Colfax Mingo

Just had a couple of returns sent in on April 11 come through, but ones filed after that have not.

Is Missouri just slow on getting returns "Accepted"?

I have some Missouri e-files that have been at "Transmitted to Agency" for several days. The Federal returns went right through to "Accepted" really quick.

Any one else having this problem???

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.

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.

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?

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!!!

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

Thanks, I just wanted to make sure every thing went OK with the refunds.

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?

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

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.

Can husband and wife sign separate copies of form 8879 for the same tax return?

Would a duplex count as a first home for the IRA distribution exception?

Thanks

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?

I would file zeros. Especially if they received a 1099 for the sales of the house. The IRS will be looking for that form and info.

I have in the past filed zeros on 1041 with no problem.

Thanks

Do you need to file K-1's if there are all zeros on form.

Last year (2010) is first year of trust with 2 beneficiaries.

$100 Interest Income

$9000 loss on sale of house on 4797, 140K Sale, 149K Basis

$2500 Deductions

No Distributable or Taxable Income

Will file final 1041 this year (2011) & distribute 9K loss to beneficiaries.

Thanks!

Always a lot to learn here

It's going to get real lonely here after today. I am in one of the Presidential Disaster Areas in Missouri. My NEW deadline is May 19. I see on the IRS Web site that there are also areas of Arkansas and Georgia with postponed deadlines as well.

Is there going to be anyone around here for the next month???

Missouri Storm, Flood Victims May Qualify for IRS Disaster Relief

Lt. Gov. Kinder and Revenue Department Extend Tax Filing Deadline for Disaster Victims

According to the IRS and the Missouri web sites listed above, I guess I qualify, and any tax returns I prepare also qualify for an extended due date of May 19, just by me having an office in one of the thirty-five listed counties.

Can this be right??

I got mine the other day. Two pages long, each in a separate envelope???