Lion EA

Well, an especially to you and many, many more!

Who is Many Happy Returns?!

I don't think you can sell part of a house at a time, even though you can sell a whole house to multiple owners at the same time, and qualify the new owner as purchasing a house. I think the credit is available on a house basis. Not even looking at whether those relatives qualify, which you should look at. I'd research this if you're considering taking the credit.

A very :bday:

I still don't think it's so neat that father pays and mother deducts what father pays. And, my point was that support is NOT of any help at all to father, since as you say daughter is not self-supported. So, why am I not interpreting the circumstances correctly? As you state, the number of nights is used to determine the custodial parent. So, if father is not the custodial parent he doesn't get the exemption and doesn't deduct the credit. Not helpful if the tax code is trying to encourage education by offering the credit. But, the part that seems unfair is that someone (mother in this case) who does not pay the expenses DOES get to deduct the credit. Don't worry, this daughter is not denied any help with her education or other expenses by father or his family; tax benefits do not change their behavior. The situation was not created by daughter or father!

Have a very and 74 more! I want to be going strong at 74.

Only had two total MIAs. One, I just filed his 2007 and 2008 and had his 2009 W-2, so had a lot of history and still same employer. Other is a retired lady losing her memory, but her husband's pension and withholding are always the same, no COLA, in the 14 years I've been preparing her taxes. SALY.

Well, it's not so neat when father pays for daughter's education and apartment and medical and cell phone and clothing and everything, but daughter spends more nights at mother's house who hasn't even bought food (mother has an eating disorder and does not keep food in her house) so mother gets the credit without ever spending on penny on education or even on her daughter. What really gets to me though, is mother is same size as daughter, so all the clothing and shoes we buy daughter end up on her mother! Come to think of it, most of daughter's cell phone bill is messages with her mother....

Agree. Print out the version that says Transmitted or whatever for your records, but ATX should have original submission date in their records if you ever need it. Re-submit. But, you might want to call ATX first as many reports are not yet updated as they worked to transmit everything first and then deliver info later. It might not really be rejected. But, if it was, do as Kea said.

I've had a couple of couples over the years where one had huge medical expenses and the other didn't. Some years it worked out better to file MFS since the 7.5% floor is lower when only one income is considered on each return. Had it happen when one was a teacher with huge unreimbursed employee expenses and spouse had higher income, so 2% floor yielded a better result with one income, making the two MFS returns better for them than MFJ. Now, if they also qualify for any credits that are disallowed for MFS, that can wipe out advantages. You have to run their returns both ways to be sure. And, check out the state returns. I had a couple of teachers come to me that had always filed MFS with their former preparer. Entered in my system, and the comparison looked like MFS was better; however, my software wasn't able to take into account everything, such as AMT. So, when I tried actual MFS returns and both were hit with AMT, then the MFJ ended up being best for them every year that I prepared their taxes. Their old preparer might have looked at the comparison in his software and not done the AMT computation manually.

Yeah, I did some extensions for clients I hadn't heard from yet. (Although, I didn't do 3/15 extensions for a couple of corporations that hadn't called. One is multiple years late anyway, so why should I spend my time if he doesn't care; the other usually files his own extension and gets back to me later in the year.) I set my alarm as usual, because we're going away for a couple days -- daughter's concert and a church event -- but turned it off when it rang and didn't re-wake up until 90 minutes later. Just driving up to Hartford, but will be gone overnight so gotta pack. As I age, it takes me longer to pack my medications than my make-up!

The short answer is you can go up the entity ladder with tax free contributions, but going back down the ladder requires distributing the assets to the shareholders at FMV and dissolving the corporation. So, usually a gain to the corporation on assets that were depreciated, gain passing through to your S shareholder. Try TTB or other quick answer book on dissolving a corporation for an overview and cites to more extensive research. With only one asset, it might not be much of an issue. Make sure you check with your state on what they need re the dissolution; forms are probably on your secretary of the state's web site.

My son's good friend was a pilot at a young age in high school. Held my breath when they went flying together. But, they'll both turn 29 this year, so they do live through it. Even if WE age quite a bit with them driving &/or flying as teenagers.

Not ATX, but use CCH's ProSystem fx. My recent returns and extensions said Transmitted through last night, so figured I have that print-out for date filed purposes. But, this morning everything is now Accepted with dates of 4/15 and a couple of 4/14 -- with the exception of one of my NY extensions that still says Transmitted. I did get a couple of the "Accepted" emails I get for each return from CCH yesterday while the site still showed Transmitted, so figured they were making progress, just running behind in posting. Don't stress!

I spent all last night and today transmitting extensions. Well, with lots of interruptions such as my 5 p.m. appointment to prepare someone's returns and a commuter with issues over why he owes NY (NY added two top tax rates on top of their former rates, but his payroll company taxes him at the rate appropriate to his base pay only and ignores his bonus that's double his salary) so lots of emails back and forth and multiple phone calls from one of my partnerships as the partners do their individual taxes on Turbo Tax! I wanted to tell them off days ago, but they're a nice couple from church and I prepare their 1065 and a 990 for a music school where he's teacher/treasurer and he subs for my husband at the organ at church, so I put up with their calls. Gotta get some sleep for a change! Happy Off-Season, Everyone!

I have a gal coming at 5 p.m.! Well, I did schedule her late in hopes that I'm done transmitting extensions by the time she arrives.

Oh, yeah, in my sleep deprived state I wasn't watching the letters in my responses, so misread the question. Yeah, use your EFIN that you file under and the matching business or personal name under which you e-file. As Lila said, if EIN then match it to your business name; if SSN then match it to your personal name. But, you can't e-file anything without your EFIN.

They have a personal residence. They don't live with Mommy or at a homeless shelter. They're not sleeping in their car, are they? They don't drive their house to work, right? So, maybe they qualify for the $6,500.

I think what they're telling you is if you don't have an EFIN then do NOT use a business name. If self-employed, use your personal name and SSN. Your business name will not match your SSN, either. Maybe!

Usually the transmitter does all the heavy lifting with the IRS, which usually accepts the date stamp of your submission as the date filed. I use ProSystem fx, and it was not receiving very briefly last night. Although my extensions from last night now say Transmitted, it gives today's date and only the earlier two say Accepted. I really tried sending all my extensions a week ago, but kept getting interrupted by "urgent" client phone calls so kept postponing. I'd even written it in on my calendar. Next year I'm writing it in even earlier, letting the phone go to voice mail, and pounding out extensions at least a week early! I can return calls that evening. Good luck everyone! Get through today and enjoy a long weekend.

I'm just guessing that you pair up your firm name with its EFIN or else your personal name with your SSN. But, maybe it's some other combo! It does say your can use neither.

It's a pretty short list of exceptions to the penalty. Go down the list and see if anything can help. Was he unemployed, had to pay his own health premiums, medical greater than 10%, etc. IRA or 401(k) or...? First-time home buyer or qualified education expenses or...? Why do they come to us after doing this. He could've split part of his account into his ex's name as part of the divorce settlement and let her withdraw or whatever. Or, set it up for substantially equal withdrawals. Or, borrowed money on a home equity loan or even maxed out his credit cards and have less of a tax hit. But, no, we stay up late researching and trying to clean up their messes! Installment agreement will lower his interest rate (do it on line to lower the set-up fee). Next year will be better. Put a positive spin on it for him.

Okay, Catherine, you've lost it entirely now!

A very :bday:

A very to this board and to the birth of our family here. A huge thank you to Eric and to KC. Thursday night I'll drink a toast to many more years together!