sshams95

Just curious to know if tax preparers charge clients for filing 1040 amendments for claiming first time homebuyer tax credit only. Do you charge? If so, how much?

Married taxpayers claimed on a joint return:

Son

Son's fiance

Fiance's child (son is not the father of child)

All 3 lived in taxpayer's home all of 2008. None of them earned more than gross income limit of $3500. Therefore, taxpayers provided more than 50% support for all three and claimed them on tax return.

However, fiance's mother, who lives in a separate state claimed the fiance and the fiance's child even they did not live with her and she did not provide any support whatsoever. She filed first and claimed both of them.

Does the taxpayer have a right to claim them?

If the individual partners reported on their returns properly, regardless of incorrect SS#, then do amendments need to be filed? Perhaps they corrected the SS# themselves on the copy they attached to their return.

Client has an IRA investment in LLC. LLC used the client's social sec #, not the IRA TIN#....so IRS says client owes taxes based on K-1 they received.

I need to amend the K-1 to show the correct IRA Tin#, as income from this LLC is going to an IRA.

Have a LLC Form 1065 client. Provided prior CPA with incorrect SSN's for K-1's. Need to amend prior year K-1's with correct SSN's.

Do I just file the amended K-1s only? Or do I need to file Form 1065, mark it amended return, and include the amended K-1's?

Thanks.

I have a couple of clients that have to carryforward business credits on Form 3800. This prevents e-filing and a paper return has to be filed (this is so frustrating...).

Is it possible toe-file the return without form 3800 and then file a 1040x later including the form 3800?

Client received 1099 A as follows:

Box 1 10/16/08

Box 2 292,450 as principal balance outstanding

Box 4 355,000 as FMV of property

Client did not receive 1099C and also filed for bankruptcy in 2008.

Do I need to report this?

I did it as other income and used the explanation of excess distribution of retirement plan for 2008.

I did this a couple of years ago and have not heard anything about it.

Deb!

thanks!

correct, 2007 already included the excess. What I want to do is include the 2008 excess in the current tax return, we already know the amount. should i record as 1099R or Other Income?

Taxpayer received a 2008 1099r code P for excess contributions. 2007 return already reflected the excess properly. This was done by the previous taxpayer, who accidently reported on Line 19.

Taxpayer provided me the HR letter for 2008 excess, for which he will get 1099R next year. Taxpayer wishes to report the excess in the 2008 return, as amount has already been determined. How do I record this in ATX? As a 1099R or W2? How should I record it so that Efile would be accepted?

Thanks!

Yes, spouse wants to file MFJ, so there is consent on both sides. Not sure why she did MFS. '

Thanks for response....I will file 1040X as described above.

Situation:

Client brings paperwork to me. His spouse has already filed MFS. He wants to see if MFJ was the way to go, he has not filed any return. MFJ proves to be a more desirable refund result.

How do I process? Should I:

1. File him as MFS, then do a 1040x for MFG?

or

2. File 1040X for his spouse, showing MFJ data as the amended return?

Thanks!