joanmcq

As you all know I've lost four of my companions in the last three years, and the three kitties during tax season. When my 21.5 year old went, I couldn't do anything for a week. In November I adopted a dog from the shelter - literally the first companion that I've actually picked out. The others have just found me or been given to me. She has been a PITA (wants so much attention while I'm trying to work!) and sheer joy. Still have three kitties and another dog to care for. Im so sorry for your loss. Grieve.

I always day that my degree in psychology really helps in this profession!

I do not print out all the worksheets for clients. Just the statements and depreciation schedule if applicable. I do give them the tax summary and last years comparison which is great for those "I got a refund last year, why do I owe " questions.

Sometimes they don't know what's deductible; I had a conversation regarding medical stuff with clients I meet offsite because one of them cannot manage steps. They didn't know that all sorts of medical stuff is deductible, from canes, to glasses, to dental, to wheelchairs. So I told them about my clients that are deducting a pool, and another an orthopedic mattress (yes I saw the prescriptions). I always take a little time to visit.

Me too.

Doesn't having them in an LLC disqualify them for Sch. E treatment? if not, I would not report in one column. Each rental has it's own passive losses. If you elect to group them, the losses can't be realized until all are sold.

ATX won't allow efiling if the court appointed rep box is checked on the 1310.

Yes, you can do a super ceded return up until April 18.

Yes, that's the form, I described it a bit different.

Thank you, got it worked out!

Here's the 1099-R info: box 1 total distribution: $6515, taxable amount: $6515, fed w/h: $1303, state tax w/h: $130. Code G. heres what happened: client rolled 401(k) into Roth. I've explained that since the withholding didn't get rolled, there will be a penalty. I can't figure out how to get this I to ATX without overrides. When I entered at the bottom of the 1099-R tab that $5083 was rolled into a Roth, that amount went to line 15 of the 1040 in addition to the $6515 already showing as taxable on line 16. There should be a 5329 and penalty calculated on the withholding. Nada. Now maybe it's because I'm fried and suffering from allergies to the max & have had a splitting headache all day and another new client partnership can't understand why basis and balance sheets and bank reconciliations are important, but I can't figure out how enter this without overrides. Help please!

There's a pretty steep marriage penalty to the married during the year calculations. Splits the total years income in half, so when you have a situation like this, it makes no sense. I had a couple postpone their marriage to 2016 to avoid the repayment!

Yup. ^^ and in 2007, only the simplified method is available to calculate the nontaxable portion.

Are you using ATX? I always just hop from the apportionment page to the underlying worksheet that allows you to input what was CA sourced as a CA resident vs what was not CA source as a nonresident.

IRAs never have an amount in box 2a. Blank is not the same as zero. The taxable amount is not determined box is always checked because the IRA custodian has no idea whether nondeductible contributions have been made.

IMHO you are only going to be calculating from 2007 on, so it's not going to be that daunting. And kudos for the wife and the client's hoarding of tax returns

The client is a part year resident of both states. The CA NR is for non or part year residents.

But it's NOT other income, it's just the amount of sales that were paid by credit card. Why not then just report on the worksheet behind line 1: one for cash/check sales and one for reported on 1099-K if you want a statement? One big big issue with 1099-k for people who sell goods subject to sales tax when all of the transactions are by credit card, like internet sales, the amount on line 1 will be less than the amount on the 1099-k.

Nope, file a CA NR return and the adjustment is shown on CA Sch CA. The apportionment is based on percentage of CA income vs. out of state income.

Yes, people please! It's QUIT claim, not quick claim. As in 'mom quit having rights to the property'. How was mom's basis zero? She paid something for it 40 years ago. Or if it was inherited, it has some value 40 years ago.

Roll it into an IRA?

I grabbed stacks of docs from new clients tonight! And tossed back the pages of 'instructions' and other useless crap. I have no qualms about that kind of stuff now. Lol.

Yup, I've done three so far this year.

CA has pending legislation for retroactive conformity. I thought it has passed. My bad.

CA has conformed on the cancellation of debt for primary residence. So it shouldn't be taxable.