Richcpaman

JK: No Harm, No foul. My Wife asked me to get a cushy government job 20 years ago. I should go work for the IRS, or the State. I said, "No WAY". That is the Dark Side!" But... the continuing suggestions that I should quit/change careers made me angry over time, and then we talked about it frankly. She doesn't suggest it anymore. Rich

My Wife has been a tremendous amount of support this year. I really love her. She knows that this is a crazy time, so she helps with the extensions, and the some light inputting, and picking up dinner as needed. Plus she also works full-time elsewhere. She has learned not to suggest that I find a different job when I complain. This is my career, this is what I do, and I will continue to do it till I retire. I can complain to her, and she just listens. That is a skill that I learned when listening to her... The only thing she will NOT let me complain about? When I say something like: "I should have done THAT in November!" She shuts me down on that. We just keep on, keeping on. Rich

David: If your client is a general Partner in a partnership, then he/she may be subject to S/E tax because of that, and nothing to do with whether he is a RE Pro or not. Rich

I bill who ever brings me the tax return. If the child is old enough to bring me his/her tax return, then they get the bill. If the child's stuff is in with the parents return, I bill the parents. I always like to make sure the dependency issues are correct between parents, children and college etc... Rich

YES! THIS ^^^^

The things that run thru this thread. One, we are some funny people.... Two, We hate to be imposed on.... Three... Don't tell me: "You must be busy!" My reply has become almost standard: "If I am not BUSY this time of year, *I* am probably not that good at what *I* do!..." That usually makes them think. Rich

Figured out the ATX pension worksheet, and got to the $59k number. So we are good, now. Rich

I received several texts and phone calls from a friend inviting me to go play golf in his golf tournament on June 3rd... Really? Like you need an answer now? Sheesh.

Roberts: How can they make a 401(k) contribution if they are not working and earning wages from the company?

I have a client, two sch C, net for each spouse, $275k. They had a SEP, but went to a 401(k) with Profit Sharing. On the Sch C, I can deduct the amount for the employee's match. Then there are the owners 401(k) amounts ($24,000), which go to the adjustment to income line. Where does the profit sharing amount ($10,600x2) go for the owners? To the Adjustment line, or to the Sch C? Or, are they just limited to $53k each?

B: Your client goes to the casino. She gave you "some" of her W-2G's, but not all of them. What did you do with the first batch when you prepped her 2015 return? Accept that her losses were the same as the winnings? Sure, because she did. Slots are for losers. She lost these additional W2G's as well. The Casino can provide more detailed reports if you need them. Anyone moving $500k thru the machines has a personal rep at the Casino that will provide assistance.

B; Your client isn't under audit. Only a CP-2000. Prep the 1040x, with the Sch A. and attach the Win/Loss statement. If the IRS wants more, let them ask for it. Don't worry about proving daily wagering losses. That is all there ever was...

When the rant starts? "We can go have a beer and discuss that after April 15th, but for right now? You owe this..." Rich

It would fit the Motel model much better than any long term rental Sch E action. Rich

Why are we resending information to the IRS that they already have?

We had a different one to report... actually several. We reported the info from the 1099B broker on the 8949, then a "back out" adjustment for the ordinary amount we reported on the 4797. Simple, and gets the answer. I do not know if ATX has another way to do it.

I cut and paste the Client letter, when the client is making payments with the extensions. Otherwise, they get copies when they get the final return on Oct 15th. RIch

I just put it to Line 21. If the funds were used for QEEE and Non-taxed, then I show the earnings, and then another line that I subtract out the amount showing a net of -1. That way the worksheets print and the line item gets efiled to the IRS. Avoids any CP-2000's as well. Rich

WiTax: Wow. And I am stressed about the ones that have come in before March 15th. Pretty much all the others are done and gone. Unless they haven't given me something. Got another 40 to come in, between now and April 15th, that I still get done, even if they are late. Actually, I think we are ahead of things now. Gonna keep the peddle to the metal until the 10th or 11th, no matter what. Rich

OMG. I may have posted about this... 140 pages out of TT for a client with 1 w-2, Schedule A and 2106. I think that TT also owns a paper company. Client did give me a PDF of it, though. Rich

GrandmaBee: That isn't the issue. They are on Income Based repayment plans for their student debt. If they file joint, the student debt repayments triple or quadruple. Much heavier cash cost than the additional tax due to MFS. Rich

There has to be something going on. Broker being an idiot is one. Maybe an annuity in the IRA is another. *I* just knew that he could roll it out. Even, just roll it from Roth to Regular IRA and be non-Deductible, and then "Back-Door" that to the Roth, Rich

Client contributed to Husband and Wife's ROTH IRA's in 2017 for 2016 year. Maxed out, $5,500 each. Need to file separate due to student loan debt. Kicks out the contribution, and asserts a penalty of $660 each. Ouch. Tell client to just withdraw the Roth contribution before April 15th, no problem. Broker says they can't do that. WTH? Thoughts?

Ok.. Long term client. I always dealt with the Wife. She was kinda loopy.. All sorts of health issues. I did the daughters returns earlier, but she is doing them now. And only met the husband once in 12 years. I heard thru the grapevine that she had passed away in October. Sorry to hear of this, did not expect to see the husband. But they called and set up the appointment for today. Going thru the folder of information making small talk ,and saying I was sorry to hear about "wife's" passing, I pull out the death certificate that they were nice enough to bring along. I was about to ask about medical expenses and other things surrounding her death. Than I notice the cause of death. Gunshot wound to chest. Suicide. Wow. Not to many times you can stop me in a client interview.. cold.

Not on this thread...