joanmcq

Client's kids get a list of required classroom supplies parents have to buy for school. Each child has the same list. However, regardless of who brought what, all the supplies are pooled for all of the children to use. Donation? Since they are required to buy the supplies, I think not. There is no requisite dollar amount, and one parent that shops at the dollar store will spend less than another that shops at a high end store. But its late and I'd like to get some opinions.

What is the income for? Unemployment? I have a client that received UE from NY for a year after he moved out here. Since he's in the performing arts, he still works in NY occasionally. Had to file NY nonresident & pay tax there. If both states tax UE (or what ever type of income it is), then that treatment is correct. Pays tax to MD & gets a credit for tax paid on the resident state return.

Please! haven't heard from anyone on HI yet, and now I have a WI refund with no 1099 too.

Have you tried putting a zero in the state distribution box?

Coming to pick up their return, brought me 5 boxes of Girl Scout cookies. And were thrilled when I told them about the passive loss c/f that will be freed up in 2014 since they just sold their rental. They're in a happy shock. I'm in sugar shock!i

Why would you tell him to file it, when you all know it's wrong? Then he'll owe interest and perhaps penalties on the amount that is over-refunded!

If it's a rental loss, it doesn't count towards the investment income threshold. I hope you advise your client on what NOT to do with this windfall (but if she already quit her job she might not be open to advise)

If you get a 1099-S you better report it. The 1099 is required to be issued if the sale price is over a certain amount (might be the amount of the exclusion). I always report the sales.

There's a global settings tab in fixed assets. I ran into this earlier too.

They were the same. Besides, it was his 1099 to me. My biz didn't 1099 him since I received personal services. But you can be sure the value was included on his return since I prepared it.

I 1099'd myself for the value of the tax returns, yes. Since I prepared 1099s for him the next year.

I love my hairdresser. When he had me do 3 years of back taxes, I got my hair done in exchange for a year & a half.

I have a bene IRA. Trust me, I know these rules backwards & forwards!

I've never had an issue with mortgage interest on my own return even years after the divorce with my ex's SSN on the 1098. It seems once you've filed a joint return, the SSNs are linked in the IRS computer, at least until one remarries.

Yup, I agree with Judy. Do the whole return to get correct numbers, then file one original NY return & prepare amendments for fed & NJ from the ones you prepared.

But it's not as complicated as the article made it out to be. Usually. Especially since state returns generally flow pretty much from federal input, there's not much tweaking involved. It was a lot more complicated to do two federal, especially in community property states.

I've seen that before, love it!

Look at the statement. Don't guess as to whether she did a beneficiary IRA, the statement should be titled somewhat like: Jane Doe, FBO John Doe, deceased. If it's not, she took the whole thing as a distribution, and has over contribution issues to deal with too.

Give your non internet clients a copy of the Salvation Army guide. Heck of a lot easier to print out than look the stuff up yourself. And you really shouldn't be doing it anyways. I do have some clients that donate regularly; they are a bit of fashionistas and have the income to allow it. Others have moved; moving was always a way for me to keep from accumulating! But yeah, I hate the form too. Just did 17 separate donations.

Uncheck the add to payor manager box.

Well, I've been doing SSMCs in the reverse since 2007: proforma federal to do the CA return, and two single federal returns. Just had a client that was very happy with the fee now that it's just MFJ for both. Also have done a lot of amended federal returns for those couples who benefit from MFJ. I hope as a mulit-state person along with specialist in SSMCs, I might get some more out of state clients.

I have a CPA as a client too. She's into government accounting. Its nice since she does have enough background to understand the return, and I can talk in accountant to her. And since her wife is a self-employed consultant, she understands the concept of billing for what you're worth.

Rental was taken out of service for a year. When entering the asset this year (last year was my first year with the client and I just didn't put the asset in the return), I cannot adjust the 2012 auto calculated depreciation to zero. It won't stick and the area to 'accept calculated depreciation is greyed out'. I don't see any way of saving any changes made in the prior depreciation screen. Last year, this was one thing I didn't have any issues with!

But if it creates a loss which leads to it being unused...what's the point?

Usually property managers provide a schedule of rents & expenses. I'll use that for the split. I just had one though that reported the 1099 at 1/3 but all of the reports were at 100%. So I just didn't use the 1099 input. The total rents will match the 1099.