MargaretMort

Okay, back again. I feel like I am on another planet today so bear with me. I made sure the tax program was updated then I opened my return and clicked on the Sch SE just so I would know all about this new "bene". The SE is still a draft, the instructions are: Line 1-a Enter Net profit (or loss) from Sch F, line 36, and Faarm partnerships, Sch K-1 (Form 1065) Box 14, Code A Line 1-b If you received SS retirement or disability benefits, enter amount of Conservation Reserve Program payments included on Sch F, Line 6-B or listed on Sch K-1 Box 20, code Y. What on God's Green Earth does that have to do with deducting Medicare Part B payments or, really, anything else? MM

Thanks, I had read that also, neatly forgot it. MM

Yesterday I downloaded the updates and corrections for the Tax Materials The Tax Book and looked them over. The NATP question recently was about using Medicare Part B premiums as a health care deduction for self-employed on the Schedule C. The answer was that no that was not a deduction. The updates for the TAX Book re: Self Employed Health Insurance Deduction says the 2010 Form 1040 instructions say Medicare Part B premiums can be used to figure the deduction. Now I am totally confused. Are you planning on using Medicare Part B premiums as a SE health insurance deduction? Thanks. MM

Why not have him get in touch with the University of Nebraska? They have an impressive graduation rate--and requirements--for student athletes. MM

I, too, have no objection to the present form. There are many subjects that don't apply to my particular tax practice, I check to see if there is anything pertinent, don't check on that one again if not. And, I agree that many times a subject comes up and the responses begin to get far away from the subject matter. I look into it if it is of interest, skip if not. Two forums? No, I don't think so. MM

Well, crap! Just what I need is another complication. Thanks for the insight. MM

I received the blue book-ATX User guide for tax year 2010--the software for tax prep and another disc that says Tax Season Essentials, plus some small papers. I haven't installed or read any of it yet. Go to tax class Monday and will probably feel the need to get everything up to speed after that. MM

I was quite surprised to receive the 2010 disc yesterday. I didn't even renew until late Oct/early Nov. Has anyone else gotten theirs? I truly don't believe I have ever gotten the tax program this early. MM

I would also like to echo Taxbilly. Happy Thanksgiving to all. MM

My husband was in the AF for 29 yrs but he wanted the toilet paper from the back. I had never heard the "salute" thing. Will have to ask my son-in-law if it was still true when he went through basic training. I, too, prefer the toilet paper from the back but paper towels from the front. MM

As Florida doesn't have state income tax, I would have to assume there are no regulations? MM

I have finally decided to clear out the boxes and boxes of old tax files. My question--How many years do we need to hold files of customers we no longer have? Thanks in advance. MM

My sincere thanks to Karen Lee for the information she gave me. I printed the form and the instructions for the person asking the questions and told her there is no way I can give her any advice because I don't know the particulars. She was grateful for what I could give her. This board is such a great help. Thanks to everyone. Margaretmort

Someone asked my opinion, which is quite dangerous lately. She and her husband are divorcing. They just arranged a short sale on their jointly owned residence. She wanted to know if they would be able to not include the debt income, per the American Recovery and Reinvestment Act of 2009 come tax time. I have read up on the pertinent rules and I must admit I don't have an answer for her. The house would have eventually been foreclosed on because she had stopped helping pay the mortgage and he couldn't make the payments alone. In fact, they were several months behind with the mortgage payments. So far as I know, they are not insolvent. I truly don't know if the income would be excused or not. Any help or suggestions would be very much appreciated. I haven't had to deal with this act and am not looking forward to have a client with this problem. MargaretMort

BSTAXES, I am glad you replied. I had been wondering about how things are going. Congrats on the new grandchildren. Mine are growing too fast, definitely not babies any more. The 18 yr. old has to pay estimated taxes this year, wasn't happy to have Grandma give him that piece of information. I was having palpitations reading about the 16 yr old pilot. Glad the instructor finally woke up. Too bad he doesn't have the instructor from my home town, that would never have happened. I check the board everyday and decided people were either too busy, not there or had few problems. Good to read the reports. MM

My sincere thanks for the birthday wishes. Please excuse the lateness of the reply, first the 'puter wouldn't go on line and then I was going out of town and didn't have time to fool with it. Home again, rested and renewed, and tackled the problem. My son got it fixed and I am in business again. I got to see parts of this wonderful country for the first time and stand in awe once again of the beauty. It was a wonderful trip filled with friends and family, made this birthday even more special. MM

I may do that. Thanks for the suggestion. I am going away for a month and plan to enjoy every blessed day. I am off the see military friends, brother, sister, nieces and their families and my daughter and her family. There is an all school reunion going on over the 4th and I am hoping to see old friends from long, long years ago. I haven't been back in nearly 6 years and it is definitely time. The last thing I will do is think about taxes. Once I am back home and have recovered, I will have to decide if this was my last year. Have a Happy 4th and may the weather be exactly what you want. MM

Thank you. According the ATX it has been accepted but still shows transmitted in the program. I am going away next week for a month and didn't want to come back to a bigger problem than I already had. MM

Last client's return was transmitted Sat., June 12. Still shows transmitted and I have forgotten how to check at ATX about it. Please point me in the right direction. I think my brain is fried because I can't even come up with the right suggestions. MM

How great to get the update. I had been thinking of you and wondering how everything was going. My best wishes for the future and the time to enjoy those grandkids. MM

I have been thinking--always dangerous for me--and realized that I have not done the SS Disability payment quite correctly. My reading says to calculate the 2009 SS payment without the earlier 3 years that were included, then do the Lump Sum election. I understand all that. My question is: When I subtract the preceding 3 years from the total the 2009 payment is less than the 2008. The client also received Attorneys fees. Is that added to the 2009 payment, taxable on that side and then deducted on the Sch A, Misc.? I assume so but they owe a lot of money and I don't want to add to it erroneously. As always, thanks. I have never had anyone in this situation so I am a "newbie" and want to do it right. MM

Thanks. I did the averaging. I'll get this return finished and sit back and enjoy traveling to visit friends and family this summer. MM

I want to be sure about this before I over-think myself. Client hired lawyer to contest SS for disability. The SSA-1099 shows net benefits of $46124. The description shows Attorney fees of $5300. The benefits include amounts paid for 2006,2007,2008. My question is: the attorney fees goes on Sch. A, Misc. deductions subject to 2%. Correct? I think mostly I don't think it should be subject to 2% but my reading indicates that it is. As always, thanks for all your help. All of you have such great helps this year. I can only say, thank you, thank you, thank you!!!!!!!!!MM

What great news! Thanks for letting us know. I was just wondering about you yesterday. Good luck in the future. MM

I just tried to efile a 4868, got all kinds of warnings about unsecured site, said go ahead to efile and got red warnings saying, no go. I thought I read on here that the problem was resolved early. Ugh! Thought I was all done and went to play golf this morning. Should have known better. What a year! MM