grandmabee

I have a 50% shareholder in S-corp where the corporation pays the health insurance premium and I post it as a distrubtion they did not include in the W-2. Am I correct in thinking they can't us it as adjustment on page 1 of 1040. it must be medical. I am having them change for this year and include in W-2 New Client. Thanks for you opinions

new client 1120S priors 2 years return only had asset and accul deprec complete and pluged the balance in retained earnings. No bank balance etc. Sale were 458,000 so must complete. What would you suggust to get started on completing the Sch L. I can get bank balance. but equity I will need all prior tax returns and not available at this time. Working on getting copies. Client wants to file personal returns and corp return and work on the correcting the Sch L later. What is everyone opinion on that? any pitfalls? Thanks for any help/

yesterday day I was having a problem with the asset manager taking 179 max and still taking depreciation above the business use %. posted on this board and wow they put an update on the asset manager to fix the problem. they must be watching this board....naa that would have been too quick of a response.

I heard from tech support. they are still working on and testing the efile for the 1040 and 990 extensions, they do not have a time schedule when it will be ready.

oops typo its 297 not 257

I am trying to input a new asset for Sch C its a computer. It's used 60 % business. So I enter the date in service, 60% business use New etc. the I go to enter the cost 495 and it takes it down to 257 basis. ok but when I want to use 179 I input 257 for 179 but then it still gives me a current deprec of 25 So its over depreciating. What am I missing. Thanks for any help

Sounds right. be sure and fill out the 8867

In prior years we had it early, not sure what date but before any started thinking about extension. This year Ooh probabley April 14th. (:

A PHONE CALL from whom? I thought there was no deduction, just not taxable RMD

She will have to pay on the depreciation any time she sells

Sch C business. rents out heavy equipment. life of assest excavator, dump truck. Should I use the 5 year life for construction equipment or the 7 year life for regular equipment. The sch C is not in the contruction business but all the renters are. Any help please.

I have a Sch C business that is in the business of rental heavy equipment out to others. Tractor, Excavtor,Dump truck. What class life should I use. Most renters use it in the construction trade so maybe 5 years. or do I stay with the 7 years life. Thanks for any help

Can you send to me also? My client did not receive a 1099b only the 1099 div. her box 3 is 13,626. Thank you Email [email protected]

Yes you need to check the box to print next year depreciation. Its under the global option on the asset page or the 4562 form.

you file the 1040X across the top write Protective Claim in BOLD LETTERS. When the court makes it final ruling the the IRS will process the 1040X. I would of course send certified with return signature. It may take a while for the courts but you have your claim on time.

is her basis zero?

YES

I just received a notice showing time schedule of checks being sent out for the rebate. It goes by the last two numbers of your S.S. number. First check show July 23. last date Sept 24. I thought they were supposed to start mailing in May! Anyone else seen this. It said source: Internal Revenue service. I could not find it on IRS website.

New client with 1120S Prior years return only thing on balance sheet is the equipment list as assets and accul depreciation and offset with liablities capital. There is no bank account or anything listed but there is a bank account balance. I have the last 2 years of returns. also the same. How do the try to reconsult the full balance sheet. They do not keep double entry set of books. Any suggestions would be appricated. Thanks,

I thought I read here about problems with the NOL carryforward with atx. Does anyone know about this. I have NOL carryforward of about 125,000 Shoul the entire125,00 loss go on line 21 and work what's left over to carryforward. There is no loss this year just the carryforward.

anyone else notice page two of 4562 prints out extra lines in 30-33. there is extra line in the form. I double checked with the IRS form and no they don't have the extra lines. When you look at it, it looks like you left something out.

Client dtr is going to school in united kingdom. She has college tuition. I have looked up and the univeristy qualifies for the federal student loan and aid from the FAFSA form. Now Does the mom get eic if student is out of the country? this is a temporay absent at school but didn't know if out of country made a difference and also same for Head of household filing

If you have a 8879 signed form Oregon will accept that. Don't need to use or have a signed EF form. Only if you are Efiling an Oregon Only return and not federal

you don't adjust the credit for this year. you recalulate the credit based on 06 return and then bunny hop from line 44 and there is a space for the recapture. worksheet in the instrustion also.

if you fill out 2210 she should met exception