I'm reminded of our value

[joanmcq]

Yeah, he’s in the highest tax bracket.  Ugh.

[GLJEANNE]

On 4/2/2022 at 6:24 PM, jasdlm said:

I told two different clients yesterday that I was going to help them find an accountant who could better meet their expectations.  First one said, we want to use you ... sorry I was a b****.  Second one sent a very nice email asking to stay.  

My son and husband both have Covid, and by best count, I have 250 returns left to do.  DON'T even think about messing with me.

Hope they both have mild cases, and hope you can stay healthy!!

[mcb39]

My dude owed $57,000 to Federal alone.  He had nothing withheld.  $315,000 in conventional IRAs into Roths.  How long will he have to hold those Roths to gain back what he lost?  Anyone????

[Lee B]

12 minutes ago, mcb39 said:

My dude owed $57,000 to Federal alone.  He had nothing withheld.  $315,000 in conventional IRAs into Roths.  How long will he have to hold those Roths to gain back what he lost?  Anyone????

A long time. Of course if inflation hangs around, maybe not that long

[Slippery Pencil]

12 hours ago, mcb39 said:

My client is NOT a multi millionaire; nor do I know one.

Neither was my friend, and the amount of his IRAs at the time was a lot less than $350K.  Your client may not have handled the conversion wisely, but it could work out hugely in his favor.

[Sara EA]

Had a client yesterday who sent me back one signed 8879 and two others in a separate message unsigned.  When I asked him to sign those too, he told me he didn't get them.  Another client asked if he had to return the whole return after he signed it (the one I sent labeled "For your files" as distinct from the first message I sent labeled "Docs to sign and return.")  Next year we are sending an IQ test along with the client questionnaire.

[jasdlm]

53 minutes ago, Sara EA said:

Next year we are sending an IQ test along with the client questionnaire.

Yeah!

[Catherine]

12 hours ago, Sara EA said:

Next year we are sending an IQ test

MPAI; most people are idiots. On top of which, it's all too frequently the higher-IQ clients who don't read the (very clear!) instructions because they know better. And then claim "I never got X" when you have a reply from them quoting X. 

Anyone see the Dune movie? (I didn't, but read the book a gazillion years ago.) That Bene Gesserit box thing - take your hand out and you die? I'd like to use that on clients; they try to do anything before reading the directions, they die. Or at least have pain - as much pain as they cause us! (A girl can dream, can't she?)

[Lee B]

Back then Dune was my favorite scifi series

[Catherine]

2 hours ago, cbslee said:

Back then Dune was my favorite scifi series

It started out great and got progressively weirder and weirder.

[mcbreck]

18 hours ago, mcb39 said:

My dude owed $57,000 to Federal alone.  He had nothing withheld.  $315,000 in conventional IRAs into Roths.  How long will he have to hold those Roths to gain back what he lost?  Anyone????

It will depend upon the rest of their assets, their current income tax rate versus what they expect it to be in retirement and what happens to the markets. ROTH IRAs are great if you think you'll never run out of money while healthy.