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jklcpa

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Everything posted by jklcpa

  1. The main page has a picture with arrows left and right in the picture (< >) to scroll to the different offers. If you click on "lock in your deal" it then takes you to the log in page.
  2. Update - I made it through the credit card statements without too much effort! I did reward myself with 2 Nutter Butter cookies and the last of the coffee. Just thought you all should know. Well darn it, I was going to put a smiley and then realized that I have a headache because it's after 4:30 and I forgot to eat lunch. I guess those 2 cookies were it. No, you guys get my smiley after all, because I can move on to this guy's return now. Hooray for that, anyway!
  3. And we all know companies analyze their customer bases to maximize its profits based on criteria such as this, and that is probably why they have 3 users built in to the base price, knowing that there are those with 4 preparers so that they can tack on that extra charge for.
  4. What WAS fabulous was the dutch crumb-topped doughnut I had with that coffee. It would have been even better if it was the chocolate version of that doughnut.
  5. Item 6 here on this page from IRS explanations: http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Questions-and-Answers-on-the-Premium-Tax-Credit The disqualification is probably because the person is eligible for Medicaid.
  6. I have one client that always drags me down. I've put off working on this business as long as I could. I've had the bank activity entered and reconciled for days now, but now can only stand to work on it in small doses. I still have all of the expenditures through his credit card to deal with. I even changed my answering machine message to say that I'd be out the entire day so that I don't have to talk with him until next week, if he calls before then. I'm staring at the pile of credit card statements and receipts now .... Maybe in a few minutes I'll turn a page of this . Oh, first I'll grab some coffee and come back to it, and so it goes.
  7. At this point in time there are hardly any choices. Since you've said the student loan interest isn't deductible because of income level, that pretty much rules out any significant benefit of suggesting an IRA, if they can contribute at all, and especially if either is covered by a retirement plan through their employer. That would leave any HSA contribution they may be eligible to still make for 2014. It seems like spitting in the ocean, and the funds are probably needed for the tax bill anyway.
  8. lol, that weird thing in the 80's was called ACRS, the predecessor to MACRS. Tonight, that seems like a million years ago. I'm not sure why you are asking about the 1980s since the asset depreciation you are questioning was put in service in 2000. Anyway, in 2000, residential rental would have a 27.5 year life under MACRS GDS. Under MACRS ADS, the residential rental life is 40 years. Does that help? http://www.irs.gov/publications/p946/ch04.html#en_US_2013_publink1000107509 If you want to see more about ACRS - http://www.irs.gov/publications/p534/ch01.html#d0e205
  9. I just checked, and Drake has a general input area that does include lines for and IRA distribution, the taxable amount, and a check box to calc the penalty. I've only used that area a couple of times and I'm surprised to see those lines there. That's a relief! Onward...
  10. Client received little checks in settlement for an action SEC brought against 2 funds or managers that created losses and fees to excessive trading activities. In big bold letters attached to a check client receives it says "if this payment is related to an IRA, retirement account...DO NOT CASH OR DEPOSIT INTO A NON-TAX DEFERRED ACCOUNT." Also has the standard wording about consulting a tax advisor. So we all know what happened, right? Well, first thing is that the client forgot about the one little check that was dated in 2013 and made payable to her IRA rollover account, so in 2014 she wrote and asked for that old check to be voided and had a new one issued. Of course, then she cashed the check in 2014 and took the money. She got another similar check in 2014 related to another fund, also related to an IRA rollover account she had, and she cashed that one too. Letter says these aren't reported to the IRS, but isn't it technically like a distribution since she cashed the checks? How am I supposed to report these two tiny amounts? She is also under 59 1/2. I am just because this is a very simple return that should have taken me about 20 minutes tops, husband earns $300-400K, and these are stupid little amounts.
  11. If the bank account with the deceased father's name doesn't also include the mother's name, or the mother doesn't have an account anywhere with her name on it, then I think you are stuck with paper checks. Form 1310 is only for a refund for a deceased person, and unless you are filing a separate return for the deceased father you wouldn't use this form. If the federal return is joint, the incompetent mother still receives the refund as surviving spouse, and the son acts as her representative because he has the POA. You haven't asked about the state. Does the state allow joint filing or have a form that allows for separate columns for TP and SP on one form, or must you file separate forms because the husband died? Depending on that situation and the filing requirements, the son might be filing as executor for the deceased father if the state requires a separate return for him.
  12. jklcpa

    RMD

    It will be reported in the year the distribution actually takes place, in your client's case it is 2015, so she won't receive a 1099R until sometime early next year. I guess I don't understand why the trustee thinks that the in-kind distribution can be made retroactively to remedy missing the 4/1 deadline. I'm assuming that last year was the year your client turned 70 1/2 and she was using that period up until April 1st of 2015 to take the distribution that relates to 2014. If that is the case, please remember that she also must also take a distribution for 2015 before the end of this year.
  13. I don't know. Does the contract say anything about the title of the house? Sec 121 covers the nonrecognition of gain on sale of a personal residence and does have a provision linking it to sec 1033 that includes involutary conversions. However, it seems like the state didn't take title to the house if they are allowing your client to move it. Or, if the state did take title and now she has moved it, how does she get a title for the "new" house? Maybe that titling answer will help you decide which way to go. I was leaning toward this being an involuntary conversion of the land only, but I really don't know!!!! Sorry I don't have a better answer without doing research.
  14. jklcpa

    RMD

    Well, that is exactly what in-kind means for an IRA distribution also. The FMV of the assets distributed in-kind should have still been made prior to the 4/1 deadline, so I don't know how taking in-kind vs cash will remedy that. Maybe she was told that because the IRA is illiquid and unless some investment is sold, there is no way to make a distribution now without selling and waiting for cash to be raised.
  15. Joan, it depends on the type of bond. If it's a bond that pays taxable interest, then you have the option to amortize or not. If it is a bond paying tax-exempt interest, then you are required to amortize the premium, but that amortization does not reduce taxable income, but still reduces the basis. Pub 550, explanation starts on pg 34 if the link doesn't take you there automatically. If only my question on amortization was that easy. I have one wtih OID and adjustments for nonqualified interest and interest shortfall on contingent payment debt, but my client's amounts are in the hundreds, not 5-digit figures like yours.
  16. I would disagree with Pacun's first statement also because some of my well-to-do clients are also paying the .9% additional Medicare tax that is helping to fund the ACA.
  17. First, tax law isn't always logical and the tax laws don't always make "sense" because sometimes those laws have come into existence because of who had the most money to influence the legislation. Next, maybe you need to take the repair regs a little more seriously and actually read them, because if you had read them, you'd know that your statement about capitalizing those normal maintenance items such as oil changes, tires, batteries, belts, hoses, etc is totally off the wall. Those are still to be expenses as normal R&M. No one here is losing their mind. We are forced to think of these types of expenditures in ways that are different than in the past. I think you missed the part where in my very first sentence I agreed that the rear replacement would probably be a repair. Oh, and by the way, the article from the JoA was written by a J.D. that directly referenced T.D 9636 (IRB 2013-43) that contains the IRS' own "view" of what constitutes a routine maintenance-type expenditure to keep tangible property or a UOP in an efficient operating condition. It wasn't just someone's opinion. lol
  18. Did you know that you can point at anyone's name and see the last time that person was logged on? Jainen's says he was here on the evening of 3/29.
  19. One easy way to solve that is to tell them you don't work on returns piecemeal where you have been supplied incomplete data, and that the reasons for doing so are because it is inefficient, unproductive, may lead to errors, and results in higher bills to the client. Also tell them that if their data is incomplete it automatically goes on the bottom of the priority list.
  20. Marie, yes, that is what I would do. The IRS system matches up all the 1099s from all sources, and it will see the original and the corrected 1099 are both from that payer. It's a problem built into the ATX software, that is all. Think of it this way, if you'd paper-filed the original incorrect one and then sent the correction also on paper, the IRS would match those up too, no different with the e-filing except that your software has some odd built-in limitation. Strange.
  21. I don't know about it being a no-brainer. I bet everyone here would say that logically this should be a repair, including me, but the new repair regs might say that this should be capitalized. You'll have to decide whether or not the new rear significantly adds to the life and value of the dump truck. I'd think if it was a used rear as the OP suspects, then one might conclude that it doesn't add value or life, but merely puts it back to its operating condition as before. I don't know how one would go about portioning out the old rear though, or maybe we aren't supposed to. I hate these new laws, really hate them. Here's an article that appeared in the Journal of Accountancy that uses the example of rebuilding an engine, and that the repair regs require its capitalization. This is from the bottom of page one of that article that says:
  22. Hey, that just about captures my hair style perfectly. I'm not that grey yet though.
  23. E-filing should still be available. If 1099s are original filings, they'll just be late, that's all. Marie's originals were timely filed, just incorrect. She shouldn't have any problems e-filing the corrected forms.
  24. Same problem here, RitaB. Just about every return I've worked on this season has been missing info. Some here are completed and ready for pickup tomorrow, and everything else has been input and are now waiting for additional last pieces of missing data. Waiting and waiting....
  25. While your client's numbers may work out that they are not eligible for the PTC for other reasons, the above statement is incorrect. "Qualified Health Plans" that are purchased through the exchange that are at the bronze, silver, gold, and platinum levels are all plans that will potentially allow the taxpayer to take the APTC or the PTC if they meet the other requirements. The plans that aren't eligible are those on the exchanges that are catastrophic major medical plans only, plans purchased through SHOP, or purchased directly with the insurance company.
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