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Catherine

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Everything posted by Catherine

  1. Sounds to me like Line 21 addition with Line 21 back-out, then. Since there's no way to tag it to the no-longer-dependent son in any education expense related form. None of it is a taxable distribution; they got the tuition bill, and requested (and received) exactly that much in distribution. Thanks!
  2. Parent's name (mom's, actually, as she started the 529 plan back when son was small).
  3. Client got a 1099-Q distribution from a Section 529 plan. Used $$ to pay for college-grad-son's music lessons (he got a teaching certificate and was taking an advanced course in techniques for teaching music in schools). No 1098-T from the school and not even sure if client knows the school's name. Son is no longer a dependent and lives far off in another state. How do I treat this? Line 21 distribution, backed off by Line 21 expense? Education credits form 8863 to show no taxable distribution? TIA, Catherine
  4. For any Canadian issues, I send folks to Tim Parris. He specializes in US-Canadian tax issues. Web site is http://taxtim.ca/
  5. I'm still using Office 2003; with the converter I can open newer versions. No one sends me spreadsheets with complex, multi-page formulations! I've just never seen the need to shell out the $$ for an "upgrade" that (from everyone I know who uses more recent versions) has a huge learning curve and NO extra utility.
  6. I think Richcpaman's point is that the $0 itemized deductions are costing her $975 if she's in the 15% bracket.
  7. Only thing to do for her is to get her to pay estimated taxes so she isn't hit with a big bill year after year. And for yourself, stay on top of the "innocent spouse" rules as I would not be at all surprised to see those come into play at some point. Finances kept this secret is a BIG red warning flag.
  8. I adore Maxine!
  9. Lenders are NOT supposed to issue that 1099-C unless and until they have disposed of the property, and have decided that further waiting to collect on any balance owed is not in there interests. Only then can they know exactly how much debt they have forgiven, and so issue the 1099-C. One of the recurring issues with those 1099-C's is specifically that banks refrain, oftentimes for *years*, from issuing them as they have not made a final disposition of the property and/or have not made a final decision not to pursue repayment options. One can certainly look up (on Zillow, in public county records, in online town records) the price at which a foreclosed house sold. These are all public records. If the house hasn't been sold, there is no basis on which to issue that 1099-C. If it has, then if it sold for the outstanding balance owed to the foreclosing bank -- or more! -- there is also no cause to issue a 1099-C, ever (we set aside here the case of multiple loan issuers on one property). It is only when a property is sold for LESS than the loan balance that there is any call for a 1099-C. And that 1099-C is supposed to be for the difference between the outstanding loan balance and what the property was sold for. Certainly it bears scrutiny that there might have been additional loans on this property. But on the surface, it sure looks like the bank (1) jumped the gun in issuing that 1099-C, or (2) issued it for an incorrect amount. Plenty of folks working in banks who don't understand these intricacies; could have been as simple as a worker misunderstanding an instruction, or covering for someone else and unwittingly working past their level of competence.
  10. Oh, my *deepest* sympathies!!!
  11. These things *usually* begin with, "Here, hold my beer and watch this!"...
  12. I had one of those last year. Argh!
  13. I had ONE return where the problem was that I had something not coded correctly. I called Drake support and they walked me through figuring out what had happened, fixed it, and helped me figure what to do should I come across something similar in future. Call support! -- One of the (many) GREAT things about Drake.
  14. Not sure about the "intellectuals" -- perhaps engineers might be a better descriptive. http://www.tickld.com/x/20-jokes-that-only-intellectuals-will-understand Sample: 2. What do you get when you cross a joke with a rhetorical question?
  15. Fortunately for me, the only "therapist" things clients have told to me is about money issues. I shudder to think what else I could be hearing from some of these folks...
  16. And I have had clients tell me, "I've told you things I haven't even told my therapist!"
  17. NECPA get better soon!
  18. I have a client who refused for years to e-file. (Client is a computer systems security specialist.) Once she found out that the same info gets input, by hand, into those same IRS servers (with the possibility of input errors), she let me e-file.
  19. Catherine

    SID

    I have not run into it -- but you could try duplicating the return and e-filing the duplicate.
  20. Also if you have Adobe Acrobat (and registerable, slightly older versions are available on ebay, cheap) you can put on whatever watermark you want, in any orientation, color, opacity, etc.
  21. Naps are woefully under-appreciated. Twenty or thirty minutes can make the difference between yawning your way through an afternoon of getting almost nothing done, and really making headway. I love naps.
  22. I am so glad to hear this happy outgrowth from the so-sad event. May you two have many, many wonderful and happy years together, and the memory of the years with your first sweetheart stay fresh and sweet.
  23. ...and the fundamental reason why socialism doesn't work. When step #1 must benefit someone other than self, step #1 doesn't get taken. Turn it around -- every two boxes they buy for themselves you will buy ONE box for the office to share. THEN you'll get sales!
  24. I have to partially disagree with you on this one, KC. While the hairdressers and barbers are not themselves authorities, their brothers-in-law sure are!
  25. Hardest are the older folks who made seventeen gazillion trips to Goodwill when they were selling their homes to move to apartments or assisted living. Some trips for one or two little items -- but probably all they could handle that day. I help with valuations, too -- but usually in figuring out *where* on that SA list something is/qualifies for. The older folks get all bent out of shape agonizing over whether an electric fondue set is a kitchen pot/pan or a small electric appliance, and dither and worry. So it's not the assigning valuation so much as helping them decide what on this SA list encompasses what they wrote down on their list. Then we look at the price range and I let them decide. It really takes lots of time, though -- yet these folks (1) only do it once each, praise be, and (2) are *so* grateful for the help.
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