Description:
Tax professionals meeting place and answers to queries. (Moderated)
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software
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Has anyone had any experience with OLTpro software?
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>... more »
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Rental property loan interest & fees
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My wife and I just purchased our first rental property. We paid cash
for the property, because an unexpectedly low appraisal prevented us
from arranging our desired financing. (We plan on "refinancing" the
property within a couple of months.)
We borrowed $100,000 to fund the purchase:
* $50,000 came from my mother. We're paying her 5%, with monthly... more »
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Qualifying Widow(er) VS Surviving Spouse re Standard Deduction
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While looking for the tax year 2013 adjusted items, I came across "Internal Revenue Bulletin: 2013-5 " at
[link]
In the various Tables, it appears that the wording for "Qualifying Widow(er)" has been changed to "Surviving Spouse". It has been my understanding that a QW had to have dependent children. Has this... more »
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Use of 1040-ES to Supplement 1099-R Withholding?
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My 1099-R withholds taxes in the mid 4 figure range. I can go online and
adjust the amount withheld on a monthly basis.
For 2013 I anticipate a doubling of the amount of tax due because of
some short term capital gain. The amount of the gain and the date depend
on when I sell some securities and at this time, I can't predict when... more »
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Explain This Situation
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I do not understand this situation. I understand that taxes were either not
or incorrectly filed, but who actually filed the returns? I have been left
with the impression that Mr. Snipes filed his own income tax returns? I am
fairly certain that there was an accountant involved in this process... more »
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529 account over-contribution & 10% extra tax on earnings
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Hello. I'm in the very fortunate situation of having a child who received a full-ride scholarship, leaving excess funds in his 529 account that I would like to move to my retirement account. I am owner of the 529. I know I could transfer it to another family member, but that is not useful in my situation. My question is how much of the 529 holdings can be distributed without incurring the 10% additional tax on earnings. IRS pub 970 Ch 8, Additional Tax on Distributions, #3.a, provides for an exception to the penalty if the distribution is included in income due to receipt of a tax-free scholarship or fellowship. But pub 970 Ch 1 says room & board is not a qualified use of tax-free scholarship. If I understand correctly, the beneficiary can take a tax-free distribution equal to the amount of qualified tax-free scholarship received, but not the entire amount that would have been qualifed under 529. For example, let's say this happens for 2013:... more »
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Question about IRS and Obamacare
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My understanding is that the Obamacare supplements will be paid out
by the IRS when a citizen files his/her tax return. Is that correct ??
If so, then how do the 50% of Americans who do not pay Federal
Income Tax get their supplement ?
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maximum gift you can give your client if you are a tax preparer
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The maximum gift you give is $25 per client (you can give more, just
can't deduct it). If you are a tax preparer and do a return for a
couple, can you give $50, and if they have kids whose names appear on
the 1040, then you can give an additional $25 for each kid? It makes
sense, then again, you can say that a gift to a client is a give to a... more »
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recapture of education credits when sell books
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Suppose you used books to increase the value of your education credit,
such as the AOC. The following year you sell your books back, or you
sell them on eBay. Do you then have to pay back some of your tax
credit? It seems like you have to because
BEGIN QUOTE [link]... more »
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