Gail in Virginia

I think you have to send the IRS a copy of the 1095A and the 8962 showing 0% allocated to the son.

Thanks for sharing that information !

I don't feel like I slow down until sometime in May. We have put off bookkeeping for some of our clients that can, and have quarterly payroll tax reports to do, plus the returns on extension and the several 990s that I do that are due May 15. So I usually get to come our of the pressure cooker more gradually, which I think helps avoid such a sudden let down. This has been an incredibly hard season for me, however, and I am looking forward to some down time to recover and re-think some priorities. So many of my clients have been sympathetic and supportive when they found out that my mom (who was also my business partner and mentor and sometimes chastiser) passed away Feb. 1, but I really wanted to just not talk about it with them. Sometimes I find it very hard to accept sympathy without going to pieces.

It doesn't impact the deduction for mileage, but that is how I get the percentage for personal property taxes that are deductible. In our locality, it also impacts how much the personal property tax will be the following year - if business use is more than 50%, then the vehicle no longer qualifies for car tax relief on the personal property tax bill.

I guess the advisor is thinking that the amount was not part of the balance of the IRA at 12/31/17 and therefore will not be included in the calculation because it isn't in the 5498 amount. But I thought the reason 5498's were not issued until May or June was so they could include contributions made in the first 3 1/2 months of the year for the previous year, and I would think that would include rollover amounts. But I am just speculating and thinking out loud. I don't think it is legitimate, but you might get away with it. Like so many other things....

I don't know, but since no one else has answered my first guess would be to see if there is an update available that would correct this. Other than that, I got nothing.

Thanks. I don't do enough NY to be comfortable, and from what I hear they are almost as bad as CA ...

I am doing a return for a kid that graduated from college in 2017 and is playing basketball for a minor league team. Of course, income is low and we are filing several different state returns. My question is about the amount reported to NY. He was not a New York resident, although the basketball league has their headquarters in Secaucus NY (I assume - that is return address on W2). The entire amount of his earnings is shown as NY earnings in the state part of the W2, with 0 withheld. He only earned $5700 last year (roughly) and is paying taxes of $107. I don't see anything else to do but pay it, but I wondered if someone with more NY returns experience (or basketball player experience?) had another suggestion. I keep thinking that if this is right, they would have withheld some state tax for NY like they did for VA, his domiciliary state.

Could it possibly be that H&R Block has access to TurboTax and that is how they know that he claimed himself? Maybe a shared database?

And you can have the floaters without the torn or detached retina. I have always had some floaters, but if they suddenly get worse I still RUN to the eye doctor for reassurance. So far it has always been nothing, but it is a classic sign of damage to the retina and should be checked out. Just like the aura you are seeing may be nothing but should be checked out. I consider those peace of mind visits.

I love the Serenity prayer. Someday, perhaps I will be able with God's help to live every moment like that.

Years ago, I started seeing a charge on the mechanic's bill for shop rags. And what about the car dealer's charge for document processing? If enough people pay it, and enough people charge it, it soon becomes standard business practice.

I am working on perfection, but it is still a long way off. The only advice I can give you is to look at what happened and try to come up with a way to prevent this particular mistake from happening again. If you are the only one in the office you can;t have someone else check behind you, but can you look over returns a second time several hours after they are prepared? Or list all the documents when they are brought in, and then check them off by comparing to the return? Or something more brilliant I did not think of? I have someone in the office to check on my work, and believe me that is a very good thing! Especially this late in the year. Even with all that, mistakes occasionally go out the door and I totally agree with rfasset - it feels like a punch in the gut!

I have not heard of any changes yet for VA standard deduction. And yes this will be a windfall for VA if they don't do something. I think they will do something but I have no idea what or when - they usual don't make decisions about conformity until late January since they only meet annually beginning in mid-January. So while we may hear rhetoric between now and then we won't know officially until next year what if anything they plan to do about the tax changes. Unless they have a special session.

Apparently, like usual, I am a little slow. I didn't join until 4/22/2007, and my first post wasn't until 4/24/2007. At the time I was upset that the official board was yanked so close to the end of tax season, but since joining this board I haven't missed (or viisted) the official board. Yay Eric! Thank you, and thanks to all of you who make this board what it is!

I guess that eliminates the need for the backhoe and back 40.

Or maybe everything in the ACA forum should automatically be considered a vulgarity unless it is off-topic.

ProSeries also has a tax planner, and I have used it more this year than ever. I was not surprised that most people come off better under the new law - that had been my understanding from the media all along that the immediate benefit was for everyone. I am waiting to see if the changes that benefit the lower income and middle class taxpayers remain in effect when they are set to expire. Congress has a way of making changes like this continue rather than being known for raising taxes. The only people I am noticing a negative or no impact for are those who itemize, and especially if they have large employee business expense deductions. But I am not sure how accurate this planner is this year, and I know it tells me nothing about the state. Does anyone make a planner that includes state income tax effects?

You can't put the 1099's on the personal return, but if the income was earned by the person and not the corporation, then the income can go on the personal return. You can either have your client contact the people who issued the 1099s and explain that the corporation was out of business and they were dealing with him/her personally and ask that they correct the 1099s accordingly; file a corporate return and back out the income that was never theirs; or wait to see if the corporation gets a letter regarding their failure to file on these 1099s and answer the letter explaining where the income was actually earned and reported. I personally might take a chance on the wait and see approach, especially if the corporation was accrual. IRS might assume these are already reported in the accrued income and not question the 1099s. BUT it might also depend on how nervous your client gets if they receive letters from the IRS.

If I could, I would nominate my husband for a tax star. He knows nothing about doing taxes. If it doesn't come in an envelope labeled "Important Tax Information" he doesn't even know that it goes with the stuff for our taxes. BUT - he has dinner ready and serves it to me whatever time I come home. He has been trying to do my laundry for me for the last month and a half. He doesn't nag me to come home early, or expect me to have energy left over to do what he wants to do when I do get home. He cleans the house and mows the yard now that he is retired and I am not. If I decided tomorrow that I have had enough of this and wanted to retire, he would be all in favor of that. But if I decide to keep working, he is fine with that too. This has been the hardest tax season for me personally that I have ever had, and he has made it possible for me to get up and face it. I am so lucky!

Tell 'em how you feel Abby - don't hold back!

As long as he never depreciated the property, I think I would just go with Sch D

Interestingly, today's Checkpoint email was about an LLC that filed 1065's late in 2010 and 2011, and then claimed it was a disregarded single-member LLC and did not owe the penalties. NOT the same situation as your client, but close enough to be an amazing coincidence. If you are curious you can look at TC Memo 2018-35.

Maybe James Earl Jones backed up by the Mormon Tabernacle Choir?

I don't think so. It is isn't really non-taxable income; it is a non-deductible personal loss. The basis in the personal property sold is the date of death value plus the commission paid on the sale, and the income is the sale price. Since the sale price is the same as the date of death value (or generally pretty close, if they are close in time and the items were valued properly), this almost always results in a loss equal to approximately the commission on the sale. Since this is personal property, the loss is not deductible. At least, that is my reasoning for how this works.