kcjenkins

Tom has it just right. Only basis would be if some of the contributions were non-deductible, which will mean looking at sister's old returns to determine.

Other possibility is that the second was a correction, since you do not report income on a 1099A, it's informative but the income is recognized when the 1099C is issued.

Then I'd go for it.

Sorry, but based on your original post I don't see it, Deb. I think VERY highly of Tom's judgement, but I just don't see what you guys are seeing on page 4? If there is not an insolvency exception, no bankruptcy, and this was not farm debt, what are you looking at?

Gee, what a surprise. The very richest manage to take advantage of every tax break? And this fact surprises who? The most interesting fact in the whole article was how few people appear in that group of 400 more than one year.

Go back to page 3, Discounts and loan modifications. It must be included. This is not a 'reduction in price' from the seller, as discussed in page 4. Nor is it a gift, nor is it forgiveness of Deductible Debt, it's a forgiveness of Principle.

Jainen has identified the questions you need to consider. It's not an either/or answer, it's a 'facts and circumstances' thing. The fact that the insurance company paid for opening and closing the wall suggests that they determined that the flooding caused the problem. If given no other info, I'd assume it was part of the 'casualty', as insurance adjusters are masters at finding ways to EXCLUDE things from being part of the coverage, and seldom include anything that there is any question about. In fact I've never personally known an IRS auditor to question what insurance covered in this sort of case.

The reason I said to put it as mileage is that that is what he got paid for. If audited, which is not likely on the amounts, an explanation of what the 1099 payment is for would be all it would take. He does not have to have records to support amounts reimbursed, as the IRS leaves the substantiation support up to the employer that reimbursed. You could, as MM suggested, just put it on an expense line with an explanation, but it was for mileage.

No, you do not override it. It is proper to put it on the 1040, even though it will not be used. It will all carry over, as you can see on the NOL worksheet at the bottom where it shows the carryover amount.

http://hybridcars.flexfuel-info.com/Articles/Unraveling_The_Hybrid_Car_Tax_Credit.php In other words, they have expired.

Residential Solar Investment Tax Credit (IR Code §25D). The bill extends the 30% ITC for residential solar property for eight years through December 31, 2016. It also removes the cap on qualified solar electric property expenditures (currently $2,000), effective for property placed in service after December 31, 2008. The bill allows individual taxpayers to use the credit to offset AMT liability, and to carry unused credits forward to the next succeeding taxable year. The $2,000 monetary cap on solar water heating property was not lifted and remains in effect. What property qualifies for the section 25D residential ITC? Answer: The credit applies to "qualified solar water heating property," (defined as "property to heat water for use in a dwelling unit located in the U.S. and used as a residence by the taxpayer if at least half of the energy used by such property is derived from the sun), and to "qualified solar electric property" (defined as property which uses solar energy to generate electricity for use in a dwelling unit located in the U.S. and used as a residence by the taxpayer). Does the elimination of the $2,000 cap on the section 25D residential credit apply to solar thermal property? Answer: No. The elimination of the $2,000 cap applies only for qualified solar electric property expenditures. So no, it is not refundable, but it can be carried forward if not fully used this year.

Yes, if he had no net cost, then he has no credit.

No need to file a 1041 when there is no income. You could, if you are worried about the TIN, go ahead and file a zero 'final' 1041.

Is this a K1 from a 1065 or from an 1120S? If it's an 1120S you have to go to line 11 while if it is from a 1065 it should automatically populate line 5 when you select the partnership name.

Well, the SIMPLE way would be to just put it in a C-EZ and enough milage to zero it out.

A 12-year-old boy riding his skateboard was hit by a car in West Covina, Calif. He was hospitalized with leg and head injuries, which do not appear life-threatening, said police Lt. Marty Sevilla. The driver of the pickup that hit him was not cited because investigation shows the boy skated into the street at an intersection against a red light, which he apparently didn't notice because he was texting on his cell phone at the time. :scratch_head:

Go to the original return and correct it there, look at the bottom of the page for the original 1099 to see where to enter the correction info.

No, it's not subject to penalty. If you enter the 1099R and enter code U it will handle it properly.

Could be worse, just be grateful for the new longer automatic extensions! My advice would be to schedule yourself one day off, as soon as possible. I know that sounds weird, given that you are so busy, but it's really not. You will have that day to look forward to, and if you do this that one day of total freedom from work should be very reviving. Better yet, schedule a spa day for that day off. You will feel like a new person when you come back to work the next day. Just don't you dare take that day to do all the housework, shopping, etc that you have been putting off.

Margaret, I am not an attorney, my son is the attorney. My advice was based on my assumptions based on your posts, but given the further info you provided after that, I agree, the child is a 'qualifying relative' not a foster child. If the client is so hung up on the wording that she would quit you over your doing it right, then you have to politely tell her you can not do the return the way she wants, because it is legally incorrect to do it that way. Sometimes clients just refuse to understand that we are limited to 'what the law requires', not what we want.

On the tab that says Sec A and B, did you put a check at the top of the page? If so, on the print menu, just click on the Form 8283.

IF he paid tax on the payments when he got them, the taxable portion could be shown on Line 36. But only the repayment of the taxable part.

Adding my prayers!

Well, some clients just find that the only way they can force themselves to save is by using the over-withholding of taxes to get a large refund. I agree totally that it is not a smart way to save, but OTOH, it is the client's right to make that choice. If that is the way they want to do it, I see it as my job to tell them the correct way to do it. If the company they work for has a savings plan deduction option, I will recommend that. But if they want a large refund, that's their call, not mine.

The part about how even an X ["your mark"] can be a legal signature should be enough to reassure you, Jerry. Half the signatures we see can not be easily read in the first place, yet they are legal. I tell clients to sign as they normally sign. All it would ever be used for is to determine that it was actually written by the person who is supposed to be signing.