Pacun

I am holding the state.

Click on start, run, type control and press enter (simply go to control panel), click on windows firewall and turn it off. If you have a firewall on the your router, you might want to disable it there too. Have you rebooted? Just checking. After you finish, you can go back and enable your firewall.

Client is renting 50% percent of principal residence. They were not paying and were trying to have the bank reduce the interest and/or reduce the price of the house to current FMV. Everything failed and the bank issued a 1099-A. Clients seeks relief from court and are now making payments to the court and they are trying to negociate with bank with the help of the court. Clients received 1099-A in October 2010 but they never left the house and they must make 6 bigger payments to the court and they court is sending payments to the bank. Is the house still theirs? They claim yes, but usually when a 1099-A is issued the bank is the owner.

What kind of word editor we have on this forum??? It doesn't allow tabs and it trancates spaces. Please click on reply with quote and you will understand it better. This is the name on the SS card: (name has been change for security reasons but the name is correct and she doesn't have a middle name. As you know, when people get married they belong to the husband and that's why your name would become "Jennifer of Jefferson". Name Middle Initial Last name ROSA RODRIGUEZ DE MARTINEZ I have tried these combinations and all efiles are rejected because the name and ss# of the taxpayer must match the IRS master file: ROSA RODRIGUEZ DE MARTINEZ ROSA R MARTINEZ ROSA R DE MARTINEZ ROSA RODRIGUEZ ROSA DE MARTINEZ ROSA MARTINEZ I have copy of her card and no - hyphens are involved. Can I call the IRS and ask someone how the name is spelled on the master record? I know she can go to the ss# administration and verify but it will take long time.

try again. It is back and working now.

In addition, these QDROs are NOT alimony. Taxpayers are simply splitting the wealth that was built when they lived together.

I tried to enter an asset and selected amortization but it goes to Sch A line 23 affected by the 2% floor. How Do I know if the insurance was prepaid for other years when I ONLY see form 1098? Also how do I know if the insurance is from the dept of VA or Rural Housing Service? "The allocation rules, [amortization] explained above, do not apply to qualified mortgage insurance provided by the Department of Veterans Affairs or the Rural Housing Service (or their successor organizations)."

I understand that you get 1/7 of the amount paid if the loan is for 7 or more years. What do you do? Do you enter an asset so you don't forget next year?

No. You are OK. Check in a week or so and it shoulbe accepted.

I always tell my people to put money on April 10th. Remember that anything can happen on the 18th of April.

Forget about the delays, it always takes a long time to get 1096s throw.

Thank you. I will try to call them.

In addition to being liable, he needs to be the owner and maybe you want to make sure he actually paid.

It is a combo, we need a choice below also. I selected "no insurance" and clicked "vote". I got an error message. I had to click less than 10K on the bottom portion. I thought I lied on my second choice but it is the only correct answer I could have selected.

I am a practical guy. I don't print client letters. I will print them when the IRS requires it.

Thank you for your response. I found this but I doubt it sources. Are the Canada Pension Plan and Canadian Old Age Security Benefits taxable? If they are, please tell me where they should be entered on Form 1040. Benefits paid under the Canada Pension Plan (CPP), Quebec Pension Plan (QPP), and Old Age Security (OAS) program to a U.S. resident are taxable, if at all, only in the United States. According to the U.S. - Canada income tax treaty, taxation of these benefits is a residency-based issue. U.S. citizens or green card holders who reside in Canada are not subject to U.S. tax on this income. These Canadian benefits are treated as U.S. social security benefits for U.S. tax purposes. Thus, under section 86 of the Internal Revenue Code, the portion of the benefits that is taxable will depend on your income level. If your total income is above certain limits, a maximum of 85% of your benefits will be subject to U.S. tax. Any benefit under the social security legislation of Canada that would not be subject to Canadian tax if paid to a resident of Canada is not subject to U.S. tax. Canadian benefits that are treated as U.S. social security benefits are reported on line 20a and 20b of Form 1040, U. S. Individual Income Tax Return or line 14a and 14b of Form 1040A.

There should be a choice for those with no insurance.

For a minute I thought you had a police to defend you in case someone was after you or your money. I would like to know the percentage of preparers on this board that use insurance. Maybe a little poll and how much they pay would be nice.

I understand that there is a tax treaty between the USA and Canada. Client worked in Canada and now lives in the US and he is receiving a pension from Canada and ss benefits from the US. I know the pension is taxable in the US but I am not sure if Canada will want some of it. I have not checked the tax treaty yet. Where do I report this since it is not a 1099-R but rather a similar form from Canada? Line 21 properly labeled? Client is more than 59.5 years old so penalty is not an issue.

That's correct. I just wanted to make sure that if you used two hope credits, you can only use 2 AO credits. You could use ONLY 2 hopes in life and you can ONLY use 4 AO credits per life. Again a student that used 2 hope credits can use only 2 AO credits.

I was sending returns today because tomorrow is the cut day. After tomorrow, not many people will efile anyways and by thursday, the IRS will catch up. Everyone that comes in on Thursdays or Fridays can be delayed since there is no difference on the refund date.

The information you pasted relates to Fidelity or the company that offers 401k to employers. If the plan allows loans to be made, you don't have to worry because the plan is already established. If a violation occurs, the IRS will cancel the whole 401k for the company and maybe for all companies that have 401k with (let's say) Fidelity. Remember the left and right pocket example. Your client is paying interest to himself. So, he cannot be deducted. If you insist, you can add the interest to line 8 of his 1040 and then deduct it on schedule E. The interest he is paying is not being paid to the bank or to company that holds the 401k. Also, remember about related party transactions, most people are related to themselves. (That's a joke by the way) After a long day, we are not that funny anyways.

The loan is not secured by the 401(k) otherwise it will be prohibited transaction. The loan comes out of the 401(k) and it is autolent to the owner of the 401(k). This is the idea. On his left pocket he has the 401(k). On the other pocket, he has the rental property. His right pocket pays interest to his left pocket. Got the idea? Ignore completely that a loan was made because it is a non-taxable and allowable transaction permited by the IRS and some 401(k) plans. Employers have the choice to get a 401(k) plan that will allow loans or not. My 401(k) plans allows me to auto borrow 50% of my vested amount to a maximum of $50K. So, if I have $80K on my 401(k), I make a request on line and I am guaranted a loan for 40K with very low interest from my own money. My 401(k) investements will be reduced to 40K. As I pay my loan and interest back, my 401(k) grows from 40K. At the end, I will pay myself (maybe) 2K in interest which is placed in my 401(k) plan. No taxable event occurs, unless I default on my loan. Payments for my loan are automatically taken from my paycheck each pay period. The loan is not conditioned to anything, so I can spend it whichever way I want. I don't have to give any explanation as to why I need the money.

The clock starts when you got your first HOPE credit or your first year at a University, whichever happens last. By the way, the answer I posted came from a professional organization which have research questions as a benefit to the members.