Ray in Ohio

I hope you noticed the report that FED-EX and UPS are merging! The new comany will be called FED-UP...

(I thought that would fit in here) :blush:

After I rollover a 2009 return and enter all the new informatin in the 2010 program, I get an error message that says the Ohio School District number is invalid. The correct number is rolled over and is in the proper field. The only way I have figured out to fix it is to delete the State return then reload it and put the same SD number in the field, then it accepts it.

Just curious if other preparers (especially Ohio) have the same issue?

>>I wholeheartedly agree that we should wish everyone that has a birthday this year "Happy Birthday" right now and then let it be.<<

Doesn't everyone have a birthday this year? Well... maybe those born on Feb 29th.

My point... exactly!

I wholeheartedly agree that we should wish everyone that has a birthday this year "Happy Birthday" right now and then let it be. This was my biggest peeve with this forum. Otherwise I love it the way it is.

(just my 5 cents worth) :unsure:

Thanks for the responses. I agree that it appears that the whole amount would be taxable in the year the payment is received. It helps to know that others agree with my "hunch".

Ray

I got a call from a client who owns 100+ acres of vacant land. (not his residence)He has an offer of $1300.00 per acre for a 5 year lease for oil & gas drilling rights. His question to me was: Is the whole amount ($130,000.00+) going to be taxable in tax year 2010 when he receives the total amount, or will it be pro-rated over the 5 year period. Off the top of my head I told him I believe it would all be taxable in the year received. I have spend a couple hours trying to find an answer to this situation on the IRS website with no success. If anyone has any idea or oponion in this, I would greatly appreciate and help.

Thanks you!!

Ray

Same here!! I'm outta here!!!!!!! Don't wait up for me... :P

I'm not frikkin gettin anything. (including acks) :angry:

Bull Dog + Schitzu = Bullsh**

I would rather be a sheep herder! :scratch_head:

Dear Client,

Thank you so much for calling me during my extremely busy "cram period" to ask a few "simple" questions. I really am not in the business of walking my clients through the steps of "filing your son's return online". And no I am not familiar with that process. To answer your question, yes I would have a few "pointers". One would be... bring the cotton pickin W2 to my office and I will file the frikkin return for you and charge the measly $45 bucks rather than spend 30 minutes on the phone with you trying to walk you through the FRIKKIN FREE FILE PROGRAM. Plus it would help if you would have at least basic computer skills in order to accomplish something of this magnitude.

(ok back to work)

I think anything reported in box 1 of W-2 is eligible

I agree... the worksheet asks for the amount from 1040 line 7.

I gotta agree. That was awesome. Too bad we couldn't see him come back down.

Big Bang!!!! :spaz:

My thinking is that the T/P still "paid" the R/E Taxes. In theory he now has a loan/liability at the bank since the bank paid it for him. Now if this goes into foreclosure or something like that, I am not sure if he could deduct it.

I'm having a case of "brain freeze"

Can the amount of property taxes paid by the bank as part of mortgage payments (on 1098)be used by the taxpayer on schedule L since they do not have enough to itemize? They are married and the mortgage is for their principle residence.

Can someone comment on this? I want to say YES since it is their property and they are liable even though the bank pays it as part of their mortgage.

Thanks,

Larry

Yes, they can deduct it. They are still paying it. Just through the mortgage escrow at the bank.

um... what do "pell grants" have to do with health care?

That is just one small example of a LOT of things in this new LAW that has nothing to do with "Health Care" but is all about the government taking control of the american people.

Welcome back. You can put your bananas over here with the rest. Thank you. :P

well, I'm so broke I can't even pay attention! :dunno:

I had the same mental image, Jainen. Scary, would not want to work there myself......

I understand the pictures you are seeing.. lol.

He is very heavily medicated and the grandfather works only with him and is next to him constantly. He functions very slowly with the meds he is on.

One of my clients has a disabled person (schizophrenic on heavy meds) working for him in his woodworking shop. My client's retired father works directly with this person. The disabled person is not related to the employer and they are "giving him something to do" with the hopes of helping his condition.

Someone told my client that there are tax benefits available for companies that employ disabled individuals. I have not been able to find anything relating to this in any of the books or IRS website.

Does anyone know if there is anything available as a credit/deduction for this situation?

Thank You!

Can I deduct the "stress" that comes with tax season too? This stress can cost me a lot of headeaches etc.

Its Friday and that means banana cream sticks again! They taste pretty...... B)

NAEA has an on line course with live instructors and makes use of Gleim materials, I think. NAEA.org

Is that a scheduled class or can you start it anytime and work at your own pace etc?

Is it possible to be a lark and an owl at the same time?

What would that make me.... ?? <_<

Lion....... Early birds at 11:20 AM?? I got out of bed at 4:00 this morning. What am I doing wrong?

(Can the program be set to autopilot?)