Yardley CPA

Thanks to all of you who responded to the Stock Sales with Boxes A & D checked.. What about those statements that reflect Box E as being checked? Does each sales transaction need to be entered on 8949 or is there an opportunity to lump sales of a specific security into one transaction? For instance,100 shares of ABC Company was purchased on 8/18/10 but was sold on different dates throughout 2014. Can you lump everything into one transaction, using the latest date of sale? Or does each individual sale of ABC Company need to be entered? Thanks very much!

Thanks, Jack.

Thanks very much!

I recall reading on here that you could lump stock sales that have a designation of Short Term A (lumping all A's together) or Long Term D (lumping all D's together) when entering on them on 8949 . Is that the case even if the sales are for different company stocks with different purchase/sale dates? What would be entered in the Description Field in that case? "Various?" And what dates would you use for the Date Acquired and Date Sold?

Figured it out. Included the Province from South Africa in the City field and it allowed the extension to create.

Trying to file extension for US Citizen living in South Africa. ATX is asking for a valid State to be entered? Any ideas?

Can you make a change to a held State efile (client wants to change payment election for amount due from paying via paper check to having a direct debit ) if the Federal 1040 has already been accepted? Thanks and Happy Easter!

I have enough to keep me busy right up until the 15th. Here's hoping you get some responses to those emails!

I found some additional information. Line 52 should be zero according to this: Make sure to properly fill out form 5329. File a separate form for each year. On line 50, enter the amount of the RMD that you’re required to take. On line 51, enter the total distributions that you actually took during that year. On line 52, enter “zero” (VERY IMPORTANT) and write “RC” (reasonable cause) and the amount you want waived in parentheses on the dotted line next to line 52. DO NOT ENTER THE AMOUNT OF THE SHORTFALL!

Thank you, Judy. I planned on completing line 52 and seeking the waiver with the explanation box you bounce out to. I was under the impression that is the proper way to do it. I did that last year and it worked with another client. Last year, I completed the 5329 in a similar fashion as I stated in my opening comments above. I may have completed it incorrectly. But when you bounce out on Line 52 it takes you to a box to include an explanation. I did that and explained the circumstances and ultimately the tax was waived. On that bounced out page is a line asking for "Amount of shortfall that the waiver is being requested on." I guess for this instance I should input the total amount of $2,078 on the line "Amount of shortfall that the waiver is being requested on??

Client did not take RMD in 2014. I instructed her to call her bank a she has done that. Bank will distribute amount to her within the next few weeks. Amount of RMD was $2,078. I want to make sure I am completing the 5329 correctly: Line 50: $2,078 Line 51 0 Line 52 $1,039 I will also provide explanation in the box provided for this line. Line 53 $ 520 All who feel I've completed this correctly, kindly raise your hands!

Have they eliminated the 1040 Office Package as an option?

Please verify my understanding that you can only take one education deduction per year, per dependent student (or tax payer), correct? If you are eligible for the Tuition and Fee expense you cannot take the American or Lifetime for the same dependent student, is that correct? Tuition and Fee is maxed at $4,000...is that per dependent student or per return? Appreciate any info you can provide!

Client is a US Citizen who has lived in South Africa since 2010. During 2013 he married a South African Citizen. He did not return to the United States at all during 2014. I plan to file MFS. He provided me with a letter from his employer indicating his income in US Dollars amounted to $70,322. In addition, he provided a summary from a South African investment firm showing information in the attachment I am including on this post. The conversion rate at 12/31/14 for South African Rand was 11.5588. Based on this information, I calculate his dividends during the period as $829 (9,577/11.5588) He did withdraw a significant amount from the fund as you can see in the summary but I did not receive any additional information from him. I have not completed form 8938 in the past as this is the first year he provided me with a summary from a foreign financial institution. I only have two foreign clients and do not routinely complete returns requiring forms 8938 or 8960. Not sure if either are required here? Also unsure if FinCen 114 is required? I believe the earned income will be excluded in total on 2555 (at least that's what happened when I completed the form.) The last thing I want to do is provide incorrect information to this client and I do not want to file a return that is less than accurate. With that in mind, my inclination is to file an extension and research this more or suggest that he find a tax preparer (possibly in South Africa) that is more familiar with his situation? I recognize there are probably not many preparers in South Africa familiar with US Tax requirements. Would appreciate any suggestions. Thanks in advance. Stanlib YE Info.pdf

I prep returns after working my normal "day job." I'll be working on returns the entire weekend as I have a significant number of to get done. I plan on heading to Mass (good Catholic here) and then grabbing breakfast with the family on Easter morning. Easter afternoon I'll be back at my desk! Hope everyone enjoys their Easter weekend!

Is anyone experiencing issues with Ameriprise and corrected 1099 forms. I've had 3 clients contact me within the past two weeks informing me that Ameriprise phoned to let them know corrected 1099's were being issued? Really? At the end of March??? I recognize this happens from time to time but my experience finds Ameriprise to be the worst offender of this.

Sorry for your loss, Jack.

Client received 1099Q for distribution from the 529 plan she opened for her daughter. Since opening the 529, client has divorced and her daughter is being claimed on her ex-husbands return. How should I report the $5,000 1099Q distribution? Client did pay tuition with this amount but since her daughter is not her dependent should it be reported on Line 21? Thanks very much!

Found it on the Letter Template.

Can someone please refresh me,..how do you add a cover sheet to a return?

rfassett...while my question was more geared toward iPads or Tablets, I also considered there may be some folks who still use the pencil. Thanks for sharing that.

Does anyone here prepare taxes on something other than a desktop or laptop?

Client is heading to SSA on Monday to see if he can obtain any information or expedite things. Time will tell.. Extension, here we come??

I wonder sometimes.

Divorced client included letter from her attorney stating that a portion of her fees may be tax deductible. Here's what the letter states: " Please be advised that it is my opinion that a portion of your 2014 legal fees with regard to your matrimonial matter may be tax deductible in that they may relate to tax information, and preservation and conservation of income In 2014, you paid a toal of $X,XXX in legal fees for services rendered. It is my belief that some of these legal fees may be considered a miscellaneous itemized deduction; however, you must consult with an accountant or tax attorney to determine if you can claim any portion of the above as a deduction. I strongly recommend that you consult with your own tax advisor with regard to this deduction." While I understand that legal fees may be deductible, in this case its mentioned that "some" of the fees may be considered miscellaneous itemized deduction. The bill my client received from her attorney was not itemized in any way and as such, I am having trouble determining which portion may be deductible? I can ask for an itemized bill (if there is such a thing) but before doing so wanted to seek your opinion. Can anyone lend some guidance? Thank you!