kcjenkins

Now that is really 'thinking outside the box'. A marvelous 'trick'. I had noticed that when I marked items for rollover, if I went into the prior year program, those returns were checked, but never thought of using that fact that way. A great work-around!!!!! Thanks

Pacun, you missed the 'irony' there. William & Mary is a very prestigious school. Chartered on February 8, 1693, by King William III and Queen Mary II as the second college in the American colonies. It's Law School is the oldest in the country, offering five advanced degrees and boasting the most technologically advanced courtroom in the world. I assure you, it is a qualified school. You are correct, of course, that it is not double-dipping when the funds used are taxable funds. It's only the penalty that they are avoiding, not the income tax.

They will treat it as paid when it is actually paid, so no problem if you combine them into one. As long as you remember not to have the resulting 'refund' paid to them! LOL

It is not "the law", but any time an agent says something like that, you should immediately ask him for "the cite, please". If it is, in fact, 'the law' then there is a cite that you can read for yourself. If he refuses to give you a cite, then it is time to speak to his supervisor. It may be 'policy' for them to ask for proof for all the other dependents, in such a situation, but that is something that gives you the opportunity to provide the proof. Just losing all of them without a chance to provide the proof is a whole other ball game, and not how it works.

I don't think you can, the option to print or to export is not there.

The IRS just announced an extension for filing the Form 8939 - Allocation of Increase in Basis for Property Received from a Decedent. See the news release below. Treasury Dept. and IRS Extend the Deadline for Filing Form 8939 Beyond the Previously Set April 18; Guidance to Follow with a New Deadline IR-2011-33, March 31, 2011 WASHINGTON - The Treasury Department and the Internal Revenue Service (IRS) today announced that Form 8939 is not due on April 18, 2011, and should not be filed with the final Form 1040 of persons who died in 2010. New guidance that announces the form due date will be issued at a later date and Form 8939 will be released soon after guidance is issued. Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, is an informational return used to establish basis for income tax purposes of property acquired from a person who died in 2010. Under the Economic Growth and Tax Relief Reconciliation Act of 2001, the estate tax was repealed for persons who died in 2010. The executors of the estates of certain decedents who died in 2010 were previously required to file an information return (Form 8939) relating to large transfers at death, which was due on the date of the decedent's final Form 1040 or a later date specified in regulations issued by the Treasury Department. Enacted in December of last year, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 reinstated the estate tax for persons who died in 2010. The law allows executors of the estates of decedents who died in 2010 to elect to have the rules of the estate tax not apply to the property of a decedent's estate. This election is to be made at the time and in the manner prescribed by the Treasury Department. Treasury and the IRS plan to issue future guidance that will provide a deadline for filing Form 8939 and for electing to have the estate tax rules not apply to the estates of persons who died in 2010. The prior deadline was April 18, which remains the deadline for filing a decedent's final Form 1040 this filing season. The forthcoming guidance will also explain the manner in which an executor of an estate may elect to have the estate tax not apply. A reasonable period of time for preparation and filing will be given between issuance of the guidance and the deadline for filing Form 8939 and for electing to have the estate tax rules not apply. The Form 8939 is not currently available, but will be made available soon after the guidance is issued. Both will be made available on IRS.gov.

I had trouble with ATX [minor, not total death] when I started using one multi-monitor software. I ended up changing from that program and the problems ended. So that might be the issue. I'd start by removing the new programs, see if that fixes it. If it does, probably a tech can figure out what the conflict is and then fix that, or else advise a different program that does the same things without the conflict. Right now, you just want the tax software to work, over any other issues, I'm guessing.

Haven't had time to check, but you might check to see if it will run on your PC through iTunes? Just a thought.

http://money.cnn.com/2010/03/26/smallbusiness/employee_costs/index.htm This was interesting, too.

Very funny, Neil. I'll have you know that I don't drive like that any more.........LOL.

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Got this on another listserve from one of the IRS contacts and thought I would pass it along. You may wish to keep this if you should need it later. The IRS contact says: I often hear from tax practitioners who e-Services passwords have expired (passwords need to be reset at least every 180 days), who are frustrated with having to go through the lengthy confirmation process to reset their passwords. There is a quick work-around to obtaining a new e-Services password without having to go through the confirmation process, which I outline below. This information should be useful to your organizations' members, so please pass it on. You can reset an expired e-Services password and bypass the confirmation code process, if you still know what your expired password and your PIN (never expires) are. Here is the procedure: 1. Attempt to Login to the system with your expired password (Don't use the Registration Services page) * Don't use the Expired, Forgotten or Lost Password option in the Registration Services page. If you do, this procedure won't work. 2. Respond to the prompt and enter your Adjusted Gross Income (AGI) for the current or previous year 3. When asked, enter the PIN you created during the initial Registration process These last two steps are needed for compliance with our security requirements. Once the AGI and PIN have been validated, you will be required to change your password. Once the password has been changed, you are able to access the system. Again, you will not need to wait for a confirmation code letter via postal mail. However, if you have forgotten your expired password or your PIN, the old process has to be followed. Instead of attempting to Login, go to the Registration Services page and select the Expired, Forgotten or Lost Password option and wait for a confirmation code via postal mail. If you have any questions about this work-around, the e-Help Desk can provide further details: 866-255-0654.

Check out this video on YouTube:

There is a good article here - Preparing Your Clients for Higher IRS Due Diligence Standards http://blog.accountant.intuit.com/from-the-experts/preparing-your-clients-for-higher-irs-due-diligence-standards/comment-page-1 (or http://bit.ly/hZochF if you prefer) Look at it as an opportunity, rather than a threat. Just don't forget to increase your fees where appropriate, to cover any extra time required to protect the client.

It explains a lot about the people in your town, doesn't it? All those tax forms, and extra taxes, would make for a lot of Coronna sales.

You treat it the same way as shown in Revenue Ruling 2009-13, whether it ends up as a gain or a loss.

If I could get into it, I would. For some reason, when I click on the Communities button, it just takes me back to the home page. Irony is that I was talking to support today about resetting my password, and forgot to mention that problem! Oh well, don't really have time to worry about it.

Unless she is doing a spousal IRA as well, in which case, depending on the earnings, she might be able to put 5K each in the IRA, or 6K if old enough. I agree, tho, you do the SEP first, then you look at the IRA worksheet, put in max and it will tell you how much is allowed.

Does he have the cable access for the internet access for the business? If so, deductible. If not, just for the TV, then no.

No, but if the original was paper filed, the correction needs to be paper filed also.

I believe exception 05 applies to both retirement plans and IRAs.

Well, actually, it does still help him, since on a joint return, if she did not pay it, they would have taken his refund to pay it. In fact, if there is still a balance due, they will do that still. So she should pay any balance before he files, to be fair to him. Delaying his filing might, in that case, have been a good thing for him.

The buyer should get a 1099 for the entire amount of the sales, then a 1098 for the interest paid on the note, and the difference between what he got paid from the seller and the amount in the 1099 plus the 1098 is the amount of principle he paid on his note.

Well, that explains a lot, and should take some of the embarrassment from you, since the ex-hubby is getting a benefit from the return, as the old debt was a joint one.

I would not file a 1040X before calling the IRS Help Desk, and asking them how best to correct her file with them. Clearly, it should not have gone through with her name and his SSN, but still, it did. I think I'd just file his [for free, of course] as a paper return, and then do whatever the IRS advises to get her account corrected.