Pacun

The two main credits ask you for 1098-t so, I doubt you will be able to get the one of those credits without the U sending the form.

I am telling people that they have to pay for the penalty. If I have to amend, I will have to charge them. As you know you charge for 1040X based on how big the refund is.

Thank you Illmas. Any other suggestions?

I also put my daughters to work and Watch TV. We watch TV for 30 minutes while Alex Trebek is on air. My High School Senior gets a quarter for each correct response while my 2nd grader gets a whole dollar for each correct response. 2nd grader has the first chance to talk and my senior daughter goes next and have to be before the TV participants or Alex say the correct answer. I hope I am not violating any labor laws and of course they are NOT in payroll. I wonder if my daughters can open Roth IRAS with that money? Going back to the question at hand. You should deal with the returns when you have the 1099-R at hand and file if needed. Technically the children don't need to file but maybe you will file their returns just for matching.

I meant to say: Keywords on this issue at the time of sale are: Depreciation allowed or allowable.

I don't think so. They are neighbors and have reciprocal agreement.

I want to take an updated Payroll course with ACA included. Has anyone taken a good beginner's payroll course in the past with or without ACA (since ACA is new)? Thank you for your recommendation. If you have learned payroll from books or websites, please share your experience too.

I agree with Terry D. It goes to 1065, then K1 and then to the partners 1040 by using K1 input. If it is SE taxable, then you enter the amount on line 12 or 14 ( don't remember) and the K1 will force Sch SE to come on board, It will not go on schedule C at all.

It is up to the agent during an audit. The agent has the option to charge $50 for failing to issue a 1099 or disallow the deduction. If the $50 penalty exists, I believe it is because if you have proof that you paid the money, you can take the deduction.

School is temporary absence if the student goes back home when he has a chance (time and economics).

I am an economist, so let's assume that jklcpa is correct and that the situation was this: Purchase cost was 400K and when the house was converted to rental the FMV was $222,750 (structure and land). Let's assume that by mistake the preparer depreciated everything and didn't set money aside for the land. So now we are disposing the rental asset, we are going to take into considerations these items: Original cost add improvements Basis: Less depreciation allowed or allowable: Adjusted basis: Selling price: Loss or gain. Let's do it with numbers: $400K original cost 0 improvements $400K basis 70K of depreciation (even if it was not allowable, it was ALLOWED, so that number stands) $330K Adjusted basis $325K Selling price $5K loss. Keywords: Rent allowed or allowable. capisce?

Waste has nothing to do with taxes. If no one has the right claim the exemption, no one does regardless of waste. If the father lived with the mother the whole year and provided more than 50% of his girlfriend support in 2016, then he can claim her. If not he can claim his daughter only.

No. The Barbados government doesn't have any legal obligation to report it, but the TP does. You did it right by reporting it.

So, most likely you will have a loss. Is that loss deductible based on the fact that the house was a rental?

I don't have time to do the calculations but this is what I think. Cost 400K Depreciation taken was about 1/3 of the 222,750 which is about 70K. So the house now cost him this: 400K - 70K equals 330 and he sold it for $325. I don't see a "huge capital gain".... as a matter of fact, I see a loss. I have not even considered improvements or selling costs.

Since your computer has been on the shop for a few days, why didn't he wipe it again and install everything and be over with? Another work around... if you have issues only when connected to the Internet, disconnect it. You will be able to roll over returns, work on returns, create efiles and do everything. When you are ready to send the efiles, connect it to the internet and do your transfers. If you want to update forms, do it at the beginning of the day and then reboot without being connected to the Internet. Another option is to buy a new computer and let the computer guy have fun with that download and later you will have a back up computer. Since you were infected with a virus, you should have a back up computer anyways. Remember this... when I get an email that I don't know the person or if it contains a few lines of text and a link, before opening I ask myself... "will I sleep well if I don't open this email?", if the answer is yes, I don't open it. If I know I won't be able to sleep if I don't open it, then I open it and most likely I will not sleep anyways because I will spend the night cleaning the virus from my computer.

Just a simple question. Why not do a Roth IRA from the beginning if you know the IRA will be not deductible?

Search this site, I believe you can file as single.

You mean that the spouse lacks the ability to sign? I normally make the letter stating that they were married and that they both agree for the spouse to be treated as a resident for tax purposes and that you are reporting global income. I email form W-7, 1040 and the letter for the spouse to sign and I ask the forms to be mailed back to me.

Good question Illmas. This is what I think happens. When the student files his own return and he is under 24, then FASFA asks for the parents' return and they put the two returns together. So if the child made 10K and the parents $70K, they have $80 in income. When the child is correctly claimed by their parents, FASFA only asks for the big return... so in the case above, you have $70K income.

If the student is NOT disabled, the parents cannot claim him, but he can file his own return and get the education credits if he qualifies.

If that money was in the Roth for more than 5 years, no explanation needed and nothing is taxable.

For preparer's copy, I have a soft copy on my computer, which I access by opening ATX 2016 and click on the TP name.

If it is for the primary residence, you don't have to prove insolvency. You just enter that amount and select primary residence. I think you will have to go down on the page and mention that you will reduce the basis. Yes, you just send 982 with the amount entered.

Form 1040 and any schedules and forms (not electronic authorization forms such as 8879) 8867 and state forms I don't give my SID or ERO's PIN. Only about 2 people ask me to sign their copies and I efile everything. When paper forms are submitted, I sign only the forms to be mailed to IRS or States, not the client's copy. Predicting the future, I think the IRS will allow us to have one signature only for TAX forms and another to sign checks and apply for credit cards.