joanmcq

I think I shredded my earlier ones when I moved. Before that I had them going back to 1983.

I do believe you are correct. The gift is what the bonds cost, not the value upon maturity.  

If you put 1 as the number of colleges the student attended, the box is automatically checked so no more worksheets are added. If you put more than one, then you need to check the box once you’ve finished entering institutions. 

I can open more than one return.  Maybe it’s the stepped  down version?

Umm, does no one here use ATX payroll? Super simple to efile 941 & 940s.

What TexTaxToo said.  I had to look up SLCSP amounts for a client that thought she didn’t qualify for a subsidy.  She was pleasantly surprised!

My iPhone distinguishes spam calls as Scam Likely.  It’s cut down on the calls immensely.

Mr. Scam Likely is my most frequent caller.

I think they meant efile overage.

I remembered this morning that PR was due! Just doing my husband, thank dog.

I turn 62 later in the summer, and having those same thoughts. And being a couch potato thinking about exercising again….

I got fired (3/10/11), so I didn’t have a choice. Of course, I was at the point where, every check I got, I was “well another mortgage payment down”.  The irs had just ruled that same-sex RDP couples in CA had to follow community property rules.  I took a night off, then looked at the huge stacks of returns I had and got to work.

best thing that ever happened to me! Never looked back. 

I think sending them together is the problem.  

Even if they're rejected, you still get a few days after to fix.

Just filed my last extension.  23 years of taxes.  And I didn't start until I was 40!

It reads "the return submitted contains a duplicate SubmissionID.  Recreate this return to assign a new SubmissionID and retransmit it.

This is for an FTB- 568 that I sent with the 1040.  What do I need to do to fix it?

I only attached 2 pages to my first 1116. Not worrying about it.

You’re supposed to attach both regular & AMT Sch. B. 4 pages.

8812?

I sent out my emails "Have you already done your taxes or should I file you an extension".  Got a few 'damn here's the documents, I totally forgot!', a couple "I've filed already".  Now trying to open a huge return that keeps on giving me an error message so that I can file the 4868.  I rebooted yesterday, dammit!

Yes, I am surprised at the amount of clients that make 'big money' that have nothing set aside.  But I'm working on a single person who worked part of the year as an IC, and paid in $3600 in federal estimated taxes before she started working for a salary.  She's paid estimates every year she works as an IC. she lives in a one-room apartment.

Another client making 'big bucks' who I told to keep aside at least 25% to pay SE tax.  She has over $50k in savings and didn't blink an eye when I told her she had to pay over $17k to the IRS.

Since WI is also a community property state it's not bad.  Half of her income goes on his return and half of his goes on hers.  What I do:

Make up a spreadsheet that lists all income and splits it (make sure none of it is separate income, like an inheritance).  List all of his income on his return and all of her's on her return.  On Schedule 1, line 8z, list community property split, and deduct/add the amount from your spreadsheet.  Don't forget, you also split the withholding, and deductions.  The withholding you will have to override (I go into the backing worksheet, I don't override on the form.)

Fill out the 8958 allocating the income between the two spouses.

I've attached a copy of the spreadsheet I use.

community property split.xlsx

Ugh, ugh.  So I get the kid's statements mixed up all in with dad's.  Kid has $109 in dividend income and two stock sales.  Stock sales are a total of $1083 in proceeds, sold for a loss all Box A.

Someone please tell me I don't have to file the kid's return.

He spent it on all the rentals (he has 3).  I have no idea how I would interest trace.  I mentioned that he shouldn't use it for the other two, but haven't heard back yet. 

He still has some of the money, maybe most of it.  I did mention that NONE should be spent on personal things of any sort. 

I have a client that refi'd a rental property for over a million dollars.  Cash out was $483,000.  I haven't asked him yet what he did with the money (probably spent it on another rental property).  How do I account for this?

Should 1245 assets be included in the personal residence part?  Do a bulk dispo for the house, land & any capital improvements. Check that its a personal residence.  Do a second bulk dispo for the 1245 assets.