CathiM
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- Got Cheered for The utility payments passing through should be reported a.... October 17, 2020 10:09 PM
- Got Cheered for The utility payments passing through should be reported a.... October 15, 2020 2:46 PM
- Got Cheered for Yes, but Qualified Dividends are taxed at capital gains r.... July 10, 2020 1:56 PM
- Got Cheered for TurboTax will guide you through an interview, where they.... April 16, 2020 2:05 PM
- Got Cheered for If your employer did not withhold taxes you have to enter.... April 14, 2020 9:50 PM
- Got Cheered for The original mortgage doesn't factor into the calculation.... April 14, 2020 7:39 PM
- Got Cheered for No, 1095-B is not entered into Form 8962. Send your 1095.... March 16, 2020 12:39 PM
- Got Cheered for On your W-2, the amount stated in Box 14 for RSUs, is als.... January 25, 2020 7:48 AM
- Got Cheered for If you contribute to your own SEP-IRA, you must make a sp.... January 15, 2020 7:13 PM
- Got Cheered for You can add your own description, like "payroll processin.... January 3, 2020 5:01 PM
- Got Cheered for If this is your primary residence, you may qualify to exc.... December 9, 2019 8:01 PM
- Posted If you inherit IRA assets from someone other than your sp... on Retirement tax questions. June 7, 2019 4:33 PM
- Posted It is fairly easy to file a final return for 1120S. The... on Business & farm. June 7, 2019 4:30 PM
- Posted Your welcome. Yes, a log would be too hard. on Get your taxes done using TurboTax. June 7, 2019 4:28 PM
- Posted You could analyze one of your cell phone bills or just ma... on Get your taxes done using TurboTax. June 7, 2019 4:27 PM
- Posted Yes, because the IRS will use this address to mail things... on Get your taxes done using TurboTax. June 7, 2019 4:27 PM
- Posted The IRS does accept mail in Forms 8822. I am very surpris... on Get your taxes done using TurboTax. June 7, 2019 4:27 PM
- Posted They didn't give you a fax number? I do fax certain docu... on Get your taxes done using TurboTax. June 7, 2019 4:27 PM
- Posted The IRS does not give a fax number for Form 8822. You wi... on Get your taxes done using TurboTax. June 7, 2019 4:27 PM
- Posted The FMV at the conversion date will be different, of cour... on Investors & landlords. June 7, 2019 4:20 PM
June 7, 2019
4:33 PM
If you inherit IRA assets from someone other than your spouse, you generally have two options from which to choose: direct transfer of the IRA to a special type of IRA called an inherited IRA, or take cash distributions as taxable income. If you receive a check, the money will be taxed as ordinary income, and is ineligible to be deposited into an inherited IRA you may own at another firm. Also, once you take a check it cannot be deposited back into the inherited IRA that it was withdrawn from to begin with. It doesn't sound like you chose direct transfer to an inherited IRA. Those assets must be transfered directly from one account to another or from one IRA custodian to another. There is no option for a 60-day rollover when inheriting IRA assets. Generally, the deadline for beginning RMDs from an Inherited IRA is December 31 of the year following the original owner's death. The RMD amount is distributed to you as beneficiary in the year of death and must be based on the original owner's RMD schedule but is distributed under your tax ID number.
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June 7, 2019
4:30 PM
It is fairly easy to file a final return for 1120S. The box H 1 on page 1 must be marked. See the instructions below to have TurboTax mark it. The "end of tax year" side of Sch L Balance Sheet should be blank. This should happen automatically when you tell TurboTax this is the final return. You will want to dispose of your assets. You may have a loss on them if they are not completely depreciated and you scrap them. Under the Business Info tab at the top, choose the About Your Business section:
Click continue on first screen to confirm your info
Answer the Qualified Disaster screen and the Entities Owned screen
This will bring you to the Assumptions About Your Business screen where you check Yes to the first question Is filing its final return....
TurboTax will check the applicable box on page 1 of Form 1120S
If you have any assets you will want to dispose of them. You could have a loss if you dispose of them for $0 and they are not fully depreciated. Go to the Depreciation of Assets section under Deductions
TurboTax should automatically leave the Schedule L balance sheet "end of tax year" boxes blank. If it does not you should manually take off the Cash Balances, AR, Inventory, Liabilities and so on for the end of year only.
If there are numbers left in the M-2 section such as retained earnings, it's okay.
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June 7, 2019
4:28 PM
Your welcome. Yes, a log would be too hard.
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June 7, 2019
4:27 PM
You could analyze one of your cell phone bills or just make a good faith estimate. As long as your actual cell phone bill doesn't differ from your estimate by much, you should be okay. Most cell phone services provide a list of all the calls you made on a detailed bill. You can usually find it online. If you highlight the common personal calls and count them, you will probably get a good estimate. If this is impossible or too difficult, make a good faith estimate.
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June 7, 2019
4:27 PM
Yes, because the IRS will use this address to mail things to you. Like they will send a confirmation letter about the address change.
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June 7, 2019
4:27 PM
The IRS does accept mail in Forms 8822. I am very surprised the IRS did not give you the fax number if there was one available. All the IRS websites for sending in forms by fax is a dead end for Form 8822 <a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/where-to-send-non-return-forms-applications-and-payment">https://www.irs.gov/businesses/small-businesses-self-employed/where-to-send-non-return-forms-applications-and-payment</a>. I am not able to locate a fax number at this time for you.
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June 7, 2019
4:27 PM
They didn't give you a fax number? I do fax certain documents to the IRS but the fax number is always easily available on the form or instructions. I will look further.
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June 7, 2019
4:27 PM
The IRS does not give a fax number for Form 8822. You will have to mail it. The mailing address depends on your old address. See the chart in the 8822 instructions attached here. Some IRS forms give a fax number either on the form or in the instructions. Most IRS forms do not have fax numbers available and must be mailed.
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June 7, 2019
4:20 PM
The FMV at the conversion date will be different, of course, from your cost basis. You have to calculate your cost basis to see which is less. The lesser is the one you will use. They may not be much different if the FMV hasn't changed much. To calculate your cost basis in the inherited property take the FMV the day the decendent died plus cost of improvements or assessments minus any casualty losses your claimed on the property. Then compare the two.
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June 7, 2019
4:14 PM
It depends, the combined adjusted gross income for both you and your spouse cannot exceed $16,000 before deducting the expenses. She has to have two employers in 2017. Check below for all the requirements, hopefully you meet them. You are considered a qualifying performing artist if you meet the following requirements: - Performed services in the performing arts as an employee for at least two employers during the tax year. - Received at least $200 in wages from each of the two employers. - Had allowable business expenses of more than 10% of gross income from the performing arts - Had an adjusted gross income of $16,000 or less before deducting these expenses. In addition, if you're married, you must file a joint return with your spouse unless you lived apart for all of the 2017 tax year. If you file a joint return, you must figure the first three bullets above separately for both you and your spouse. The last bullet applies to the combined, adjusted gross income for both you and your spouse. These expenses are deductible whether or not you itemize deductions on your tax return for 2017. There are no credits - only the advantage of being able to deduct your QPA expenses without having to itemize your deductions. If you are eligible, navigate to Federal Taxes, Deductions & Credits, scroll down to Employment Expenses and click Start/(Update) next to "Job-Related Expenses". Proceed through the program prompts and enter your expenses. You will get to a screen Any special situations? to indicate that you are a QPA. TurboTax will prepare a Form 2106 and include it in your return.
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