NECPA in NEBRASKA

I'll try taking out the december date. Thanks!

WA doesn't have a state income tax, so there won't be another state on the W2.

Bonnie

You are going to need a form 6781. If I remember right, you should be able to figure it out be following the instructions. I do one once a year and pretty much have to read them every year, because I forget. IF you need more help, post later or E-mail me and I'll try to help you.

Bonnie

I am trying to E-file a part year NE resident, but I am obviously too stupid to enter a date. I have entered the residency dates as 10/01 12/31, 1001 2131 and 10/01/08 12/31/08 and I keep getting an error message that says to enter the residency dates in m/d format. What am I doing wrong? I feel like an idiot, but yes I am tired. I hope someone else has figured this out.

Thanks!

Bonnie

I've had a lot pass away within the year. One ot the worst things for me is so many of my clients are failing mentally and it is presenting huge challenges and a lot of extra time and work on my part. I can see that I am really going to have to take a look at my workload next year and try to not take on additional clients so that I don't collapse myself. This has been my worst tax year ever (for a lot of different reasons) and it has become very difficult for me to even want to do this anymore. I just hope that I will feel differently after April 15.

Bonnie

Thanks! That's pretty much what I'm thinking, even though it is going to make their return look even more riduculous than it already looks. Good thing they don't ask my advice. I'm just telling them not to be surprised if they get audited. I wish it was an asset, but it does have a short life.

Bonnie

Clients paid $75,000 in 2008 for an Infomercial that won't air until May, 2009. On an accrual basis payer, I'd charge it to prepaid advertising. They are cash basis. Should I be researching anything else to capitalize it? I can't imagine that the business will survive the next two years, but there could be a miracle. I am just too tired and crabby to think properly.

Thanks!

Danielle,

That is a good looking boy. Mu son is 14 and will always be my baby to me. Thanks for stopping by.

Bonnie

I believe that you said the dependant turned 17 in 2008. If that is correct, they will not receive the $300 because the payment is actually based on the 2008 return, not the 2007.

I found plenty of information on it, but nothing that said that there was anything tax deductible about the interest paid. The client finally admitted tonight that he had been asking around and couldn't get anyone else to agree that it was investment interest.

Thanks!

I'm pretty sure of the answer, because I can't find anything about it under when I looked it up, but my client doesn't want to listen to me. He paid accrued interest of $13,740.44 for something called Catch 62 for his creditable active military service. His brother, an ex revenue agent, told him that he is deducting his as investment interest expense to see if it will get through. I told my client to have his BIL send me the code to justify it. Apparently there isn't one. My answer is that the interest is not deductible, but if knows of any way that it would be a legitimate deduction, I would be happy to hear it.

Thanks!

Bonnie

Thanks everyone for making me laugh out loud today. This has been such a crappy tax season for me that it's been hard to laugh. I hope that the IRS doesn't start making a habit of having audits in January and February. This is killing me. If my client wasn't so old, I'd smack him for not gathering up the information himself. He's getting a big bill though.

Thanks! That is definitely a possibliity. I'm still trying to research if I need to wait before I file anything.

There is an insurance company in my state that is currently being investigated for fraud, illegal sales of notes and has declared bankruptcy. No actual charges have been filed, but the FBI and numerous state agencies are in there and they took the insurance licenses of the principals away. All but one of the principals has declared personal bankruptcy. They have apparently lost 100s of millions of dollars in what appears to be a Ponzi scheme. Who knows where the money went and somehow some of the companies are licensed as native american and that may make the money unrecoverable even if there is any left. My question is, I have an elderly client that received a 1099 INT for $35,000 and I would like to find some way to show it as return of principal if it is even possible. The investors have been told that recovery is very unlikely, but there is nothing concrete, because this just became public in January, 2009. His original investment was $250,000 plus he has been paying taxes for many years on this purported interest. He doesn't have the money to pay the tax on this, because the monthly checks that he was living on stopped in November. All he has left now is SS, which of course is mostly taxable because of the interest income. Sorry that this is so long. I've been researching Madoff, but this hasn't been public for as long. Does anyone have any ideas or should I just wait until the charges are filed and amend?

Thank you,

Bonnie

I did some more research and quite a few colleges have posted online the amounts per semester for on campus, living with parents and living off campus. It just seems strange to me with this lousy economy that they can get extra credit for living at home, because most of the colleges around here didn't have any damage from any of the storms.

Thanks. I'm OK with how to do the credit and that you can now add books and supplies. I am just unsure about the room and board that is now eligible in this area. I can't believe that you can add room and board if you lived at home and went to school, but one school here in Nebraska sent an amount that they say that you can use if you lived at home and not in their dorms.

I need some clarification on the room and board that is allowed if the student attends college in the affected areas. I understood the additional deduction to be if they actually incurred room and board expenses while going to school, not if they lived at home. I must be reading it wrong, because I received a statement from a school that showed the amount allowable if you lived with your parents. If this is correct, I'm glad that I haven't finished a whole bunce of these affected returns.

Thanks!

Bonnie

I spent over two hours this week on the phone with customer service trying to get two acks that I know are accepted to change from IRS cleared to no avail. They are totally baffled as to why this is happening. I just gave up for now, because I have work to do.

Bonnie

It will come up showing the federal and both states. You can piggyback one of them and do state only for the other one. I just e-filed three states .

Bonnie

Have a great birthday!

Thanks, Kyle. I ended up changing to IE 7 and it stopped giving me that message.

Bonnie

I'll bet you liked that one. My son's favorite team is Fullerton so he was dissappointed. I really liked the CWS when I was younger and it wasn't as commercial as it is now. We used to really have fun sitting out in the old bleachers.

Omaha, NE

1. Our nationally acclaimed zoo

2. Held the Olympic Swim Trials in 2008 (which I volunteered at) and we hope to have then again in 2012.

3. Not Omaha, but the NE Cornhuskers

4. We have a stupid $20,000,000 foot bridge across the Missouri River and we are building a new baseball stadium to keep the College World Series that we can't afford. I love the CSW, by the way.

Right click on the bunny on line 40 and you can enter it on the worksheet that pops up. If you have a schedule A and they can't itemize, you check the box on the same worksheet for line 40.

Bonnie