadianTax but that seems to have disappeared. I have found them to be very helpful. MM
  10. Congratulations to all of you. My husband was a fighter pilot and I was never really sure man was meant to fly. His life long dream had been to fly and he was able to live it. Your son had a goal and met it. Can't really ask for more than that. MM
  11. I want to make sure I am doing this correctly, especially since I have had no experience with this. The client thought he rolled a traditional IRA into a Roth IRA in 2009. The actual conversion occurred in 2010. The taxes owed would have been a lot, even split between 2011 and 2012 Tax years. He has told the broker to roll it back into a traditional IRA. As I read the instructions in The Tax Book, all that is required is that a statement should be attached to the 2010 return--it hasn't been filed yet--explaining the recharacterization and include the amount converted. Is that all there is to it? I amended the 2009 Tax return to take out the incorrectly reported conversion and now a simple letter added to the 2010 is all that is required? Do I leave the reported conversion in the 2010 return and include the letter showing it isn't true? Do I e-file the 2010 return and then paper file an amended return with the explanation? Help! As always, my sincere thanks for any and all of your help. Wouldn't have made it through this year without this board, 25 years experience just didn't prepare me for this year. MM
  12. Sent the last e-file Saturday, it was rejected. Said the Sch M didn't agree with their files. I wasn't aware that the IRS couldn't talk to me about rejected return-how dumb is that! I told one person that I could always show the client had received $250 in 2010 and probably fix the discrepancy but I felt that was wrong because the client had not received $250 in 2010. Apparently, late in the filing season, the IRS began having errors with the M. First I had heard. Hopefully I have taken care of the entire problem. What a pain. I was surprised no one on the board ran into this. Just a note of interest. MM
  13. Yes, I wondered that, too. I haven't told my son yet that I am not going to change my mind on this. I think the CPA firm is incorrect. The speaker told the audience that this was a gray area and the IRS says, in SE cases, the money should go on the Sch C. Perhaps by telling the client this, if the client says go ahead the CPA has covered their behinds. MM
  14. Many thanks for all the help. The advice finally percolated through my brain and I did the son's correctly yesterday and finished that return--YEAH! Dad's is being reworked in a few minutes so I can chalk another one up to the good guys. MM
  15. I agree with you and I thank you for your reply. I will be sending an email shortly. MM
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