JANIE GILMORE

Client brought in a W-2 that does not look right to me. He is a bartender. Line 1 - $26,527, Line 2 - $1,507, Line 3 - $14,625, Line 4 - $1,645 Line 5 - $26,527, Line 6 - $385, Line 7 - $11.902. Does he have to pay more SE on tips? Thanks for your help. Janie

Thanks, OLDJACK, I did have to override some of the answers on the Worksheet. I'll go back and double check them. Janie

I JUST COMPLETED A RETURN WITH EIC FOR TAXPAYER WITH NO CHILDREN. ON LINE 64a, THERE WAS A "NO" TYPED BESIDE THE LINE. THE EIC WAS INCLUDED TO OFFSET THE TAX OWED, BUT I WAS JUST WONDERING IF THIS IS SOMETHING NEW WITH ATX TO SHOW THE EIC FORM IS NOT NEEDED? THANKS FOR YOUR HELP JANIE

You are correct, Tom. On the Statement of Taxable Income from employer, it states "Unvested Exercises with 83(: On Vest. From 1/1/07 to 12/31/07. He was terminated on 6-22-07. It looks like this was reported as W-2 income: Total Value $2,573.59, Adjusted Sale price $1,195.20 Total W-2 Income $1,378.47. E*TRADE FINANCIAL STATEMENT SHOWS $1,195.15 AS BOX 2 OF FORM 1099B. Would his basis be $2,573.59? This is from Spansion Inc., has anyone had experience with this? Thanks for your help. Janie

Thanks, KC, that information was helpful. Janie

Client has E*TRADE 1099 for proceeds from stock sales. Statement from Employer says restricted/non-qualified transactions were granted on 12-15-05. Employers statement shows total value, then adjusted sales price to equal W-2 income. Client no longer works for employer. Would Schedule D entries be the total stock sale less the total value on employers statement? I don't know how the W-2 income $ figures into sales. I'm not sure what was included on his W-2 income from years past - looks like we have to report sale on Schedule D to match 1099 received from E*TRADE. Thanks for your thoughts. Janie

Thank you, maybe that will be helpful. How many pages???? My email address is [email protected].

Client had $10,000 invested - AG EDWARD reported to her: 500 sh purchased 10-21-03, sold 4-25-07 - Cost $10,000, Proceeds $10,250, Gain of $250, said it was not being reported to IRS. 1099B for $3,975 - which was $7.95 per share, 1099DIV showed 2a. $1,835, 2b $537, 3. $4440. These came from CNL Investor Services. My question is, what is her basis in amount on 1099B? I have called them and could not get any help. Has anyone had clients involved in this merger?

I HAVE A SIMILAR QUESTION AND HAVE READ THE POSTS BUT STILL DO NOT UNDERSTAND IF WE NEED TO FILE ANYTHING FROM THE 1099A. CLIENT INHERITED HOME WHEN HIS MOTHER DIED AND LOST IT IN 2007. HE HAD BEEN INSOLVENT FOR SEVERAL YEARS AND DID NOT HAVE TO FILE TAX RETURNS UNTIL THIS YEAR BECAUSE OF THIS. HIS ONLY INCOME IS FROM SOCIAL SECURITY DISABILITY AND A COUPLE OF HUNDRED DOLLARS IN PENSIONS AND INTEREST. WHAT SHOULD WE FILE TO SATISFY IRS WITH THE 1099A? THE EXCLUSION FOR CANCELLATION OF DEBT FOR PRINCIPAL RESIDENCE WILL BE APPLICABLE FOR HIM WHEN HE RECEIVES THE 1099C IN 2008, BUT AM UNSURE ABOUT WHAT TO FILE THIS YEAR. THANKS FOR ANY HELP. JANIE

SAME HERE! I'VE BEEN TRYING FOR WEEKS - GET MULTIPLE LETTERS SAYING MY PASSWORD HAS BEEN RESET BUT STILL CANNOT GET IN. THIS DOES NOT LOOK GOOD FOR ATX RENEWALS NEXT YEAR! Janie

Thanks for your confirmation. I did delete the duplicated amount and now they don't even owe AMT. I am so pleased to find this board, it is much needed. Janie

I hope someone can help me understand the 6251. My client is older and has only investment income plus $25,000 IRA disbursed. Her husband died in 2006 and she sold some stock in 2007 that threw her into AMT tax. On the 6251 her total income including the $25,000 on line 1 is $107.573. On line 26 the $25,000 was added in again making the total on line 28 $132,573. This form arrived at an AMT tax of $2,934 to be added to her regular tax of $15,776. Doesn't seem right to me, it looks like she is taxed twice on the $25,000. Any help you can give me to understand this would be appreciated. Janie