Bart

"But with self-employed people that figure can change dramatically from year to year. And if you don't have 2010 (or anything prior), it's a total WAG (not even scientific enough to get the SWAG label)." It still only needs to be a SWAG on the liability not refund or balance due.

You don't have to guess if they have a balance due or are due a refund. You just have to guess at what their total tax liability might be.

Client retires and moves 100,000 in employer retirement fund to his own IRA. A few years later he cashes in the entire IRA for 80,000. Can he deduct the 20,000 loss?

I have always assumed that anything Jainen posted was sarcastic.

The CPA who trained me said that if you don't get a few complaints about your fees you are probably not charging enough.

Go to add forms and type in "mfj" and the Joint Versus Separate Comparison worksheet should be there for you to choose.

The taxpayer can give Z broker all the basis information. I think Z broker then has to keep track of and report that basis information.

I have been a little busy. Glad we were able to uphold our #2 seeding.

Client's IRA has invested in a publicly traded partnership. The 1065 K-1 lists an amount on line 19A as a distribution. Client says that amount is set to automatically reinvest in the partnership. Is this a distribution from a retirement account subject to tax and penalty? Is the reinvestment a current year contribution to an IRA?

Page 8 of the 1040 instructions has chart A which lists the gross income level by filing status and age by which a person is required to file a tax return. Page 9 has charts B and C which list other situations where a person is required to file.

Don't you need to put the IRoth IRA basis on the 8606 also?

Coffee Pot Attendant

<12 months 1045, >12 months 1040X

We can't efile Missouri business returns yet either. Missouri will accept efiled business returns but ATX won't create them.

At the top of the page (above where the form starts) there is a placce to enter the date the home was first used for business. Do you have a date entered there?

"I have never checked to see if the letter changed after I efile it but what difference will it make. I don't use the letter again." After you electronically file the 4868 it also changes the letter. So after that all my letters say the return has been efiled and that the return will be efiled.

I would say yes. They are providing a service.

Thank you Marilyn and OldJack. The client's K-1 does not show any partner's share of liabilities and I do not know if the partnership has any liabilities. I will ask. Thanks again.

Client is a general partner in a partnership. Client has no basis or at-risk basis in the partnership. K-1 shows ordinary loss on line 1 of (40,000) and guaranteed payments of 14,000 on line 4. Form 6198 is not allowing any of the 40,000 loss to flow thru but all of the 14,000 is being taxed. Is this correct or should some of the 40,000 ofset the 14,000 for income tax purposes?

If I ever try to go paperless I will supply the CD free and charge people who want a paper copy.

Did you mark somewhere that they are a reservists, performing artists, or fee-basis government official.

You are not past the 3 year date

She posted on another site on Jan 24

If it weren't for texting I would probably never hear from my children.

I have a client who spoke to his state department of revenue. The state asked him to have his tax preparer call them to explain some things about his tax return. Do I need a consent to disclose from the client to talk to the state?