Lion EA

Yeah, another dependent graduated, lived in CT, worked in MA while in college, then moved to NYC for his new job before 2012 ended. So, three states. one NR and two PY, plus NYC PY (just schedules on NYS return, though). I thought I'd get through all my extensions before I went to bed last night/this morning. But, still have lots to do plus the states that I have to file on the state web sites, like CT. Pleasantly surprised that MA accepted e-filing extensions through my software for both individuals and trusts. Thank goodness NY accepts extensions through my software for my commuters and PYs. Still CT is a pain and seems to crash often. And, I'm starting to worry that trusts/estates actually require paper and SIGNATURES for some states, maybe CT, remembering something from last year. I still have one return (foreclosure) that I promised to complete; they have a baby due in May and need their refund. And, one I want to do to stop a complaining client. I'm sure I'm going to miss some extensions. Just have to sort later this week and make sure I get to those first to minimize any P&I damage. Hated this year with Congress delaying the start of tax season -- and I don't use ATX -- and the IRS computers crashing or whatever three times this week while I spend way too much time checking for acceptances. Rant over. Just meant to say Thank You and brain wouldn't stay focused. Thank you for the OH extension info. Not looking forward to all those local returns I hear about, though!

Sale of her principal residence F8949/D.

OK, so the daughter of an old client moved back to CT in 2012 from Ohio. Frantically e-filing extensions. She worked in OH, MA, and CT, dropped off most 2012 documents but hasn't unboxed her old returns. Does OH have their own extension form or accept the federal? Do I need local extensions also? This'll be my first OH return, so I know I'll be back here. But, please just help me get her on extension for now! Thanx.

Input the W-2 as is, wrong SSN and all, so it matches what was sent to IRS. Use ITIN on tax return if taxpayer does not have a legal SSN. If W-2 is employer error, ask for a W-2C.

Congratulations!

Did the fall semester start in August? If so, you have any part of five months and don't have to worry about the spring.

If you know her husband is likely to itemize based on what your client told you, you have the obligation to file her return correctly. If she Turbotaxes it with the standard deduction, or if you didn't know her before and she tells you hubby takes standard, I have no idea if she'll hear from the IRS. I would think so, but don't know how efficient the IRS is at matching up MFS returns and then looking at itemized vs. standard deductions. But, this isn't your situation. Know or should have known. You can't unknow it now. You can only prepare her taxes. If she wants some type of solution, she'll have to go to a divorce lawyer or a counselor or....

If one MFS spouses itemizes, then the standard deduction is $0 so the other MFS spouse is better off itemizing if only for a bit of donations to a charity and her state income taxes. If she insists upon the standard deduction, then you as the preparer know it is $0. Don't know how efficient the IRS is at matching up the spouses deductions.

If one MFS spouses itemizes, then the standard deduction is $0 so the other MFS spouse is better off itemizing if only for a bit of donations to a charity and her state income taxes. If she insists upon the standard deduction, then you as the preparer know it is $0. Don't know how efficient the IRS is at matching up the spouses deductions.

Thanx, Marilyn. The partnership has better cash flow, could reimburse him monthly against an expense account. For the UPE to be a benefit, he has to wait until he files taxes the following year to get a bigger refund. He may want the monthly reimbursements to pay off his gas card. As long as I know that both options are OK, I can lay it out for them to choose. And, yes, I've already educated them re mileage log, etc. Luckily the wife was a business minor with her culinary arts major from Drexel so understands good recordkeeping as well as great cooking/baking.

Divorce. She needs a lawyer as well as a tax preparer. And, a women's counseling group. And, the courthouse social worker -- abuse does not have to be physical to be legal abuse. If there is a joint checking account or a "household" allowance, she could make sure she sends in generous ES payments starting right now for 2013. If she can't buy groceries because she made ES payments, then hubby will have to deal with it. You need to help her get a refund about the same size as his -- and put it in her separate account to save up for her future as a single woman. She should make use of her health insurance benefits to get counseling, hopefully as a couple, but alone if hubby will not go.

Just confirming: partnership can reimburse or partnership can require partner to use UPE on personal return? Either one is OK?

And, questions re all our extensions! My more complex returns, big investors, new clients, etc., that didn't get me info early enough are on extension. All you smart people please stop by from time to time!

He can always itemize. He can't take standard if spouse itemized. And, at this late date, you might also want to know that if you file MFS, you can amend to MFJ, but not the other way around after 15 April.

You compute your cost basis in the usual way. I think FMV is the sales price. Have a foreclosure myself to get done over the weekend. On the job training!

So, it IS an option for the partnership to reimburse him and take deduction?

1099-A triggers the report of a sale.

I've put my retired husband to work schmoozing some of my elderly clients that take time but not really my expertise. He taught middle school for 37 years so can handle anyone! My little old ladies love him. Big time saver. And, I pay a gal not much money to visit two elderly men who need help organizing. Again, her patience is better than mine during tax season. Worth every penny.

He said it well, and I agree entirely. Thank you, everyone, for everything!

So, partnership passes a resolution that partners must use personal vehicles. Then partner deducts on Sch E as UPE. Right?

Happy Birthday, KC !!

OK, too tired. Daughter-in-law/partner just asked me a question for 2013. Son/partner is leasing a car, and will have significant business mileage for their LLC/partnership, the bakery. Out in the boonies between two mountain ranges, so a long drive to larger towns for bank, supplies, delivering/catering, etc. Can the partnership have an accountable plan? Partner turn in expense accounts monthly for reimbursements? Or, is that just for employees? Brain is fried. To see DIL's yummy baked goods (Yes, she delivers! I've had her ship from CT to CA.): http://www.thebakeryhancockny.com/default.html

Don't bulk items with the name or other advertising given out to large numbers fall under deminimus?

So, you enter his actual expenses or SMR and then enter his reimbursement, your software will calculate the 2106 amount. Sounds like first and last trips are commuting. At least you know he has a mileage log and a good paper trail with his expense accounts.

TimberTax.org would know if anyone would.