MargaretMort

I just went to the IRS site to look at the requirements, etc. for the Stimulus Payment. It simply says that you need $3000 of income which can be SS, etc. The sample form shows only W-2 or Self-employed income and SS, Railroad or Veterans income need to be entered. (Obviously you would enter interest or dividends to make the amount at least $3000) It doesn't say anything about where the person lives.

I hate to disillusion you but Caribou Maine is about 6 hours inland from Boston--been there, done that. The lobsters are along the coast. Can't recommend any restaurants because it has been too many years since I've been there. I would recommend a trip to Plymouth to visit Plimoth Plantation. I found that to be a very interesting place. All the places mentioned in Boston are certainly worth a visit. Great place to visit, lots to see.

I thank you all. In the continuing ed. I took in December the instructor said something about being able to take all the losses as once. When I started reading up on it I thought the mark to market was probably what he had been talking about. I was sure if there was a way it could be done the people on this board would know the answer. Thanks again.

Help! I have an elderly client who was day-trading for a couple of years. He was also losing money. He has a loss carry-over of about $15000. His health is very poor and I feel certain he will never live long enough to use up the carry-over at $3000 a year. She will not have to file Tax Returns as a widow. (He was using savings that were for her to live on after he dies.) I believe there is a way to take all the losses at once but I am not certain how to do it. Any help would be much appreciated. Thanks

Help! I have an elderly client who was day-trading for a couple of years. He was also losing money. He has a loss carry-over of about $15000. His health is very poor and I feel certain he will never live long enough to use up the carry-over at $3000 a year. She will not have to file Tax Returns as a widow. (He was using savings that were for her to live on after he dies.) I believe there is a way to take all the losses at once but I am not certain how to do it. Any help would be much appreciated. Thanks

I grew up with SW Nebraska where the farmers were most of the economy. Though I was a "city" kid, I thought Daylight Savings was silly when the government explained that it was being put into effect to "help" the farmers. (Obviously I go way back.) All the farmers I knew got up with or before the sun and worked until dark.

In my clients' case, I put cost because that is true. In some cases it is FMV. Just depends on circumstances.

I used 454390 a couple of years ago. Have they changed designations again?

Client is an employee and has an FSA for health. She also has a small business. She has payments to BC/BS withdrawn from her business checking account monthly. She does not participate in the employers' health plan because she has had cancer and would be unable to get health insurance or afford it when she retires in another 4 years. I have taken the BC/BS as a deduction on L. 29 in the past but noticed today that you can't take the deduction for any month in which you were eligible for health coverage at a business. (This was not a problem in 2006 because she had just taken the job and only worked a few months.) I guess the easy question is, Can she take the BC/BS payments as a deduction against income? Thanks in advance. Margaret M

It has been 10 years since my grandchildren were adopted but I believe what you said was correct. Her company paid her an amount to help with the costs which had to be deducted from the overall expense, of course. It seems to me that they were unable to take all the credit in one year, carried over until it was all used up. M

My thanks.

My 16 yr. old grandson has a lawn mowing business. He made enough money this year to require a tax return, owes only Social Security Tax. Not a problem doing the return. Question: Who signs the return? I am assuming he cannot because he is underage so, therefore, one of his parents will sign for him. Correct? Do I need to prepare POA for the parent? Thanks for your help.

Interesting. I went from TRE to ATX. I don't think I had any major complaints about TRE except they didn't have a 1-800 and my long distance bill was high. (This was before I got unlimited time on a cell phone) My main reason for leaving was that it was a DOS program and I preferred to use a program that showed me entering the info on the form. They said they might be going to a form related program but weren't sure when. I will definitely keep them in mind for next year if Mel in Hawaii isn't able to get a program up and running and if I decide that I am not too old to continue doing taxes.

Janitor Bob, don't feel bad that the client didn't apologize. Us old poops have trouble admitting that we ever made a mistake. Unfortunately, when we make them they are usually doozies.

FYI, my husband and I received our Social Security statements yesterday, in FL. We do not have D so maybe that is why.

I just did, gritting my teeth. I had no trouble but then I have benefitted from all the problems everyone else has had and I haven't had them. Whew! I did hold my breath. I also received an email verification that I had given them my credit card info. M

Yes, I realized after I sent it that many of you have offices and possible security problems. I have a very small--and getting smaller--business and my dining room table is my office. In fact, I just saw the entire table today for the first time in a long while as I cleaned off all the papers from a golf round robin I am involved in and the piles of tax things received in the mail. Need to have a place to feed the hungry hordes tomorrow. And a Happy Thanksgiving to all.

I am curious? Why wouldn't you write down the numbers that were needed? I don't know about anyone else but I have a notebook that I write down all the numbers, questions needed to be answered, etc. for each of the sites I need the information for. It is a pain and I do use the same names, numbers or questions for more than one site but at least I have something to look at when I need to. Margaret

Obviously I should have been a lot more specific. He is 69 and took the money from the sale of the stock out of his 401K. I thought the entire amount from the sale would be retirement income, he thought only his original buy would be and the profit would be capital gains. He is going to be one unhappy camper when I give him that news. Thanks for your input Joan and Tom. Margaret

I am sitting here being dumb so I thought I would look to all you smarties for help. I have a client who had a 401K when he was working. The money was invested in stocks. He has recently sold some stock, wants to send the IRS an estimated payment so he won't get hit with penalties and interest in April. He thinks he just declares the amount he invested as a now taxable amount and only pays capital gains tax on the amount he netted. I am not thinking so but I can't lay my hands on anything to give me direction. It would be a much better deal for him if he could do that as he is carrying forward a capital loss. I put in a call to the brokerage house to try to learn how this will be reported, they have not responded yet. I searched the IRS site but I guess I don't know the right questions to ask because I didn't get any answers there. Gosh, I am glad he brought this to me now and not in March of 2008. Any help or direction will be much appreciated. Margaret

I second Eli's comments. We all wish the best for both of you.

I just checked my email and, low and behold, I was given a second chance because they said there was such a response that they were interested in everything everyone had to say. I think someone read this board and found out that we thought it wasn't handled well and they are making nice. I did not like the push for RALS but then I never have. I think I have had 2 clients who wanted a RAL, one paid another preparer to send the return I had prepared, the other took the return I prepared to our local Credit Union and had it filed for free. The question has never come up again.

After reading the comments already posted I went back and answered the survey. My 15 min. of fame lasted about 2 min. I was thanked for participating and that was it. Questions answered? Tax preparation, 1 employee, 20 yrs., 1 office. I think that was it. Interesting--not.

That is exactly what I needed to know. I thought that might be the case, nice to know that my brain hasn't totally deserted me. MM

Can we e-file if the 8879 is signed by Power of Attorney. My client is elderly, hard of hearing and in a nursing home. Her daughter has the Power of Attorney for her affairs. My thinking is probably not but it would be easier if we can do it that way. Thanks for the help. MM