RitaB

Once again, this thread saved my life.  Love you guys.  Kinda hate this client.  He had zero business signing up for marketplace insurance.

You know how you explain to clients the first year Junior went off to school that you need the Bursar's statement from college, and they remember to bring that every year forever and ever?  Yeah, me neither.

8 minutes ago, Possi said:

Why you got to steal my JOY? Ain't nobody gonna steal MY joy! *wiggle wiggle*

Only 45.5 more work hours till the weekend! 

1 hour ago, Abby Normal said:

Just got a 1098-T with detail showing qualified tuition and all payments made. A great way to start the day!

Thank you Wesleyan University! You get it! (But you could add totals next time, just sayin'.)

Is "College Saving Plan" a payment from a 529?

My guy that came in yelling "Land Shark" paid his planners $28,000 last year.  He would never whine about my fee.  The first year he came here, he told me he worked on it himself for four days before he threw in the towel.  

8 minutes ago, FDNY said:

If they don't sit down maybe they will leave sooner.   We may be on to something.  But I must say, this desk is working out really well...

The other thing that works before you get the standing desk is two or ten files in each chair.  Hey, whatever it takes.  There are advantages to being a paper freak, don't let the youngsters mislead you.

1 hour ago, TaxPreparer said:

Does anyone else have clients who complain about your measly fee (That should be higher) and you look at their investment paperwork and they have paid $51,000 to their investment company just this year!? 

Nah, my one complainer guy's broker fees were only $9,057.  He doesn't like my (finally up to) $350 fee.  He's been struggling with my enormous fee for ten years now but manages to drop in five times a year to get advice.  I have decided he will get the opportunity to find a better, less expensive alternative than me next year.  That's right, I'm letting him live to regret trying that haggling ship on me.  We don't do that here.  If I think I'm paying too much, I smile politely, thank you, pay your fee, and don't come back nine more times.  My #1 rule is everybody in this office is happy.  My #2 rule is if everybody can't be happy, Rita will be happy. 

You know clients who show up 45 minutes early to appointments?  It's ok to kill those clients.

Ok, thank God.  And Judy and Rich.  Let's stop while I'm ahead.  I've still not had a nap...

11 minutes ago, Richcpaman said:

I would go with his age calculation.  I think somewhere, in the Social Security rules, they count the first day of the new year as the last day of the previous year.

If they send a letter, I would use his argument.  He has reasonable basis.

Rich

Yes, I remember thinking that they call Jan 01 the last day of the prior year.  He still missed the RMD though, right?  Because 1/1/2017 would count as turning 70.5 in 2016.

Did client with DOB 7/1/1946 reach age 70.5 in 2016?  He thinks he was 70.5 on 1/1/2017.  I think he was 70.5 on 12/31/16, and he has missed his RMD.  7/1/2016 was the 183rd day of 2016 and there were 183 days left in the year.

If I'm right, should I just finish up this return and get it filed, have him take the RMD ASAP,  and do the begging with Form 5329 as soon as I can get to it? 

1 hour ago, ILLMAS said:

How do I report fellowship income/stipend for a whipper snapper that did not receive a W2/1099 or is not working towards a degree? 

Thanks

Line 7 of Form 1040.  Print SCH to the left.  ATX will do it for you if you enter on Line 4 of the worksheet for Form 1040 Line 7.

16 minutes ago, Abby Normal said:

Dependency exemption

Thanks, I need a nap. 

6 minutes ago, RitaB said:

I am taking this to mean the parents are deciding not to claim the kid and asking you to amend their return to remove him as a dependent.  If so, I would explain to them that you can't just decide, his dependency belongs on one return or the other and explain the law.  I would file the kid's extension request if he needs one, free gratis, because I'm all about customer service,  even though I'm also all about doing things the right way, which is sometimes annoying to clients and bad for business, but it's hard to argue with me. 

Exemption may be the correct word.  Y'all know what I'm getting at.  Did kid provide over half his own support or not? 

4 hours ago, TaxCPANY said:

Father just wrote that, after having claimed (college student) son as dependent on return filed last month, son now "will do his own . . . he likes to take responsibility."  Hooray,  ;-) . . .
But, I have NO time to amend returns before 17th.  Should son be advised to file extension, or would late-filing penalty be averted merely by reference to the amended return down the road, or what else?

I am taking this to mean the parents are deciding not to claim the kid and asking you to amend their return to remove him as a dependent.  If so, I would explain to them that you can't just decide, his dependency belongs on one return or the other and explain the law.  I would file the kid's extension request if he needs one, free gratis, because I'm all about customer service,  even though I'm also all about doing things the right way, which is sometimes annoying to clients and bad for business, but it's hard to argue with me. 

I sorta feel like I'm kickin tax season today.  Woo hoo.

I have to use NMLS (Nationwide Licensing System) twice a year for one client and I am always astonished that I don't wind up on the six o'clock news.  The WOAT. 

TN sales tax site is trying to overtake them, however.  Upgraded (yeah right) their system in MARCH 2017 (who does THAT?) and named it TNTAP.  So cute.

2 hours ago, Catherine said:

It's EASY to find a preparer now!  However, if you want a COMPETENT preparer - or better yet, a GOOD one, it just ain't happening.

They don't want a good preparer, so that'll work out great. 

Just once I want the little message to say, "Close enough."

8 minutes ago, jklcpa said:

She's a prime candidate to use TT that would allow her to see the bal due/refund change with every fabrication additional business expense or deduction she made up forgot on her first attempt.

/sarcasm

Yes, this is why God made Turbo Tax.  This ship kind of advanced planning is bullship above my pay grade.  We were about to part ways anyway.  It really could not have gone better.

39 minutes ago, Jack from Ohio said:

Is there another marker flag in the back 40?

Hahahaha, no, I am so happy to be rid of them.  And they fired themselves.  Win/win.   And good luck finding a preparer now.