Possi

He's in the car.... in Italy....

She must have! Oh well, I’m not saying a word. LOL

It could be... but how in the heck did they KNOW that the kid's exemption was already taken... unless they e-filed the tax return WITHOUT the husband's signature and consent?

I'm not doing their taxes. I was just wondering how HRB would know the child already claimed his own exemption if the kid prepared it as a DIY return. Is HRB's program one that gives the warning in diagnostics? I thought the tax return had to be e-filed and rejected to get that information.

Nope, son didn't know he did it. Unless she told him already, he still doesn't know. He's at work until late tonight. It's strange, huh?

My friend is working here in VA and his spouse is having their taxes done in another state. She called him to say that their kid, a college student, already claimed his own exemption. How would she know that unless HRB already e-filed and got the rejection? He hasn't seen his tax return or signed anything. I got no dog in this fight, I was just curious.

I can't even..... omg

You know the difference between Alcoholics and drunks? Alcoholics have money.

It's true... all true.... I had a client come in bringing homemade jams, jellies, honey and caramel. He was all spiffed up, I'm sure to look good for my assistant. She was sitting at her desk with him, getting signatures and payment when I hear Siri very boldly declare: "I can't find 'ASSHOLE' in your contacts! Shall I keep looking?'" I yelled, NO! DON'T KEEP LOOKING! I look over at them, and he is staring at his phone with this shocked look on his face! "All I did was try to open my banking app! I never said that word!" We were crying... LOL LOL

45 in the hole. I had a lot come in early, too. I think it's because they have learned that coming in late makes me a very stressed out, unhappy woman.. even though I view every single return as $$$ for fine wine after tax season. And that makes me smile again. I am really happy that I hired an assistant last year who is actually interested in learning the business. Hopefully, one day she will run it and I can hang out with Rita in TN during tax season. That is my goal in life. To laugh my way through it, and hug those special clients!

Thanks for the reminder to donate! This forum has saved my @$$ more than you'll ever know. There are other sites, but y'all are so welcoming and so kind, there is none other like this one. Eric, thank you so much for all you have done, and all you do. My donation was by CC and there wasn't a place to designate my name, so when you see the donation for $5000.00, it was me. Well... maybe not $5000....

The S Corp was closed, and the new EIN is for the LLC. She's a doctor, not a tax pro. Poor thing.

The client closed the S Corp when she moved from TX to FL. Then she established an LLC with a new tax ID number. So two of the 1099s are under her SS number and 2 are under the LLC tax ID number. All will go on the Sch C, since it's a single owner LLC.

I need to check on TaxWise and see if there is a planner like that. We have state tax here, and I think the worst event will be that most will choose to take the standard deduction on the federal, forcing a standard on the state. That will stink.

So, what I'm hearing is that there is no way I can put those 1099s on the personal return. I didn't think I could because the tax ID numbers won't match. I'll let you know when I find out tomorrow from my client. thanks!

She did receive the 1120S... for 2016... and it was the final 1120S. The issue is that I now have 2 more 1099s issued to the (now) closed S Corp. She will contact the preparer to see if this might have been the accrual method and if it already reported that particular income.

She will contact the firm that prepared the final 1120S and see if this was already included as income. If it was, I'm done. If it wasn't, I'll be back here asking how to negotiate this!

She is going to contact them on Monday. I will tell her to look there as well. Thanks!

Good question. I only have the K1, Basis Sch and letter from the firm. Will that be on her 1120S?

My client closed an S Corp in 2016 and filed a final 1120S. (I don't do corp returns, an accounting firm did it) This year, she has 2 1099s issued to the S Corp tax ID number. I can put this on her personal return, but will it blow back at us because they were issued to the S Corp tax ID number?

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

This brought a grateful tear to my eye just now....

It's not funny.... but why am I laughing? OMG.. STOP IT.

Were you jealous? I would have been... Just sayin'.

The surviving spouse gets her husband's annuity. This is the first year. His taxable amount was always reduced on the 1099. Her 1099 taxable amount is unknown. Should I begin the Simplified General Rule with her, using his original start date and factor in his amount recovered so far? Here's what I read: Taxation at Death – Spousal Continuation – Many variable annuities enable your spouse to continue the policy at your death. Some companies will pay the death benefit into the policy and continue the original policy without tax consequences. Others will require your spouse to choose either the death benefit (if the account value is lower than the death benefit) or spousal continuation. Choosing the death benefit in these situations would be a taxable event; your spouse would be taxed at ordinary income tax rates on the difference between the death benefit and the amount you invested, adjusted for any withdrawals. In most cases, the policy would not be included in your taxable estate for estate tax purposes due to the marital allowance. You should consult the prospectus for the terms of spousal continuation.