taxguy057

well it referenced 8606 in the worksheet so i pulled it to look at it. Now he also contributed to his Roth IRA too which i know is not deductible.

Got a client that wants to make a contribution to their Traditional IRA before Apr 15th for 2009. I found the worksheet and filled out info and Form 8606 with the estimated amount he wants to put in but no changes occurred on 1040. I must be doing something wrong please help... TG

thx gail! i kinda figured that much, but had to make sure so thats why I call on the pros such as yourself! :)

Hey quick question to all... Im confused on which per diem rate to take for the M&IE expense for my client. He and his wife drive for same trucking company. When reading the tax guide it states $59 for transportation workers, but then the transition rules state you cant use the special rate until Jan 2010 if you use M&IE rates during the first nine months of calander year blah,blah.... Can somebody help me make sense of this before I throw my laptop and tax guide out the window!!!! Thanks! TG

Thx to all for ur input... I pretty much knew the answer already but it did seem worth sending it out to the professionals.... Thx!!

Thx Pacun....

Same client in my last post about education credit father died last year. My client is from India and that is where his father unfortunately was killed in a car accident. My client had to fly to India twice to make arrangements for burial. He paid for those expenses as well as some medical expenses the father had as a result of the accident. Can the son get any relief taxwise due to this large out of pocket expense of traveling abroad to handle his father's affairs?? Again thx for any input... TG

I got a client who's 15 year old daughter is going to private school along with a private tutor. He pays 750.00/mo for school and 240.00/mo for the tutor. Is there any tax benefits for this expense. I know from what I have read only post secondary qualifies for education credits.I was wondering if anything in the new educational credits passed included a situation like this... Thanks for any help on this.. TG

She just has the car... so Whew! I've been doing it right so far with the 2106. Thx!! ^_^

Got a client who travels alot for the company she works for in her own personal car she purchased just for that purpose. Her company does not remburse for the vehicle expenses. I've been filing Form 2106. Just notice that top of form stated somthing about "if wanting to use 4562 don't use 2106 but asset entry form to transfer because it wont from 2106." My question is do I need to do this? I'm sure my client uses this car for more than just work so should i go that deep into depreciation or just leave that animal alone?? :dunno:

There was an equation that I got off another blog like this one and the person that post it was an ex-irs agent. He said when doing reviews of people's returns to determine whom can claim a dependent when multiple incomes are in one household... (Add up all the incomes of the household and divide it by how many people in the house. whomevers income beats the number you get from dividing the most claims the dependents...) Have use this several times and it does help. Oh yeah as long as other tests for the right to claim are met....

Yeah good ole IRS always wants you to make the impossible-possible! lol! thx for the help!

I am NC preparer also and i'm just amazed that you managed to get somebody from NCDOR to even answer the phone... let alone get advice! lol!

Yeah I live in NC and we have gotten hit two weekends in a row! Not very good for biz as I pick up and drop off alot of clients info, but managed not to wreck on the slippery roads yet! Cross Fingers!!! :spaz:

Since we're on this topic, which actually this help me with making sure one of my clients qualify for the credit...which they do based off of your previous analysis. My question to the forum now is: Do I have to mail the entire return in this year since filing the 5405? I believe i read that some where last month. and if thats the case, all i need from the TP is the HUD-1 correct? Any and all help on this will be greatly appreciated... :)

That was a good one.... give us MORE!! LOL!

THX everyone! I pretty much figured the same! You know be happy you gat the house free and clear! I had to ask being with all the new changes in the housing arena. Again thx a whole banana bunch! ;)

Got a client that owed 1% of his granny's house. When she died, he received the other 99% ownership. I read the pub. on Gifts and Estates and it basically says he will not have to pay any taxes for the exchange, but he wants to know does he get any other benefits from getting the house. I don't know of any others... :scratch_head:

What r u having to reset? The options or the entire letter keeps changing on you? :scratch_head:

Looking at it glass full, no exam!! well at least not for 3yrs. There was another statement on the site that said they have 3 years to implement the registration and issuing of PTIN's and that testing would not take place til all of this was taken care of in the alloted time frame.

I use to be like that.. not ask questions, but now since I have grown a little i feel more apt to challenge so topics with my interpretations and gather what I can from the discussion that follows. I truly appreciate you and cat, jb, taxbilly, of course jainen and everyone else for at least not making me feel like a nobody in here and responding to my threads. I hope i do bring some wit and intellect to the forum and for ones like "chuck" who said I should have known... I do now because of this forum. That is its purpose and thats why we're all here. :D

You have basically put into to words better than I could put it when I started this discussion... We basically are preparing the returns already either way you look at it! :read:

So deep into FTHBC and new dependent rules it was just next in line....

my point exactly! :dunno:

Great analogy... I got cha! :)