kcjenkins

11. The economy is so bad that 60 Congressmen and 24 Senators dropped TurboTax for the IRS free-file.

I'm going to request that Form 886-H-FTHBC be added to the program, so that we could add it to any client who is claiming the credit, both to give the client a copy and to have it in my file as proof that I told them. Anyone else who wants to add that request to the 'suggestion box' on the MyATX site? To request a form that the program does not include, go to the "Find a Form" link, then on the page that pops up there is a link in the second paragraph to the 'Request a Form' page.

Wishing you not just a smile but laughter, Not just happiness but joy, Not just riches but wealth, And most of all love and peace of mind. “Happy Birthday”

I bet it's because it's a KY part-yr or NonRes return, and that can not be efiled.

Jainen and Tom, you two guys crack me up! I'm going home now with a grin on face thanks to you two. Thank you for that!

Yes, if he met the requirements for EIC, then on his final return you can claim it.

What they will get will be a 1099-Q, and the full amount of the distribution will be shown in Box 1. Read Pub 970, page 49 and on for how to figure the taxable portion and how to report it.

First thing you need to tell us is what happened to the assets? What sort of assets are we talking about? If he still has them, did he convert them to personal use, is just holding them until the business climate lets him go back into business, or what?

The ice would probably melt before you got here. But you'd be welcome. :lol:

How about someone who's tried them giving us an idea of your favorite flavors. I've heard of it but never had a chance to try it. The big thing is that it is made with real sugar, not corn syrup. Which many folks say makes it much better. I don't know but would like to try it.

It's easy Margaret. When you click on either fast reply or reply, you see a number of icons right above where you are typing. The obvious ones like the one for Bold, Italic, etc, then there is the little smilie for the emoticons, and the very next one, like a little short chain, is the 'insert link' button. If you have 'copied' a link you want to post, instead of just using 'paste', click on that icon, then paste the link in the box that appears. What will show up in your post will be a little blue MyLink that will work on any size URL. While just using 'paste' will work OK for short URLs, it often does not work well for long ones.

It depends. How much interest are we talking about? Is the client the child or the parent? If the account is in the name and SSN of the child, then it does not have to be reported unless it's enough to require the child to report it, either normally or through kiddie tax, if high enough.

I'd like a banana daiquiri myself about now!

Cathrine, here's a link to Faygo. It's a brand of soft drink. My link

I's the parents who went to VITA, I think, not the daughter. But yes, the VITA people were wrong to take her once she was over 23. They may or may not be able to do a 1040X, tho.

Sorry about that. I fixed it. A good reminder, tho. Not promising I will remember, but I'll try.

And now I think it's time to close this topic. I don't disagree with any of the posts, I just think we've wandered further than is wise for this board. I hope you will all decide to get active in this year's elections, tho. On whatever side you choose.

We all have days like that.

The IRS is providing more information regarding documentation requirements on the First-Time Homebuyer Credit. The IRS encourages buyers seeking the homebuyer credit to sign the settlement statement when they file their tax return -- even in cases where the settlement form does not include a signature line. The IRS recognizes that elements of the settlement document, often a Form HUD-1, may vary from jurisdiction to jurisdiction and may not reflect the signatures of both the buyer and seller. While the Form 5405 instructions indicate that a properly executed settlement statement should show the signatures of all parties, the IRS has clarified that it will accept a settlement statement if it is complete and valid according to local law. In areas where signatures are not required on the settlement document, the IRS encourages the buyer to sign the settlement statement prior to attaching it to the tax return. In situations where the signature of the seller is not on the settlement document, the IRS advises the buyer to still sign the document. My link

So it started as the tp's personal residence, and then was converted to rental. Tom about had me convinced, and now I am back to thinking it's no. Because the rent is just covering the mortgage, no profit. On the other hand, she could have sold it to them, so I could argue that she kept if expecting it to raise in value, and provide a profit when eventually sold. Capital appreciation is a valid profit motive, in some cases. On the third hand, she might have kept it on the expectation that the kids would inherit it and get a step up in basis when she dies. Her age and health might tend to support or limit this position. I could probably come up with a couple of more 'hands' if I really tried. But I am sure that Deb will now discuss this with her armed with all our 'bouncing this around' and come up with the right answer.

No, it used to be deductible, for up to 30 days, but it is not any more, which is why the 3903 does not have a line for it. Just the travel time, lodging 'on the way' is how the instructions describe it. Just one more of the ways Congress finds to raise taxes without having to call it a tax increase, the loss of a formerly allowed deduction.

Actually, I think it was the 976 code revisions that allowed engineers to be classified as PSCs, subject to the higher taxes on those classed that way. I read it on Fox News, so it should be on all the news sites. IRS, no they don't put this sort of story there.

I DID NOT YELL! Seriously, that first paragraph was sarcastic, I know you are not one of the anti-capitalists, Tom. :scratch_head:

Well, sure you would bring that up! Don't you know that risking your capital to build up a business is not a PC-correct excuse for making a Profit? Oh, yeah, I forgot, the word 'profit' is supposed to automatically include the prefix Obscene or Ill-gotten, right? We know that the reason that most of the time a person does not show up in that list two years in a row is because it's usually a one-time 'blimp' in their income, often due to selling a business that they built up over many, many years of investing their profits into growing the business. And along the way, employing many people, but that is not supposed to be relevant. We're just supposed to resent them for ending up with a very valuable asset, I think. I'd love to see such a list include the age of the taxpayers, because I bet the majority of them are elderly, don't you? Sure, some of them are blood-sucking greedy corporate fat-cats, or Wall Street brokers, that were grossly overpaid. I don't doubt that. But my common sense says that most of them were hard-working people who built their wealth by taking risks, investing great time and effort, and working very hard to build a business that they eventually sold. I will never resent someone like Sam Walton, who died extremely rich, but built his business from scratch, investing everything he had, and working every day to keep it growing, living very modestly, driving his truck for 5-7 years between trade-ins, right up until he died. He earned it, so I do not resent him owning it.

I've never known of one here except in the Fall or Winter. But here's a link you might check out. http://www.nti-inc.com/ Aruba in May, Hawaii in June, Disney World in June? 24 hrs CPE