bstaxes

Thanks, it seems that I am second guessing myself. Thought it was nontaxable. Appreciate the confirmation.

Yesterday client comes in and we start the return. Client has an IRA withdrawal for over 325000 plus a couple of small withdrawals and some normal interest and dividends. Told him no tax was taken out of it and he will owe the IRS a chunk of change. Trying to find the words to soften the blow of 96000 to the IRS and 19000 to the state, he says "Yeah I figure about 130000 to the IRS". My response after my initial shock that he knew he would owe "It's not that much but close to it". He left and was going to sell stock to cover the tax bill. I can see next years tax return being fun.

tp worked in NY and lived in NJ, received pension from teacher's union of NY (so far not a problem). Tp moved to Pa. After reading pa instructions I believe the pension is tax free but it is not from a pa teachers pension fund. In order to be tax free must it be from a pa fund or can it be from an out of state fund? Have a Happy Easter.

Questions Farmer 1- He might be doing it for farm assessment taxes, then the farm land would have a separate tax bill (ask). What does he do with the hay? sell it, use it for his animals? $300 is not much hay, it is about 75-100 bales. If he is feeding his own animals (that are for profit not just pets) he might have a sch f. Farmer 2 If he were paid for his work (repair and cutting hay) he could use that to pay the rent for the pasture. You need more info.

I would think it would be alright as long as the account is in both names. In past years I had a client who received checks for her deceased husband in his name. She just deposited them in her account.

Client calls a day or two before 4/15 each year and asks "can you keep me out of jail". He needs an extension some years he owes nothing other years he owes. File the extension and wait until first week in August and now the first week in October for his stuff. Drives me crazy because he needs his numbers in order in January for the previous year to get a farm loan. Oh well, at least I know its coming.

My sympathies also on you loss.

Thanks a bunch. Usually I carry NOL back but this return it would not help. Totally missed the tabs on the bottom of the election page. How Dumb am I??? Please don't answer that.

NOL election to carryforward is where??? I have been searching the forms and election statements and I don't see it. It is probably as plain as the nose on my face but maybe my mirror isn't working so I don't see it, or perhaps I need a new pair of glasses. Thanks for the help.

Gail, you stated unlimited fed e-file what about state e-file, either piggyback or alone? What about 1099's? I know last year I looked at some other software packages that I liked the price but it did not have what I need. I only use a few 1099's, 1065's and 1041's so adding the PRS to Atx Office was okay for price. I also need the multiple license.

Gee, I am glad I was not reading the board yesterday. I would probably had a stroke, but a good April Fools.

H & W opened LLC in summer of 2008 and dissolved in fall of 2008. Paid for the creation and closing of business, had no sales. H & W realized the sales market went south right after opening business (high end artifacts). IRS will be looking for form 1065 by 4/15/09. It seems odd to file 1065 with just expenses and no income (but that is the economy). Might the IRS decide to audit or perhaps deny the expenses. They have given me all the paper work on the business. Any ideas or suggestion would be helpful. Their personnel return is going on an extension but I would like to get this 1065 out of the way.

Better get out the suntan lotion.

If you had time to paint and clean can I borrow your time stretcher. I could use more than 36 hours in a day. Maybe then I could get an hour or 2 of sleep.

Have a very happy birthday. Miss your humor on this board.

Would you take web design as a start up cost, depreciation or expense as advertising? Started business late 2007 and in 2008 had a web site designed for product and ordering. Cost about 2500. I am sitting here scratching my head for answers and all I am getting is splinters. Boy, do I need a vacation. Also more than 1/2 the complex returns haven't called for appointments and most of them owe, so I need to figure some of it before I can file for extensions. I guess this is normal for this year.

She is really cute, wait another 14 years when the guys come calling.

My condolences to you and your family.

Attach only those forms that were changed. You don't have to attach the original 1040.

I'm really afraid to find what is lurking in mine.

I'm with you, I sure could use an extension. Not getting the 1099's out in Jan and taxpayers procrastinating, it is going to be looooong hours in the short time left. Oh, well cut into my summer fun with extensions.

My prayers are with your Aunt Mary and for you also. Barbara

It's been 'normal' here. Grandchildren sick, Daughter and husband are moving out this weekend, husband backed up into a dump truck then left the key on in daughter's car had dead battery then he backed up into my car with his other vehicle all during the northeaster on Monday, everybody wants their return done but they don't have in info (got a pile sitting on the desk waiting for numbers). Yes, it is normal. Wish someone could define normal.

It might work. You won't have to heat that area especially when very few are in the upper half of your room. It might help with the electric bill because you could use a lower watt bulb. The cost of lower the ceiling might be expensive but you would gain half the room for storage. If you put in a staircase to the upper level you could even put a bed up there so you could get a nap now and then, especially in Ohio if you get a big snow storm. There would be many possiblities for use of that space. You could put in a second office and make twice as much money and do the higher level returns on the second floor. Many one of your clients could do the work in exchange for their taxes. It is only a thought. Boy I think I need some sleep also.

That price is a ripoff. Big city or rural area? I used to work for Block and hated their fees. Nickel and dime this and that and clients keep going back. That return I would have done for 100-150. That gets my dander up.