Janitor Bob

Client, age 40, withdrew all of the money ($45,000) from his IRA.....The entire amount is taxable and additional penalty. Client now owes IRS $15,000 Of course, he did not save any of the $45,000 to put towards the amount due....he used the funds to pay down credit card debt...and to by a new Pontiac G-6 Client is in shock as he was expecting the same $1,700 refund that he got last year....Wants me to fix the problem......I can't fix stupid.

I have never seen this before. Taxpayer is government employee and on his W-2, Box 14, there is $370.36 denoted as "K" (Tax on Excess Golden Parachute Payments) What is this? Same Client also has in box 14 $959.77 denoted as "V" (Income from exercise of nonstatutory stock option)...What is this? I have never seen either of these before.

Wow...These are pretty cool! Thanks for sharing!

It is especially hard for me because my daughter is 19 and experiencing all of the excitement of college and deciding what her future may hold. Most of these girls will never get to experience this and alrerady know what their futures hold.....Its just sad.

I just had to share.....for the 4th....Yes the 4th time this season I have a 18 or 19-year old un-married dependent who has had a baby in 2010 I am getting tired being the financial "man-in-the-middle" between mom, mom's parents, dad, and dad's parents.

Please excuse my ignorance in this area, but I am just now...after 12 years...having clients that are of age to begin RMDs.....My question is this: Who notifies the client that they are to begin receiving RMDs and how does the process begin? I have one client who will start RMD this year and she thinks I am the one that will work with her in it and start that process. I informed her that it would be the bank or whomever her retirement account is with....but she does not believe me. I assume she will (or has) received some type of notification, but she claims she has not.

No...Title should be IRA distribution

In my 12 years of preparing taxes I have never had someobody with non-deductible contributions, so it was not a stretch for me to think that this lady also did not....but now I am beginning to question it....Has anyone else had someone with a 1099-R distribution, "Taxable amount not determined", with it being all taxable?

All 11 of mine that I sent yesterday evening around 7pm still say "Transmitted to EFC"

I transmitted 11 e-files around 7:00pm and they went OK. However, it is now 11:00pm and they are still "Transmitted to EFC"......That status usually does not remain for so long. I expectedto see "Transmitted to Agency" by now. Oh well...guess i'll check back in the morning.

I have only done her return this year and last year. Prior years returns that she could find (4 years) did not include a 8606

Client has a 1099-R from her IRA. $48,000.00 distribution, taxable amount not determined. Client is not aware or does not remember ever making any non-deductible contributiuons,so I assume this distribution in 100% taxable....but how "normal" is this? In your experiences, how many times when you have a 1099-R with taxable amount not determined has your client actually made any non-deductible contributions? Just wondering

I have filed several School District returns, including one part-year resident. I assumed that they were accepted when the Ohio was accepted....I was not aware that there would be seperate ACKs.....I do not see how there could be since ATX does not brewak apart the Ohio and the School return.

I have not heard of this, but I have a client who is telling me that since her ex-husband is behind on child support, the husband cannot claim the kids as dependents.....Any truth to this?

I make tasty little treats by freezing cool-ade in an ice cube tray with a toothpick in it. I give my clients those instead of a copy of the 8879

Would fair rental value of the house be considered in figuring support? If so, you would need to know who owns the house and factor that amount in for support for everybody else living there.

Thanks for the suggestions...I decided to give idrive a try...with my small home office, I only need the personal version....$4.95/month for 150GB back-up and all of the features I can think of...First full back-up is happening as I type this.

This is a helpful feature added this year, but it would be really nice if there was the option to save these printer settings globally for all tax returns....So that the user could choose exactly what forms/pages would be selected to print by default when the print manager opens.

I have not experienced this issue and have rolled over and completed several returns that included school district tax. Have you updated recently? sounds like maybe your OH IT1040 is an older version?

I have decided to go with an on-line back-up as opposed to my previous method of backing up to an external drive and puting the external drive into a fireproof/waterproof safe.....It has just becaome too much of a pain. My question is what on-line backup companies to you folks use?....I am interested in pricing and who is best/cheapest. Mozy looks good, but I have not heard anything about them. One of the links on this community is for Virtual Managed Solutions. I know they had a $9.99, 10gb back-up, but when I tried to email Kyle, my e-mail bounced...So I'm not sure he is even still with VMS. Any advice or insight would be appreciated. Thanks

Is this still a valid offer? Kyle...are you still at VMS?

The preparer may not be actually filing/transmitting them yet. They may simply be entering all available information and providing the client (your employee) with a loan based on that estimated return.....with a crazy high interest rate or fee, no doubt.

When I print returns, I do not want to print everything that ATX checks by default. Every time I print, I have to take the time to go through and un-check a bunch of items. Is there a way to get the program to "remember" these choices for future printing of other returns? For example, The ohio return (OH IT1040) and Ohio school district (SD-100) contain a last page that simply states "Please do not enclose any worksheets or other documentation unless it is specified on the tax return or instructions" There is absolutely no need to print this page on either form...but every time I print, ATX chooses all pages and I have to remember to un-check them. Am I missing an option or setting? The is a "Remember selection" box to check...but that only causes ATX to remember your choices for that print job...better than previous years, but it still does not remember choices on the next return I print.

My employer (a local manufacturing company) tried this a few years ago. They placed an exspensive order for a bunch of steel machine frames. Our VP manufacturing asked the vendor to not ship until January because he did not want to include it in inventory for that year....but for the same reason, the vendor wanted it OUT of their inventory, so they shipped early. Nobody believed me (I said it had to be included in inventory), so they asked two different CPA firms that we retain for auditing purposes. They agreed with me that as long as we took ownership or had significant control over the material, it had to be included in our inventory....It did not matter that we did not pay the bill for another 60 days. Our only option would have been to refuse the delivery.

I am happy I can bring a smile (or just a look of confusion) to your face. Lots of interesting things happen around here