kcjenkins

No, Judy, I think we should leave it in case someone else needs to know they can return things.

Can't you return it for credit? http://www.officedepot.com/a/customerservice/Refunds/?cm_sp=FooterLinks-_-CustomerService-_-RefundsExchanges Ink & Toner, including Office Depot® Brand and all national brands, with their Original Receipt and in their original, unopened condition, may be exchanged or returned with a full refund within 30 days of purchase.

http://gettingthingsdone.com/

I prefer finding a local spot that the locals recommend, too. That one looks like a good place to try. Or maybe I'm just hungry?

NO, doubling up 1099s SENT BY THEM TO THEIR SUBS OR VENDORS would double expenses, not income. But you are reporting only the single amount, so that will not affect anything. At worst, the IRS might hit one [or more] of the recipients for double income, at which point I am sure the client will here from them. And you give the sub a signed letter stating the correct amount, and that clears it up.

13.4.2.35 IS WORKING FINE

YEP

Except they already divided the 'marital assets', these payments come out of his current earnings.

It effectively makes the payments into 'gifts', but since they are 'required' gifts, they are not really gifts. I agree with you, it's a stupid provision, and not fair. But then, that's true of several parts of the code, isn't it?

Nothing you can do at this point.

Washington, D.C. (February 28, 2014) By Michael Cohn The Internal Revenue Service has released the long-awaited final instructions for the 3.8 percent Net Investment Income Tax that was included as part of the Affordable Care Act. The IRS released draft instructions for the tax early last month, but didn’t finalize the form itself, Form 8960, until the end of last month (see IRS Previews Instructions for Net Investment Income Tax Form and IRS Finalizes Net Investment Income Tax Form). The tax took effect on Jan. 1, 2013 and applies at a rate of 3.8 percent to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts of $250,000 for married filing jointly tax returns, $125,000 for married filing separately tax returns, and $200,000 for single taxpayers. The IRS had warned taxpayers not to rely on the draft instructions until they were finalized, and that has reportedly prompted some tax software companies to hold off on transmitting tax returns that include the form to the IRS or to caution users that their tax returns may need to be amended later. Intuit had been awaiting the final instructions on Form 8960, but has been allowing about 75 percent of the people who are filing Form 8960 to transmit their returns since February 21, according to Intuit TurboTax spokesperson Ashley McMahon. “For about 75 percent they can go in and file that form with TurboTax today,” she told Accounting Today. “The final instructions from the IRS only changed the calculations for some of the edge cases. For a small percentage of the folks who haven’t filed, we’ll be making some final updates that will go live on March 6, next Thursday. As of March 6, everyone will be able to file that form.” While the form itself is only one page, the instructions themselves run 20 pages and include worksheets for computing net gains and losses, deduction recoveries, the application of itemized deduction limitations, and modified adjusted gross income. The instructions also provide details on areas such as special computational rules for electing small business trusts, bankruptcy estates, distributions from foreign estates and foreign trusts, rental activities and a safe harbor for real estate professionals. I'm glad to see that they're simplifying things. (Sarcasm intended.)

tst, are you aware that you can edit your post if you realize you made a typo or left something off, etc? At the bottom of your post, run your cursor over the right side and you will see options to edit or delete. On other people's posts you have the 'report' option, if you find a post seriously offensive. Hopefully you will not need that one, but like every open forum, there is an occasional spammer that appears, and we don't want them to be overlooked. Reporting a spammer lets us take care of them quickly.

And, of course, the reason the agreement must be attach each year [which means paper filing, btw] is so they can make sure the other party to the agreement does not deduct the payments as alimony.

Yes, and IMHO it should be their right to make that decision. Of course, the IRS does not agree.

If only one had income, why would you not know "which one to take off"? But I would not take that option, I'd file a 1040X for the kid and paper file the parent's return.

WHOA..........Is he renting the studio just for the lessons he gives? Or renting it for his personal practicing as well as the lesson? It does not 'smell right' if he's got a loss because he;s renting space to give lessons, that costs more than he's charging for the lessons.

OK, so the 51K payment would be treated as part of the sales price, incresing the gain on sale. And yes, would be part of the 212 exclusion.