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About joanmcq

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    ATX Supreme Guru

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  1. One box says Inherited and the other says IRA. It could be an inherited 401(k) or other retirement account.
  2. Quite a lot of the new 1040 doesn't make sense the way we are used to looking at it. DO NOT try to change things to make it make sense. The pension/IRA line is just one of the line that don't 'compute' in the way we are used to thinking of them.
  3. the only 8606 I've done was for a Roth conversion and the 8606 seemed to work correctly.
  4. I'm with Lion, I see very few people. So far this year so far, all of 2 clients, both new, local ones. Appointment time, 4pm, which is when I'm pretty much guaranteed to be awake. I've talked to a few on the phone, but everything is mostly email.
  5. Also does nothing if you have income instead of losses!
  6. A couple years ago I had a client sell Coca Cola and other stocks that were acquired in 1932. The broker provided the basis. Plus for all the ones acquired in the 50's & 60's. I was overjoyed. Must have been you, Robert!
  7. Posted on official ATX chat: For ALL: Please note that the rules for reporting gross and taxable amounts for the IRAs and Pensions have not changed from 2017 in the IRS Form 1040 instructions and the requirements for Form 8606...For IRAs if you only have 1 IRA distribution then the gross amount will be -0- and the taxable amount will be displayed. Pretty much the same goes for the Pensions, if the gross and taxable amounts for pensions are the same, then only the taxable amount will be displayed There are 4 exceptions under IRA reporting in the 1040 instructions that you should review. In addition, we split the gross amounts for the IRA and Pensions on the Form 1040 AGI wkst so you will see the split and totals for each since the IRS has made the amounts for 4a and 4b more difficult to follow when combined. See if 2017 return matches when using your 2018 amounts. If you still feel that the results are not correct please contact support to send us your return. Since people still complained it was wrong, I added this: I believe what is happening is that when the IRS combined the pension & IRA lines, the grounds for reporting each did not change. So imagine there were still 2 lines: the IRA line would have zero in line a and the total distributed on line b. The pension, since the distribution is only partially taxable, would have amounts on lines a & b. Mush the 2 together and you have the weird situation where the IRA amount is not reported on line a but the pension is.
  8. THAT'S IT!!!! damn, it was driving me up the wall, not to mention hindering research.
  9. If income is over 400% poverty level, she pays it all back. Filing MFS might help; then the payback is based on her income not joint.
  10. RE pro does NOT trigger SE tax. it just allows you to deduct losses regardless of your income. Your guy's only hope is to have a property that provides services; for instance a vacation type place with daily maid service. That would be SE income.
  11. Client got involved in an REIT but the builder walked away from the project and the REIT 'dumped' the property on the client without a foreclosure. They have the deed of trust, but the property is still in the name of the REIT until they do a judicial foreclosure. My thought is that they can deduct the RE taxes paid under constructive ownership (I'm not sure that is the exact term, but my brain is spacing right now). Any thoughts? Also, if anyone knows the actual term, I'd really like to know if because my brain fart is stuck on 'constructive' ownership.
  12. joanmcq

    AZ tax forms

    Ugh. I guess I do like CA in a way, they don't conform to anything pretty much out of hand. At least you know where you stand. My AZ return is an NR for a rental that had a loss, but I do have some AZ clients coming up.
  13. 2106 are gone until 2026 (at least by present law).
  14. Ordinary income= QBI, capital gain doesn't and is subtracted from taxable income for one of the limitations. I don't have one of these, so I don't know how ATX is handling it. You may have to add the 1250 recapture to the activity's income manually.
  15. I think it is as you say: 1250 is QBI (taxed at ordinary income rates) and capital gain is not. The carve-out for capital gain from taxable income was to preclude the deduction being computed on income that has a special tax rate, therefore preventing a double benefit.
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