schirallicpa

I had one of these this year. If the company paid the premiums, its taxable. If taxpayer paid the premiums, it's not taxable (unless it came out pre-tax, somehow.) In the case I had, it was partial, the t/p was 1099'd for the whole amount, and I backed off the portion that he had paid (half) on line 21. I know I found reference to it in a publication. May have been 17.

I was asking what to charge a few days ago. Here's a helpful link: http://www.youtube.com/user/VPYNCHON

I appreciate everyones help on this!! Are there any good reference books or basic guides on this stuff? I just haven't got anything on it and can't find anything thats not much more complicated than I need. I do very few dead people, and usually someone else has figured everything out, and I just fill in the figures. Thanks again.

Heres a quick overview on UTMA. Its the child's account under the custody of the parent/grandparent, until they reach age of majority, or some other age specified. Yes - parent takes tax for now. http://www.fairmark.com/custacct/cust101.htm

Well - that is what they are going to do. The bank has agreed to re-issue the 1099 in the decedent's name. Now - in the mean time I was given a different piece of info: That if the will states that everything should be distributed then it must be distributed, and cannot stay at the estate level. Otherwise, the state will step in and tell you the same. Otherwise, if the will states a purpose for the money of the estate which create perpetuality, then the admin can elect to have the estate pay the tax. But I haven't found anything in writing supporting this either. Everything I find is rather murky or referencing very complex stuff. You always get these people right at the end of the season.

yes - the other loan was part of his cost.

Clients mom died in 2007. Had savings bonds. An estate was set up for the savings bonds, and cashed out. Estate has 1099 interest totalling 21000. They want to close estate - no need to keep open. Doesn't the 21000 have to pass to the beneficiaries? They want the estate to pay tax, but I always thought with such an estate, it passes thru. (I suspect they would pay less tax letting it pass thru.....but, who am I to suggest it's a dumb idea.) Help.

I have tried to search the PIB NYS website, but have found nothing. I even tried dialing their number to be put on hold for an hour, only to be hung up on. The Feds have the 1310 to collect a refund for a dead guy. I can't believe NYS will just drop a check in the mail without a fuss. Does anyone know? Thanks .

Hey - I lived in Baldwinsville for a little while after I got out of college. I worked for Dannible and McKee in Syracuse and drove a mustang to and from everyday in snow like I had never seen before! I'm from southwestern NY - Wellsville - down around Olean area. We don't get nearly the snow. Those were the days. Paid by an employer. Hidden away from clients. Driving a sports car. Anyway - thanks for pointing out NY's goodness with that new option.

Can't find where to apply overpayment generated with NY amended return. I think they forgot to put in a line for applying overpayment.......... Or have I looked at this stuff too long. And how come people start wearing shorts and flip flops as soon as the sun comes out when it's still only 50 degrees. Ok- stop looking out the window.

Unfortunately most of my returns run under $600.................

What I really love is how the whole thing freezes! Geez - if it can't find the server, then quit, and let me get back to work. I don't care to have to shut down my machine just because they have problems on their end. That's probably my biggest gripe with their system.

That is awesome! Thanks for the link and the morning laugh!!

When the client has an amount due, I have learned to hold off on hitting that efile button until the fat lady sings. This time it paid off. Client is partnership with 2 partners and their corresponding personal returns. So 3 returns in all. They showed a significant profit on the 1065 this year. And lo and behold, they found that they had forgotten to give me some 20K of expense. So these are not amended returns, because I never sent the efile. But.... this is quite a pile of papers being generated here! For the 2nd time. What do you charge?

Who gets married during tax season!

When you add it to the page 1 of the 1040, it goes to the wage line, not to line 21. Are you sure it's not hiding in wages when you mark the box?

The SWAG factor is probably my best bet. It's really the biggest "who knows" there ever was. Fortunately part of my tax problem went away while I "tinkered" with the return a little more. Thanks for the laugh today! I needed it!! And thanks for the other suggestions as well. I appreciate your input.

Client lost job at kodak but they paid for retraining classes thru his payroll. He has receipts for the classes, which include leasing a computer for the class. Now - these were classes for auditing, and hes an engineer. He relocated to my neck of the woods and has new job as engineer. He says he was required to take the retraining in order to be eligible for unemployment, although he never collected unemp. Am I spinning my wheels, or is there something I can do here? Thanks for the help!

Mine wasn't showing up on the asset tab either. But, shouldn't your depre be the same every year anyway: Straight line. You just need to find out when it started.

well.....okay.....I've seen this before......but how does anyone come up with these reserve figures? How can anyone tell you how many units (barrels) of oil will be produced? These are wells that have been around for years. They pump for so long each day. Some days you get more. Some days you get less. But everyday there's something. If it has pumped for 50 years this way, do we expect it to pump 50 more years this way? It might. It might not. This isn't high tech Exxon. yuk, yuk, yuk. Ok - I'm going to do some W-2 returns for a while.

Boy - nobody likes this question.......

Looks that way. I'm doing my first 1040A now. It's requiring that I put $1 as interest income in order to create e-file. So that means I have to have a payer. Who gets hit as payer. Let's all pick the same bank - oh say Citibank - and create an additional million dollar payout that they didn't report.

Client has scrappy little oil business that actually makes money these days. I take the standard 15% depletion deduction on Sch C. But....NYS says no % depletion, but you can take cost depletion. Now, in all my years of doing sch C's for these scrappy little oil producers around here, I have never considered cost depletion. I back out % depletion on NY, forget about adding back cost depletion because it has never been enough to worry about. (I have probably forgotten to back off % depletion on a good hand full of returns over the years, and NY has never noticed. ) But today, my client has an add back of % depletion of over 17K and it's creating a larger tax than anticipated. So I am looking at the possible cost depletion. He has many wells, purchased over many years, and poor record of cost. Yeah - I know - lost cause. Wondered if anyone else dealt with it. Thanks.

Hey you're AWESOME!

Trading vehicles. Old vehicle had standard mileage. Do I go back and figure what depreciation shoulda woulda coulda been to figure basis of new vehicle. Or just go with the invoice. Yes- similar assets. Nothing fancy here. Brains are a little mushy lately. Thanks for the help.