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Colfax Mingo

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  1. Taxpayer received two W-2’s. Total 401(k) deferral amounts were 1,000 over max amount. This was not discovered until mid-May and excess amount and earnings distributed to taxpayer May 21, 2020. How do I report this? Do I leave Box 12, Code D amounts on W-2’s alone showing the deferral amount greater than the maximum allowed, this would also result in an under reporting of wages by the same 1,000, and report that 1,000 somewhere else on return (Form 1040, Line 8, Schedule 1) write in Excess 401(k) Deferral at bottom of page? Is the date to fix this and not be taxed twice still fixed at April 15, 2020 for the 2019 return or is it extended until July 15th. Retirement company says to report the 1,000 dollars on 2019 return and that they would issue two 1099-R forms by January 31, 2021, for excess deferral and earnings I’m guessing.
  2. I know that you can go to the Record page of the Estimated Tax Form and override the payment due dates, in ATX, and those are carried over to the forms and letter. Are changing the first due date to July 15th and leaving the second due date at June 15th so that the second payment is due before the first???, or are you changing the first date to June and the second to July? Maybe the government will clear this up in the near future.
  3. House title & Loan are in parents name. Child has been living there and pays mortgage payments and all expenses. How to handle sale of Real Estate?
  4. I've tried that, but the properties of each bookmark is set to Zoom to Width. I could go in and change the properties of each bookmark, but I would still be working on that til next tax season!!!
  5. I'm using Adobe Acrobat Pro DC & when I "Print to PDF" all the bookmarks go the the referenced page & "Zoom to Page Width". Is there a way to change this default to "Zoom to Page Level"? The "zoom to width" is OK For landscape oriented pages but just gives me a view of the top half of the page for portrait oriented pages, while "zoom to page" shows a full page independent of orientation. Not a big deal, just a lot of extra clicks when navigating the tax return Thanks Colfax
  6. Thanks, I just wanted to make sure every thing went OK with the refunds.
  7. Taxpayer died in 2018, spouse wants direct deposit of refund to joint account with his name listed first on the checking account. Will this work if I put his name on the Bank Account Information sheet or should I list her name on the Bank Account Information sheet?
  8. The Missouri worksheet carries the 2019 estimated total AGI form line 1 to total tax on line 10. I think it calculates the filer and spouse columns for tax correctly, but the total column is carried down from the total AGI Column. I hope we don't have a 100% of AGI Tax in 2019 for Missouri, or I am going to have to move to another state. Colfax
  9. Box 5 for SIMPLE IRA but it also does it if you choose Box 3 for SIMPLE 401(k), The other choices don't seem to give you a negative Adjustment to Income.
  10. Line 28, Sch 1 (1040) work sheet computes negative SIMPLE Plan Contribution for taxpayer with negative Schedule C income. Anyone else notice this??? Colfax
  11. Can husband and wife sign separate copies of form 8879 for the same tax return?
  12. Would a duplex count as a first home for the IRA distribution exception?
  13. Taxpayer wants to gift rental property to son to use as his personal residence. Son would assume mortgage. Fair Market Value: 100,000 Basis: 90,000 Depreciation; 30,000 Loan Balance: 45,000 How to report on taxpayers Individual 1040 and Gift tax return 709?
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