Kea

Agreed. Please make sure you stay safe (wherever you are).

I kept my Dad's and uncle's slide rules, but have never learned how to use them. My dad tried to teach me a couple of times, but it never stuck. I came along at the advent of the calculator. When I was in elementary school, Dad (an algebra teacher for many years) bought an early Sears 4 function calculator. I was allowed to use it to check my math answers - but not to calculate them in the first place. In junior high, I used the printed log tables and by high school my calculator had a "log" button. And, yes, the answer is 20. Parentheses were not "assumed." They are based on following My Dear Aunt Sal order of operations (M = multiplication, D = Division / A = Addition / S = Subtraction).

Thanks. Something didn't seem right to me, but I don't deal with many partnerships.

Client is a partner in an LLC. He now wants to do contract work at a different rate than he gets "paid" for his ownership. [His use of quotes.] Is there any reason he can / cannot get paid on both a 1099Misc and K1 for the same company? Are there any pros / cons / concerns dealing with this scenario for him to worry about? Thanks

That has always been my philosophy!

I've never been good at memorizing things. Remembering things by patterns, perhaps, just not memorizing. Sometimes, by April I can remember standard deductions and personal exemption amounts. But I do prefer to look them up when asked. I like Marilyn's suggestion to verify for "this year." But by now most of my clients know I don't remember those types of details. I always tell them that that is to their advantage regarding privacy issues. I won't accidently tell someone how much someone else earns -- I simply won't remember it! For adding, I tend to do it manually then check on the calculator (or vice versa). I usually do better manually since I sometimes hit the wrong keys. But since I am very aware of my (lack of) typing skills, I always make sure to double and triple check my entries. It's weird, but I frequently "feel" when I type a wrong number, and can correct quickly.

I don't remember there being any questions regarding form numbers. I think I might remember something like that since I, too, have trouble remembering form numbers. As long as I can link to the appropriate form from the software, I don't worry too much about it.

I tried that, but no luck. I went to the "Historical Quotes" tab Entered the symbol and date It came back and said "Symbol NFB not found" (NFB was the old symbol before it got bought)

Agreed - Inquiring minds want to know. :P

Sounds good. Now I just have to see if they answer my final round of questions -- including the ones I emailed yesterday! Oh well. So sorry / so sad.

Still waiting for e-mail answers to questions sent yesterday & today. No answers = no filing. Oh well. Also waiting for a signature page from a college student for her $51 refund. I guess the deadline won't mean much in this case. I've done what I can. The balls are in their courts!

Nope, not ATX (anymore). I checked the box and it's calculating the $120 credit (MFJ) but it's not generating any form. Does a separate form get sent to DOR?

I don't see the form for this credit in my software anymore. Just a check box. Is the form no longer required? No more reporting landlord info, etc? Thanks!

Well my broker found an average for 6/28 - 6/30. Not perfect but it will have to do!

Capital One's web site says they don't have the historical price for North Fork. And nothing at all came up on Bigcharts for either the name or the symbol. Didn't even get to try a date. I may try the library route or maybe even my own broker (but that will probably involve phone tag). I just really prefer the internet when possible. And, oh yes, the client is paying for this research time!

I got mine e-filed yesterday. Woo-hoo. 2 more in the back and forth mode and some research. One just waiting on signature form. 3 on extension that I don't expect to hear from anytime soon. Some people just don't care about deadlines. Several lunch dates later this week and lots of last minute stuff to do before heading out of town. Lion -- I hope you can reschedule your chiropractor appt for tomorrow. It will feel good to get out all the kinks from the end of tax season!

Client's broker sold stock client inherited. Of course client knows nothing about investments and had little info. She inherited shares of North Fork Bank which was acquired by Capital One. I just got the date of death this morning. I usually use Yahoo Finance, Bigcharts or similar to get historical stock prices. But since North Fork Bank (NFB) no longer exists, I am having trouble finding the price from 6/27/99. My google searches are only coming up with pay sites or other not-so-useful info. Anyone have any suggestions? Thanks!

Thanks!

Client worked in a multi-level marking self employment gig for several years. She did not spend any time on this biz in 2011 and had other W2 and 1099 Misc pursuits. However, she does still receive residuals or commissions from her down lines. Time to close this Schedule C and move to line 21 -- without S/E? Thanks!

Thanks for confirming. Just trying to find a way to wiggle out. I haven't looked up the non-filing penalties for the states. This guy always wants to do what's right. It just seems the states would have "reasonable" (whatever that might be!) minimum threshholds. I've worked through the NM return and the income is so insignificant compared to the federal total that the % allocation is 0.0000% therefore tax is $0. Gee, what a surprise. I just hope I have it filled in correctly! Now on to WV. Then I'll try to convince him to sell these PITAs! Thanks again Lion.

Client receives a few K1s for publicly traded partnerships. Previously all states listed had losses or gains under the states' filing thresholds. This year there were some gains in NM and WV - both of which require filing if there is ANY income from their sources. If I'm using the right columns on the state info page, the net income for one of the states is $11 and the other is $25. Are these states really that picky that even these tiny amounts need to be reported? I've only done one NM return and haven't done any WV. So, I really need to learn how to do both these state for just insignificant amounts? Thanks!

Oops. Sorry Lion. We were posting at the same time, making my last post unnecessary.

You'll want to clarify if gift or not. With a gift your client's basis is the giver's basis. Will require more digging.

If the client's basis in the piano is $0, the deduction is $0 -- lesser of FMV or basis. And they now have a Sch D gain of $20,000. You mention $0 cost, but is that the basis? Was it: a gift - client's basis = giver's basis (a gift tax return may have been required) inheritance - basis = FMV on DOD or alt value date found abandoned on the side of the road - OK basis might be $0 ? Hope that helps.

Thanks for agreeing with me, Marilyn? I have no experience with disposition of partnerships. And I don't use ATX anymore. But it is nice to be appreciated. :scratch_head: