BulldogTom

If you follow the career of Elon Musk, he believes you need to get rid of 5% of your workforce every year so the other 95% will step up their effort for fear being fired. Not saying this is right, but that is how he operates. He is bringing this mentality to all government jobs. I am not sure how this will work out, do the unions have enough sway to stop this or will Musk get his way. Time will tell. Tom Longview, TX

Margaret, The reason you are confused is because CA tax is confusing. They want you to recalculate the federal return as if you were a resident for the entire year, then make adjustments on the CA 540 CA form for items not taxable by CA. They prorate the deductions and the taxes based on the percentage of income earned in CA. As for the 3858, I think you have it right. She was in the state and did not have health coverage the entire time. Sorry so late chiming in, I have been super busy and not been able to look at the board much. Tom Longview, TX

Texas AM has some seminars, but none right now. I think I will be attending when they schedule again this Summer/Fall. Tom Longview, TX

I am in the running for youngest on the board. I have not turned 60 yet (but I am knocking on the door - like days). Tom Longview, TX

Sorry, I wasn't trying to offend, I thought I was being funny, but I am just striking out today. Sorry I ruffled your feathers. Tom Longview, TX

But Our Judy cannot be Our Judy without Eric. It is a ying/yang thing.... Tom Longview, TX

That is the greatest passing of the buck on a tax/legal question ever. You know the client won't go to the lawyer because he expects the lawyer to bill him. Tom Longview, TX

@Corduroy Frog Thank you. I think it is 35 acres and 50-70 head right now. Tom Longview, TX

Thanks @DANRVAN That is helpful. If I understand them correctly, they purchase and raise for sale. He said something about how he stopped working with heifers because it was too much work. What I am most interested in is how you value for inventory. I have been reading about the farm price method and the unit price livestock method. I need to get a handle on those methods and how to value using either. Wife mentioned something about how the prices being high made her have to increase the inventory, so I need to figure that out. Family has been in the cattle business for generations, trimmed their herd a couple years ago like many other ranchers when feed cost went through the roof. I am not concerned with hobby, but thanks for pointing that out. I am reading, but I don't feel like I am getting smarter. Tom Longview, TX

Thank you. I will definitely do so as soon as I see their documents Tom Longview, TX

So we were at a dance last night and I got a new client....yeah...well they were asking me some questions and I was giving free advice on the sale of some land they have planned this year. I do it all the time. And then they tell me they want me to do their return because they are older and TT is getting harder to use. OK, more than happy to do so. Then they tell me they have a small cattle ranch. I have never done a cattle ranch and I would sure appreciate any suggestions you might have to point me in the right direction. I am embarrassed to say that I only know it goes on the Schedule F and I think the animals are inventory, but I have no idea how to value them. Thanks in advance. Tom Longview, TX

We filed a couple of returns for CO on the 11th. I know CO is generally slow to Ack, but it is 3 days now. Anyone see an ack from their CO returns yet? Tom Longview, TX

How would that work? First Time Penalty Abatement? Kinda defeats the purpose of the new scheme.... Tom Longview, TX

Normally, I would agree with you, but they put a new RMD rule in place, it reduces the penalty from 50% to 20% IIRC, and abatement is only half of the penalty. I have not had to request penalty relief yet under the new scheme, so I am not sure if you could slip the old way through. Tom Longview, TX

By any chance did she take more than required from her IRA? Did she elect to treat his IRA as her own? If yes to both of these, she may be able to minimize the hit on the missed RMDs as the total of both IRAs is used to calculate the RMD for her for each year. For example, if her RMD was 10K, and his was 10K, but she took 15K each year (5K more than her RMD) she would only be required to pick up 5K for the year. Not sure if this helps, but something to look at. Tom Longview, TX

Be careful. The trustee needs to direct you on what to call a charitable contribution. These charities can sometimes have lawyers that go after pros who don't give them what they are supposed to get in the trust document. I heard Stanford is particularly aggressive. Tom Longview, TX

Distribution in my book Tom Longview, TX

Whatever the problem was, it appears to be cleared up. We made no changes to our returns, we just recreated and sent them and both have now accepted. Tom Longview, TX

Yeah, we started efiling first day and we have had about 6-7 go through. Then this came up yesterday. Tom Longview, TX

Nope. They are simple 540 W2 no itemized no credits. 1 had health insurance responsibility penalty.. Sent at the same time as the Federal which accepted with no issue. About 8 - 12 hours earlier we sent one just like it and accepted in about an hour. Not sure what changed in half a day. Tom Longview, tX

Yep or I assume yep. We allow it to update every time we open. There is nothing on the reject to say which form could be causing the problem. Tom Longview, TX

Contacted that worthless department and they said they don't know nothin'. But they sent us an email telling us the case is resolved, even though the issue still persists. Worthless, useless, on hold forever non-support group! I will go take a nap now. Before Judy kicks me off the board for bad language. Tom Longview, TX

Started getting this error yesterday. Calling support today but wondering if anyone else is getting it. Tom Longview, TX

I was leaning to amending. Thanks for the confirmation. I will wait until the amended return is processed and then amend. Tom Longview, TX

Wondering how long it will keep you authenticated? A day, a week, the rest of tax season, until you have to change your password? Tom Longview, TX