MN dhawk

Client has Roth disbursement coded T (Roth IRA Dist. exception applies) on 1099R. The last contributions were in 2003 so the 5 year requirement is easily met. Client is in mid 60s. ATX transfers the distribution to form 8606 line 26 and taxes the excess over basis. There was a Roth to Roth direct rollover that probably caused the code T. How should I deal with this to avoid the IRS letters? Thanks, Dennis

Trust fund baby client has lots of interest & dividends, no earned income. His wife has over $12000. I suggest roth contributions of $6000 each. He says I'll just do my own, don't know how long we will be married. Since they got married in 2010, I say how come you married her then? He says she is a really good bass fisherman and can cook them too. Being good at marketing sometimes, I say that I can see his point. His broker told him that you can't do spousal roth contributions like it's a regular IRA. Thanks for your thoughts.

Partners A & B (1065 type partners) have had a commercial rental for 10 years. Partner A buys out B's half 12/31/09. A sells entire property 1/15/10. Are any of the gains short term??

If the property was sold less than a year after the second half purchase, would a gain be short term?

The two worst things about Minnesota are the pot holes and Schedule M1NC. Legislation was enacted on March 21 that fixed one of these problems. About time. http://taxes.state.mn.us/individ/Pages/other_supporting_content_whats_new_10.aspx

A retired client moved to PA. I read in the instructions that neither Social Security or IRA's are taxable in PA but ATX wants to include the IRA's. Taxpayer has no basis. Is there a way to get the IRA's out of PA income without overrides? Thanks.

What I explain to my clients is more like: http://sociology.ucsc.edu/whorulesamerica/power/wealth.html

I'm seeing more EIC returns this year. Haven't done that many in the past and have always charged some minimal amount. Wonder what HRB charges?

Sure, S Corp bought off stock of 1 shareholder. I assumed it would be reported to the IRS somehow.

A sub s corp bought back stock for 30K. Should the corp issue a 1099B or report it on the K1 somewhere. Thanks.

Catherine, You are the winner. Give me your address so I can send it to you. Just send me the postage that it takes. I don't know the amount yet. Dennis

Is anyone using a Brother printer that uses a DR-510 drum unit? My printer broke down before I opened the box. If you will reimburse me for the postage, I will mail it to you. Current Office Depot price is about $180. Hurry, quantity is limited.

Just saw it. Options, Preferences, Print manager.

I used to use 2 monitors but changed to one 24". With a 24 you can have two years of ATX side by side without the need to scroll or ATX and a spreadsheet or Quickbooks. This year I'm getting a 27" or 28" so the spreadsheet will be bigger. I see that Micro Center has a 28" for only $250.

Is anything new with the 2010 program? Still haven't renewed.

What is involved in setting up for filing my own and my clients 941's and 940's. Is it worth it?

I've got a client who informed me that Quicken upgrade for Mac users has been ruined. Not being a Mac user, I don't understand all her issues. She is looking elsewhere for an easy system to keep her corporate books. She is looking at AceMoney Lite, AccountXpress3 and GnuCash. Does anyone have an opinion on these or on any other Quicken alternative?

My Mac using client keeps her own books for a simple consulting business. She upgraded to Quicken 2010 Essentials and now wants to switch to something other than Quicken. Any suggestions?? Thanks, Dennis

RN client came down with MS on the job. Went back to work part time to see if she could get back to full time. She couldn't deal with dosage measurements. Couldn't work. The insurance company paid 32K for 3rd party sick pay per year for 4 years but then got the idea that she was only part time at the end and dropped it to 6K. They asked her to refund the prior over payments. Does the 6K count for the EIC?? I think it should. Thanks in advance. Dennis

In my e-file manager several returns have been sitting as transmitted while more recent ones have been acknowledged. At ATX support, these returns are listed as accepted. I synchronized with EFC but it didn't change anything at my end. There don't seem to be any humans on the ATX support line now. Any thoughts?? Thanks, Dennis

THE BOTTLE OF WINE Sally was driving home from one of her business trips in Northern Arizona when she saw an elderly Navajo woman walking on the side of the road. As the trip was a long and quiet one, she stopped the car and asked the Navajo woman if she would like a ride. With a silent nod of thanks, the woman got into the car. Resuming the journey, Sally tried in vain to make a bit of small talk with the Navajo woman. The old woman just sat silently, looking intently at everything she saw, studying every little detail, until she noticed a brown bag on the seat next to Sally. 'What in bag?' asked the old woman. Sally looked down at the brown bag and said, 'It's a bottle of wine. I got it for my husband.' The Navajo woman was silent for another moment or two. Then speaking with the quiet wisdom of an elder, she said: 'Good trade'.

Partnership has one commercial rental building. Partners A&B split everything 50/50. A buys out B's partnership interest on 12/31/09. A sells the building in 2010. I'm thinking that B only has to show a capital gain on schedule D for his partnership interest sale, that A will do the same since the partnership dissolved in 2009. For 2010, A should deal with all the recaptured depreciation on the sale of the building. Am I on the right track? Thanks for any comments. Dennis

http://www.dinkytown.net/

Thanks for doing that. The Schedule D import will save me at least 4 days this tax season. I made one suggestion to ATX in regard to the MN return and they acted on it in about 2 days!!

I had 7 rejects this morning. I am going to check the no box and resend these and hope the program is fixed soon.