joanmcq

Ah, the intricacies of Ohio returns! I have a client moving there. I think I'll send them to one of you Ohio guys. At least for payroll. :P

If the rental is community property, you have to split it.

As long as the foreign tax paid is less than $300, just enter it in the box and DONT enter date sole or any of that other stuff, and it will flow directly to the line on the 1040. New for this year; no fussing around needed.

KC, you're in Modesto now? I'm in Sacramento. I can work remotely. I'm booked to the gills, but my assistant does a lot of my input.

Nope, it's zero for MFS.

Depreciation has to be entered at 1/2, but for the E you can just report the income & other expenses at full and indicate the ownership,at 50%

Are you sure the mortgage wasn't for more than the FMV of the house? Did he refi and pull out cash?

I've file one ok. Got two more to go, but I think they will both go on extension.

One reason I take credit cards! I have one longtime client I let pay when the refund comes in. They live across the street, and have never needed reminding. Her kids I won't do anymore, and I told her they didn't pay last year. She was furious!

If he's a citizen, or holds a green card, he files a 1040 on worldwide income regardless of where he lives.

Very true!

If they are insured by the NY workers comp fund they'll be audited every year. They want to verify wages to set next years insurance rate and make sure no workers are improperly misclassified as ICs. I had to do one for my private WC insurer.

Or her friends were all using TurboTax and putting garbage in & getting garbage out.

Last year I filed the 2553 with the corp's initial return. Marked the box saying the S status was being elected with the return & attached the 2553 by PDF, Now I go to file the extension and its rejected; says EIN must match entity type. I know I'll have to call the IRS tomorrow, but anyone else have this happen? now I wonder if they got the 2553?

um, you really don't want to know what the weather in Sacramento has been.

I ended up not taking it. But its good to get feedback from everyone here. BTW, the client was not adamant in the deduction, but wanted to know if it was available. Like those type of clients.

If it's a large company, are they using a payroll provider?

I do too, but mine sometimes last a few hours, and then I'm up all night. Wait, I'm up all night anyways. Carry on!

I know that's not an issue here. It balanced last year, and I have the QB detail, but I'm not seeing it. Yuck. And I really really hate daylight savings time. I can't say that enough.

There's a checkbox for daycare when you first roll the home office in the new home office worksheet. Not sure if it's still there once it's rolled.

I've got one that is hugely out of balance, and I haven't been able to find it. And client DOES use QB. He reclassified shareholder loans to APIC, which is ok; I just moved my figure too. But he's also been running rental income through the corp and in the past zeroed out the rentals to an expense 'landlord payments', recognizing profits taken on the rentals (not owned by the corp, but he considered them managed by the corp). This year he made the other entry to APIC, since he plowed it all back into a building that is being rented to the corp as leasehold improvements. I'm off by 135k. I'm thinking extension.

It's always been there as a warning. I had one of these (my client was custodial parent and got HOH even in years she didn't claim the dependent). I've got a few clients whose kids are dropping in & out of college and I use the 'don't claim dependent' box for those too.

I think they were wash sales in the past, and that's what the notes mean, if the detail of the sale transactions doesn't show a disallowed loss.

Some of the contributions she's made are analogous to donating food items to a food locker or org for a holiday meal; ie bringing a turkey to donate for a dinner for the homeless at our local homeless shelter. The grocery receipt is the receipt, and if under $250, no letter is necessary. The question is simply whether the required supplies are deductible, since the items are required.

She's screwed with a rollover, opening a bene IRA at this point. It's all taxable, and she has to get it out of the IRA before April 15. I wouldn't blame the financial advisor, he or she just did what they were told; it's a rollover. They don't know it was inherited.