ILLMAS

The $95 fee is for technology/maintenance after they stopped shipping a CD.  Now imagine saving the cost of the software and preparing every single return by hand .   ATX cost is peanuts compared to ProSeries, plus Proseries charges $47 states.

So what do think about Googles equivalent to Excel, in the early stages of it, I had a client recreate a file because I didn’t know I had access to Google Docs.  

Anyone remember when Intuit Proseries was called Turbo Tax in the 90’s?  Then it changed name to Intuit and finally to Proseries.

Or of Lotus 123 wysiwyg

Does anyone know if universities have the ability to request a SSN on behalf of a student working for them?  In this case the student or parent wasn’t aware the university had obtained a SSN until I requested it, W-2 full SSN is hidden (xxx-xx-1234) and the student was able to obtain the full from the payroll department and to me it looks made up.  

Time to pullout the green bar paper 

6 hours ago, Yardley CPA said:

 Just curious as to why you are seeking a workaround?

I’m afraid I’ll answer the question incorrectly for an extension and not go back to it when I finalize the tax return.

Is there a workaround on not marking the yes or no question for virtual currency for an extension?  

There is always one agent that double checks every line item, avoid that person.

Yes it's a QB thing.

Who is correct?

Books

Revenue 15K

COGS 10K

Gross Profit 5K

Ending Inventory 3k

Per tax

Same as above but taking beginning inventory of 2K in account 

Beg Inv 2k

COGS 10K

End Inv 3k

Purchases 9K

Gross profit is now 6K

Bookkeeper says the gross profit is incorrect on the tax return, but I am having a hard time making them understand inventory.

Can someone do me favor and check to see if the name appears when you add form 540NR for California, for some strange reason the name is missing and there is no way to override it.  I would appreciate if someone knows how to populate the name.

Thanks

Hello all, just wanted to confirm it is code J.

Thanks

I’m not in the office today, but I kind of remember the code on the 1099R was J, I just looked it up and it’s for a Roth IRA, so their 2012 tax return shouldn’t matter and the basis of $8K is fine?

49 minutes ago, Gail in Virginia said:

Was this a traditional IRA where the $8,000 originally contributed was deducted from the taxes for that year?  I don't think it counts as basis if it was originally deducted.

Good question, I had not thought about that, I will request a copy.

Thanks

TP opened an IRA account with $8K back in 2012, the amount grew to $23K and TP withdrew $22K in 2021.   $10K was used for a down payment and the other amount was kept.  To calculated the early penalty withdraw, I would need to enter the following on form 8606:

Total IRA Withdrawal:  $22K

IRA Basis -$8K

Taxable Amount: $14K

And to calculate the early withdraw penalty

Taxable Amount: $14K

First Time Home:  -$10K

Penalty: $400

This is the first time I see someone take more then $10K to buy a house and just want to make sure I am accounting for it properly.

Thanks

Where can a find this box for the state?

The other apartments were never rented before 2019?  

Yes plus capital gains too.

How does one get state acknowledgment before federal?  I tend to file both at the same time, but I cannot transmit the state until the federal clears.

26 minutes ago, Abby Normal said:

If the 1099R is in the name of the estate, you must report on the estate. If you try to report it directly on the 1040, you'll never get that $300 of tax withheld back. I usually just let the estate get the refund, for simplicity.

If you choose a fiscal year and mark it final, all the income will pass out to the bene's. It doesn't matter that the distributions were not made yet.

And there probably won't be enough income between 1/31/22 and now to even have to file a 1041 next year. Just make sure the source of the 1099R is switched to bene's ASAP so no more distributions are made to the estate.

PM sent

On 3/10/2022 at 11:33 AM, jklcpa said:

With a sale so close to death, the FMV at sale and death would be virtually the same, and factoring in closing cost, there is most likely a loss on the sale.

Does the estate have any other assets or reason to stay open for more than a year?

I believe that is it, the proceeds are in the bank account (as of today) and they just received two forms a 1099INT $20, 1099R $3000 f/w $300 were issued under the FEIN of the estate.  I consulted with a colleague and him mentioned it's probably best to report the 1099R under the parents name to claim a refund, since there is no distributions in 2021 and to file the 1041 for 2022 when they distribute the money.  Right now under the 1041, they would owe a small amount.

Thanks

Fuel surcharge probably 

I have a similar case this week, parent died in Feb and the house was sold in Apr of the same year, house was sold at FMV and proceeds  have not been distributed to the beneficiaries, how does one report this sale? 

Thanks 

Can someone guide me on where to enter a section 336 gain on a 1120S sch D, I have an understanding the entity will be liable for the tax and not the shareholders.  

Thanks