Catherine

From the TaxBook: NY filing requirements: NY-source income and New York AGI (federal amount column from form IT-203) exceeds $3K if single/dependent $7.5K if single/NOT dependent $10/5K if HOH Does this help? Catherine

THANK YOU

Too close AND not close enough.... :blink:

Well, that was my first thought. However, it is NOT the IRA amount, but differs by $1246 (a pretty random amount!). And the TaxBook specifically said modified AGI for this purpose (passive loss) is AGI figured without deductible contributions to IRA's or the one-half of SE tax. (TaxBook page 7-12) So I think I'm still confused. Catherine

A much better way to do it would be to fund the 2008 IRA separately, and use the 2008 refund to fund the 2009 IRA contribution directly. Then all the 4/15 deadline hoo-ha goes away. And if you can't manage to get ahead that once, "skip" a year's contribution. If the money goes in on the same day, does it ultimately matter what year you _called_ it? It may mean no tax deduction that one year, and that will make a difference to some folks. But just once! Catherine

I have a Form 8582 Line 7 worksheet that is putting a number on line 27 for self-employed SEP/SIMPLE deductions. But this client has chosen to put $5,000 into a deductible IRA (not an adjustment for this worksheet), and NOT into a SEP or similar. If I go to they Form 1040 "figure your SEP deduction" worksheet, it is BLANK. But the worksheet hop-to takes me there like it expects something. I've tried choosing different SE retirement programs, and the number on the 8582 worksheet changes. But if I make the SEP worksheet blank, it doesn't delete the entry on the 8582 worksheet. I can't get rid of that entry without an over-ride. And then I also have to over-ride the "total adjustments" line 30 on the worksheet, too. Am I missing something like a checkbox here, or is this an actual program bug? TIA, Catherine

We're having the same storm but in a cold, windy rain. At least we don't have to shovel rain. It's barely 40F and feels way less than that between the wind and the wet. I was out talking to someone about doing some spring cleanup here (lots of branches down this winter and I have neither the time, tools, or strength to do it all myself). Despite a water-resistant coat, heavy boots, etc., I got thoroughly wet and my hands were icy. Hang in there, guys, spring will come. I saw crocuses while I was outside. Catherine

Check number of boxes entered. Enter number of checked boxes. Enter number of checkered boxes. Do nothing here. From the Jeff MacNelly cartoon I posted here a while ago....

Nothing reportable with facts as stated.

Section 529 plans to save for college expenses, set up by the individual states. No deduction when the contribution is made. No tax due on growth when withdrawn for education purposes as delineated. Annual contribution limited to the amount of the annual gift exclusion with a provision to "front-load" up to five years' contribution provided no additional gifts from same donors made for five years. Contributions can be made by parents, grandparents, aunts, uncles, cousins, godparents, family friends -- anyone willing to put money to the kids' college. Some _states_ have tax benefits for contributions to their own state plans. Some of those plans have expenses that kill any tax benefit, some don't. Catherine

My clients receive them when I print them out and give the coupons to them!

Unless he does this regularly, I'd put it on Line 21. My one poll worker gets a W-2 from her town. It's a once or twice a year, couple of hours gig. That hardly counts as self-employment, IMHO. Catherine

Thanks, Paul. I didn't know that would work! Next time I have 500+ transactions, I'll keep it in mind. Catherine

Guilty as charged, and I did it by posting a reply to the note immediately above mine! Catherine

New clients; moved here from Canada, they are resident aliens here on visas. Bought a house here and are deducting mortgage interest & RE tax etc on Sch. A. But they also own a home in Canada, empty and on the market, that they are paying mortgage interest and RE taxes on. Where should these get reported? There is no income, so I can't see how to work Form 1116, the property isn't held for investment, does it all just go on Schedule A? TIA, Catherine

I'll keep that in mind for the future, and thanks. Ended up making a copy of the return FIRST, just in case. Unprotected the D, pasted in the data, and all was fine. But even doing the columns would have been work; this ended up being 507 transactions (yikes!), and the transaction type and filer/spouse/joint columns still would have to have been done by hand, I think. And you can't toggle down with the down button with those two fields; you have to click in the new one. Catherine

A guaranteed way to make a client call! I've even used it successfully a couple of times when I've been waiting for a call before I can go out to do some much-needed errand. However, that trick does not work if you bring the cordless phone with you -- you have to be required to go tearing back up the stairs to grab it, breathless, before the answering machine does. Sympathetic magic is rather inconvenient at times! And the fairs around here don't have cinnamon rolls. But they do have fried dough, fresh and hot and covered in powdered sugar. Yum! Catherine I made it to ATXaholics!!! Is this my 12-step program?

Today we've got cold rain, ~40F, and a NE wind at about 20mph. It's worse just east of us and offshore. Spring nor'easter. They've backed off the forecast of the total rain to expect. A good day to stay inside! Catherine

Don't know off-hand who here is from the Fargo area and environs, but best of luck to all. That's quite the Red River flood you're dealing with. We're all pulling for you. Catherine

New clients; resident aliens. Among other items, I have here a 1042-S with income code 29 (Deposit interest, from a mortgage escrow). Where do I report this? Do I just add it as a line item to Schedule B? Haven't come across one of these before. The rest of the return is pretty straightforward. I think. TIA, Catherine

Ah! That makes sense. I was thinking they gave _her_ $100 back. But it still wouldn't have meant that they gave her back 529 plan money -- she put out plenty that she'd earned for various lab fees and books and all kinds of stuff. Thanks. Catherine

If we eat like we talk, NONE of us will have "petite buns" of any kind!! I've been planning on working in my garden starting 4/16 -- but I now find myself hoping for a rainy day so I can stay inside and BAKE! Catherine

Widowed client has a daughter in college. Daughter received 1098T and 1099Q. Return in question is daughter's. Amount of scholarship is less than amount in Box 2 of 1098T (and that box has the correct amounts for tuition and fees; it's broken down at the bottom). Remainder of tuition, room, and board is waived due to low income of family plus being local to area. Only thing she needs to pay (besides books) is a relatively small required student services fee, eligible to be paid by 529 plan distribution. Distribution listed on 1099Q was for amount well under the difference between scholarship and tuition/fees total. The form even has the appropriate breakdown between basis and earnings. So, if I have this right, there is _nothing _ here that is reportable on the 1040. Correct? However, at the bottom of the 1098T there are two little notes, Note 1: "Scholarship - College X $100.00" Note 2: "Refund - 100.00" Does this change anything? TIA, Catherine

I never knew that form was there!! Wow, that is going to be super handy on a whole BUNCH of client returns; THANK YOU!

Put in $1? How much can that possibly change anything? This is assuming you want to keep the Schedule C and the associated fixed assets for future years' use. If not, you can print out the asset list for future reference and then dump the Sch. C.