joanmcq

How is fidelity calculating the basis per the 3922? it should be spelled out clearly. the amount added to the W-2 is the amount of discount, since in a DQ disposition the spread is taxed as wages. ESOPs are a little different than NQSOs. If there was time between exercise & sale, there can be more gain/loss than in a same-day exercise & sell.

I think she may have learned her lesson....what would you have charged?

Did you update from within the program or download from the site? I've been updating from within the program all season, no problems. Some horror stories on the official board. I'm still at 3.4.0.23, but I'm having issues with memory hogging. apparently every time I save, usage goes up, and fast. since I save a lot, system resources get maxed out quite quickly. I had two program crashes last night, but both were on the same issue, a K-1 with too many characters in the address field (which was fine last year...)

how can you tell how many GB the backup is taking without clicking on each folder? My tree doesn't show size for folders.

You can add any kind of statement with the 'statements/elections' form.

What type of DQ option is it? ISO, restricted stock? ESPPS?

You can do an itemized list and I believe that's one of the options for printing. Right click on the cell and choose 'itemized list' to create. Not sure about printing though.

Yes, any PDF file can be attached. Its actually pretty easy and a nifty way to attach anything. I did an S-corp 2553 a few weeks ago.

there may have been some background crap running; I've had that happen, all of a sudden everything slows to a crawl, and then boom, its fine. I still keep the task manager open to check on resources. I have to close IE windows a lot because they hog system resources.

I wonder if your employee changed the name of the file. Mine have always had 'copy 1' attached.

I went to an event Saturday night because I missed my friends. They were VERY surprised to see me turn up. I didn't go to a meeting last night because my last client left at 8:15pm and the meeting ended at 9, so I missed most of it. Why so late? It was a pickup and the dear client paid in cash even. She works at another tax firm, so she definitely understands. Why is she my client? Doesn't want a conflict of interest with her S-corp with 15 shareholders. And yes, I get great docs from her!

The amount coded V is the difference between the FMV on date of exercise and the exercise price. The additional basis is what he actually had to pay for the shares at the exercise price. Jack's scenario only holds if the exercise price was zero; something you never see with nonqualified options. The spread is considered wages, which is why it is taxed as such on the W2. But you do have to pay for the shares.

I've done one, it had additional withholding on the W2 (which was noted, but right now I can't remember where) and the form seemed to compute correctly. If you've got this tax, why spend hours in frustration when you could come to me? Your time has got to be worth more than what I'd charge.

Sweet! That column wasn't in the 2012 program.

For what it's worth, on the client I'm working on now, I made a line item on the BS, line 25: difference between AAA & RE

Sorry, the 'global settings' is for the K-1, 'options' is to show B/S & M-1 when not required. You can't turn off M-2, see question 10 on pg. 2 of the return.

I think it's under global settings. I'll take a look at the next S I open if someone doesn't beat me to it

Ah, thank you for reminding me for my annual viewing, Now why do I like this job again?

Are you checking the box to print to printer or PDF?

I've had clients look disappointed when they hear of the rule, but never try to bury the expenses later on. Anyone that's wants to fudge expenses gets the door.

If I have 2012 open at the same time as 2013, I have memory issues, but that's mostly due to 2012. I don't have the airliner year open, I may be working on two different returns at once, in 2013. Big difference. And very useful for RDPs, or parent -kid, or p'ship & partners.

Taken out is one thing, transferred is another. Technically, a trustee to trustee transfer is not a rollover.

If it was a trustee to trustee transfer, they don't have to issue a 1099-R. Necessary if a qualified plan like a 401(k) is rolled to an IRA, but not IRA to IRA.

some of the brokerages have started including a summary that shows totals for all the different codes, so its easy to break out the ones that can be reported on one line, as long as there are no adjustments. The rest show totals for each 'sale lot' as well as the detail, so again I don't have to futz with uploads for many miscellaneous purchase lots, or attaching PDF files, just one line item per sale. I wish all of them did this.

I discounted a couple that has some severe financial circumstances right now. Had NOL from biz this year, very little income, and tossed in the CA carry backs for free, and didn't charge for the separate CA return (they're still RDPs). Hard to charge full force when one partners mom is paying part of the tax bill for a good client.