jklcpa

MeF is down, nonoperational at this time. They're working on it. Here's the IRS page to check its status. This outage has also taken down : Where's My Refund, Direct Pay, and Get Transcripts.

Sure, no problem. If you want the cite, I looked it up. It is sec 408(a)(6) that says the calculation follows the same rules as in 401(a)(9) that covers qualified plans.

I don't use ATX any more so can't say if this is still true, but ATX used to have a worksheet that would calculate any limitation in these cases. If the worksheet is still in the program, make sure you are using it. That's all I can offer.

The investment advisor is wrong. The RMD is calculated based on the December 31st balance of the immediate preceding year, and that is adjusted to include any outstanding rollovers or recharacterized Roth IRA conversions that were not in any traditional IRA during the year. That information is taken from directly from each of the worksheets provided by the IRS to calculate RMDs.

I don't want to give my cell number either and so I recently activated the texting function available through my Comcast service where I can send and receive that will come in directly to my computer instead. I haven't had to resort to that yet. Maybe you have something similar that would work for you?

Shhhhh! "Google" may be my new middle name. With any search tool, using the best key word and having some idea of what to look for are the most important aspects. With that last statement, you see why my husband has been calling me "Captain Obvious" lately. What's funny is how easy it seems now when thinking back to how truly terrible I was at using the giant library of printed loose-leaf books of code, regs, and cases from CCH. That was the stuff of nightmares.

You have to include a statement with the return in the year the gain is realized, meaning the year the insurance reimbursement is received. The required information is explained on page 14 of pub 547 .

That's pretty scary. It could be something as simple as dry eyes with extreme eye fatigue that's causing your eyes to not filter and process the light properly, especially since it was limited to the TVs and monitor (blue light?). If you have any environmental allergies that affect your eyes, that could also be a possibility with the higher pollen counts added into the mix, really anything that might irritate your eyes along with the fatigue. For example, if you've ever been swimming in a chlorinated pool at night and then see rainbow halos around lights, that can be from irritation of the cornea that may include some swelling. Do you wear contact lens that you left in longer than usual? I agree with both Lion and Possi. Try some drops and rest, but if that doesn't help, definitely get checked out. Please let us know if you are OK too. <3

Maybe the son told her that's how he filed?

Hi Bonnie, nice to see you on here again. I hope you are back to enjoying good health and enjoying your retirement!

@NECPA in NEBRASKA I'm relieved for you! Yes, I had a windows update that slowed things up too but not nearly the trouble you had! @Abby Normal, not your fault at all. I remembered about it and when things slowed, noticeable but not terrible, I did something else for a while.

Congratulations to you all that are finished. I have one last return that was completed days ago and will be in the client's hands this afternoon, and there are a couple that I need signatures forms back that I'll e-file. Everything else is on extension at this point.

Sorry that the link I provided in my second posts was about vacation homes, and that does not apply to your client's situation. While we are all waiting on interpretations of areas that are loose in the new TCJA, please consider the following when deciding whether you still think that this HELOC interest will be deductible, because it sounds like you want to treat this interest as acquisition indebtedness where some borrowing on home equity loans (as titled by the bank, to differentiate from home equity indebtedness that is a different issue altogether) will be considered home acquisition indebtedness IF the proceeds are used to buy, build or substantially improve the qualified residence and is secured by that residence. A qualified residence under code sec 163 is the taxpayer's principal residence or one other home used as a residence by the taxpayer, and that would not include a newly acquired property to be used solely as a rental. If the loan was for a property that was originally a second home and later converted to a rental, then that interest continues to be deductible under acquisition indebtedness, but a property newly purchased as a rental and never meets the requirement to be a qualified residence will not be considered acquisition indebtedness. If the rental's purchase came from the HELOC, it is clearly home equity indebtedness that will be nondeductible under the new law. Under the old law pre-TCJA, that interest was deductible under the home equity indebtedness if it was below the threshold for borrowing, and was the reason I suggested capitalizing all the carrying charges that you can. code sec 163(h)(3)(B) Hope I got that right!

Please see the last sentence in example #2 on this page from the IRS where the agency posted this page in response to numerous questions on this subject: https://www.irs.gov/newsroom/interest-on-home-equity-loans-often-still-deductible-under-new-law

Give it a few minutes and someone else may offer some other justification or rationale for taking the deductions.

Was it or not? I would probably say that this was not actually in service as a rental, or if it was for a short period, it was then quickly out of service for an extended period before becoming available again, even if it was from circumstances beyond their control. As to the other expenses, I'd capitalize all of the carrying charges possible so that those aren't completely lost. They'll get the deduction over time via depreciation, but it is better than not as all. You know that HELOC interest on the rental won't be deductible on Sch E starting with 2018, right?

Agree with Rich, in general. Be careful using box 1 straight off the W-2 if there are other types of deferrals like to cafeteria plans though. The technical answer is it may depend on how the plan defines compensation as it relates to code sec 3401.

I like rfassett's approach better than Jack's too, but both would work. The only other suggestion is to ask the charity to consider using box 3 on the 1099-misc if they insist on issuing the form.

@WITAXLADY Tagging you so you can find this topic again, and I hid the other duplicate topic you created 13 mins ago that's the same as this one.

Yes. See this from sec 25A(b)(2)(B) and 25A(b)(3) for the Hope credit. Further into that section 25A, the parts that modify the original Hope credit and turned it into the current AOC refer back to the original sections for the Hope rules :

I'd say with almost $64K in dividends and another $10K+ in T/E interest, you wouldn't be skipping these steps.

Another one a couple of days ago had a 40 page 1099 from the broker with each fund having provided percentages of U.S. oblig interest, foreign divs, and many with T/E interest within and outside the state of residence, none of which was provided in dollar amounts. Oh well, I'm told that's why we make the big bucks, and then they complaint that I raised the bill by $10. There was a PTP in there too.

One of my new clients this season had activity such that looks like the advisor is churning the account. $1.6 million in proceeds for $25K in short-term gains and $14K in ordinary dividends. Investment fees were $20K. 32 pages of activity to split between PY states because he relocated, and then he got a corrected 1099! Such fun, NOT!

Haha, if you only really knew me in person, and even then, some get the wrong impression and try to behave around me. If they could only hear how I can cuss like a sailor when I get mad. Bacon would make me happy too.

I'm sorry it happened, Tom, but please don't beat yourself up over this. Even with the best practices in place, we are humans working under pressure and all of us make mistakes.