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Scruffy_Curmudgeon -IAFF retired Firefighter(FF1/2)&Paramedic, USAR O3 AIS/ASA '66-'67 Belvoir & Saigon - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Yup., that's me hanging off the side of a 1990 Pierce 1000/2500 gal. tanker tandem in violation of just about every OSHA & NIOSH regulation - oh well, those were the days! - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Akai Sensei: Sc. D., Professor originally in computer science ; then in systems engineering - Major East Coast technology Institute [10 yrs] // - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -/// several years sojourn in Venture Capital NYC and worldwide to make some pocket money // - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -/// Professor in Finance/Economics and statistical theory (also to Law School and School of Medicine - (those folks need to understand statistics and decision theory, you know!) - Major Metropolitan University [25 yrs]; // - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -/// (38 years consulting for a former Big 8 - areas of interest -Finance, Health Care / / / / / Expert Witness Taft-Hartley plans / / // - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -/// / / Retired and then drafted into state (and local) government Public Health Commissions, (state) Water Resources Commission
Link to my Website
Activity Feed for ScruffyCurmudgeon
- Got Cheered for Apparently, from what you wrote, the final owed Social Se.... Monday
- Got Cheered for Re: When will the second stimilus arrive. 3 weeks ago
- Cheered Re: Has anyone got their investment sales updated for 2020 yet for NCperson. 3 weeks ago
- Posted Re: When will the second stimilus arrive on After you file. 3 weeks ago
- Cheered Re: When will the second stimilus arrive for Miss MCJ2. 3 weeks ago
- Got Cheered for Re: TurboTax Price 2020 - Desktop. 3 weeks ago
- Posted Re: Has anyone got their investment sales updated for 2020 yet on Deductions & credits. 3 weeks ago
- Posted Re: TurboTax Price 2020 - Desktop on Get your taxes done using TurboTax. 3 weeks ago
- Got Cheered for TurboTax Price 2020 - Desktop. 4 weeks ago
- Posted TurboTax Price 2020 - Desktop on Get your taxes done using TurboTax. 4 weeks ago
- Posted Re: What are the differences between Turbotax Online and TurboTax Desktop? on Get your taxes done using TurboTax. 4 weeks ago
- Got Cheered for Re: If I work remotely for more than 6 months in Texas for a job that’s originally in California, do I have to pay California taxes?. November 29, 2020 5:52 PM
- Got Cheered for Re: If I work remotely for more than 6 months in Texas for a job that’s originally in California, do I have to pay California taxes?. November 29, 2020 10:04 AM
- Posted Re: If I work remotely for more than 6 months in Texas for a job that’s originally in California, do I have to pay California taxes? on State tax filing. November 29, 2020 9:18 AM
- Posted Re: Are investment advisor fees still deductible on 2019 NJ state taxes even though they are not allowed on 2019 Federal taxes? on After you file. November 29, 2020 8:03 AM
- Got Cheered for UPDATED: 2019 for Tax Year 2018 Inherited Property in an.... July 22, 2020 6:10 AM
- Got Cheered for UPDATED: 2019 for Tax Year 2018 Inherited Property in an.... July 21, 2020 9:20 PM
- Got Cheered for "If the K-1 is extraneous" - many people are discovering.... July 11, 2020 6:13 PM
- Got Cheered for Where is the TURBOTAX BUSINESS product for MAC?. July 8, 2020 5:44 PM
- Got Cheered for A First point: The ability to allocate, and pay, capita.... July 1, 2020 7:43 AM
3 weeks ago
1 Cheer
It seems that even where I did not have a refund in 2019 but one in 2018 the IRS retained the captured data of the bank account used in that past year, as I received the Tax Stimulus payment overnight of 12/31/20-1/1/21.
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3 weeks ago
Unclear what you mean by "investment sales updated" - are you asking about having manually loading investment activity data into TurboTax 2020? Or are you asking about ability to upload from an investment firm?
You have not clearly stated what your activity is.
If you are asking about a financial service firm, such as a brokerage, that provides you your annual statement of taxable investment activity, that Form 1099-B/DIV/INT is not required to be available until after the end of January. The Form 1099-B in February.
If you are asking about a year-end or December, 2020,. ending statement from a brokerage, as most firms send out monthly reports some 5 days or so after month-end, that will not be available until early January.
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3 weeks ago
1 Cheer
Just a reminder that the "Business" product - used for Forms 1065, 1120 and 1041 - (as opposed to the Personal Form 1040 product unfortunately similarly named "Home&Business") is only available for download as a program to Windows/10. Being a desktop program, as are the various Personal TurboTax desktop programs, it as they do provide
the "Forms Mode" feature
as well as the ability to create unlimited hypothetical scenarios,
ability to create and save multiple different taxpayer accounts,
and to eFile up to the maximum number allowed by IRS (5).
N.B.: I should probably add for those unaware: Intuit has never supported the Business product on the MAC platform since the days of the introduction of "Lion" and the elimination of direct kernal calls. Complaints are made every year to no avail. So, if Business is required, please keep that in mind, in addition to the Win/10 requirement!
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4 weeks ago
1 Cheer
Most of the so-called "Champs" (formerly known as "SuperUsers") - none of whom are Intuit Employees - recommend that for most tax returns that are more than "simple" the Taxpayer will benefit in ease of navigating the tax program using Desktop. A truly major and valuable feature of the desktop program is the ability to switch to a view of the tax forms themselves as they are filled in and calculations are made.
PRICING of Desktop Software for both Personal TurboTax (Form 1040) and for Business (Forms 1065, 1120, and 1041) are in the graphic - sold at these prices at Costco and for the period of 12/25/2020 - 01/24/2021 NOTE:
The Desktop products all provide FREE eFiling of Form 1040 but state eFile costs an additional $20 (at this time). The "Federal Only" Personal does not include a state program. Personal TurboTax Desktop is sold in versions for Windows/10 PC or MAC - note the separate packaging. NOTE: Windows/7 NOT SUPPORTED! (Netframe related) The "Business" program does not include a state module - that is an additional $50 and eFile of state an additional $20. "Business" only works on PC Windows/10. Desktop Program 2020 @ Costco
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Topics:
4 weeks ago
Most of the so-called "Champs" (formerly known as "SuperUsers") - none of whom are Intuit Employees - recommend that for most tax returns that are more than "simple" the Taxpayer will benefit in ease of navigating the tax program using Desktop. A truly major and valuable feature of the desktop program is the ability to switch to a view of the tax forms themselves as they are filled in and calculations are made.
PRICING of Desktop Software for both Personal TurboTax (Form 1040) and for Business (Forms 1065, 1120, and 1041) are in the graphic - sold at these prices at Costco and for the period of 12/25/2020 - 01/24/2021 NOTE:
The Desktop products all provide FREE eFiling of Form 1040 but state eFile costs an additional $20 (at this time). The "Federal Only" Personal does not include a state program. Personal TurboTax Desktop is sold in versions for Windows/10 PC or MAC - note the separate packaging. REPEAT: Windows/7 NOT SUPPORTED! (Netframe related!) The "Business" program does not include a state module - that is an additional $50 and eFile of state an additional $20. "Business" only works on PC Windows/10. Desktop Program 2020 @ Costco
Feel free to "thumbs up" - and yes there are other benefits to the desktop program - but Online offering is great for folks who have only one filing and a filing that is pretty simple; and none of this discusses the various "free" versions as they are announced by Intuit.
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November 29, 2020
9:18 AM
2 Cheers
@Tom @Critter-3 -you are correct as of this date (11/29/20) - but probably best to watch for changes as some states attempt to reach across borders - see here for comprehensive listing - updates as of 11/23/2020
State Guidance related to COVID-19: Telecommuting Issues Updated last on November 23, 2020
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November 29, 2020
8:03 AM
@jgejweitz In short to reply to your specific question, No - investment advisory fees or comparable expenses such as ADR fees are not only not deductible at the Federal level but also not deductible at the New Jersey income filing level.
For reference - (and for future tax payers of New Jersey seeking information who chance upon this Q&A) , here are the following deductible expenses allowed on NEW JERSEY income tax filing:
Deductions
Alimony and Separate Maintenance Payments Payments of alimony or for separate maintenance are deductible by the payer if reported as income by the payee. Y ou can deduct any court-ordered alimony or separate maintenance payments you made. Do not deduct payments for child support.
Medical Expenses to the extent not reimbursed or covered by insurance - Note: Self-Employed Health Insurance Deduction (see text below) Unreimbursed medical expenses in excess of 2% of gross income; qualified medical savings account contributions; and for the “self-employed,” qualified health insurance costs. You can deduct certain medical expenses that you paid during the year for yourself, your spouse or domestic partner, and your dependents. However, you cannot deduct expenses for which you were reimbursed. Only expenses that exceed 2 percent of your income can be deducted. Some examples of allowable medical expenses are: payments for doctor's visits, dental care, hospital care, eye examinations, eyeglasses, medicine, and x-rays or other diagnostic services directed by your physician or dentist. Insurance premiums, including amounts paid under Social Security for Medicare, can be used as medical deductions. You also can deduct transportation costs that are allowable on your federal return. If you deduct medical expenses in one year and are reimbursed in the next, you must include the reimbursement as income in the year you receive the payment. If you are considered self-employed for federal tax purposes, or you received wages in 2019 from an S corporation in which you were a more-than-2% shareholder, you can deduct the amount you paid during the year for health insurance for yourself, your spouse/civil union partner or domestic partner, and your dependents. Your deduction cannot be more than the amount of your earned income, as defined for federal tax purposes, from the business under which the insurance plan was established.
Property Tax Deduction/Credit If you were a New Jersey homeowners or tenants, you may qualify for either a property tax deduction or a refundable property tax credit. More information is available on the credit/deduction .
Qualified Conservation Contributions You can deduct any contribution you made for conservation purposes of a qualified real property interest in property located in New Jersey. The deduction is the amount of the contribution allowed as a deduction in calculating your taxable income for federal purposes.
Health Enterprise Zone Deduction If you provide primary care services in a qualified medical or dental practice you own that is located in or within five miles of a designated Health Enterprise Zone (HEZ), you may be able to deduct a percentage of the net income from that practice. Partners and S corporation shareholders of a qualified practice enter the HEZ deduction amount listed on Schedule NJK-1, Form NJ-1065, or Schedule NJ-K-1, Form CBT-100S. Sole proprietors must calculate the amount of their HEZ deduction. See Technical Bulletin TB-56 , Health Enterprise Zones, for eligibility requirements and how to calculate the HEZ deduction.
Alternative Business Calculation Adjustment If you have losses in certain business-related categories of income, you may be able to use those losses to calculate an adjustment to your taxable income. In addition, you can carry forward unused losses in those categories for up to 20 years to calculate future adjustments. The categories of income that are included in the adjustment calculation are: net profits from business; net gains or net income from rents, royalties, patents, and copyrights; distributive share of partnership income; and net pro rata share of S corporation income. Complete Schedules NJ-BUS-1 and NJ-BUS-2 to calculate the amount of the adjustment or loss carryforward.
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January 9, 2020
1:45 PM
COSTCO SPECIAL JANUARY PRICING for TURBOTAX DESKTOP SOFTWARE
COSTCO INTUIT DISCOUNT INTUIT REGULAR
Basic Federal only $39.99 $49.99
Basic Federal & State $79.98 $89.98
eFile Federal included / State eFile fee $19.99 discounted $24.99 regular
Deluxe Federal & State $39.99 $69.99 $79.99
eFile Federal included / State eFile fee $19.99 discounted $24.99 regular
Premier $54.99 $99.99 $109.99
eFile Federal included / State eFile fee $19.99 discounted $24.99 regular
Home & Business (H&B) $64.99 $109.99 $119.99
eFile Federal included / State eFile fee $19.99 discounted $24.99 regular
BUSINESS (1041/1065/1120)** $104.99 $159.99 $169.99
Business Federal Only, State must be purchased online from within program always Discounted $49.99 Regular $54.99
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January 1, 2020
2:41 PM
Recognizing that you @kjscottblue are using the Self-Employment online version and may not be an employee of a company, nevertheless other folks may read these answers.
So, in case someone else reads these answers, for those employees who have various company-sponsored benefits, the Form W-2 is very likely not going to have the same numbers reported for taxable wages or taxable salary as it appears now on your last paycheck. It is a risk that you take by using the last paycheck stub. IF the numbers differ, you will run the risk of the IRS sending you an inquiry and you then having to learn how to follow the arcane and difficult process of filing an Amended Return Form 1040X. It happens every year. Just a suggestion - if you are an employee with company-sponsored benefits that might change the W-2 form the paycheck stub.
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January 1, 2020
2:02 PM
@ilovetaxes
TO READERS IN GENERAL, SEE WHAT FOLLOWS AT Inherited House previously Personal Residence of Decedent is sold by the Beneficiary or Heir - and the attachment pdf.
@ilovetaxes Read what follows as it describes the general conditions that apply to a beneficiary receiving the inheritance of a Decedent's house. See the attachment on how to enter in to TurboTax. The inheritance to the three siblings does not result in a Form 1099-S as there is no sale immediate upon the death of your parent nor upon transfer of ownership in thirds to each of you. In your specific case, unless the deed is immediately titled in each of the three names, there will be no Form 1099-S reported unless you formally sell a share in the house to each sibling, in which case each sibling has the obligation to file as described here, but each dividing the selling price and the total selling expenses by three - that is reporting the respective third of net proceeds. Note that each will then have to report the capital gain or capital loss as described. This would be the simpler case for you in one way but not another. If you were not becoming the owner/occupant, then you, and they, would report the effective sale as indicated in the attachment, with the numbers reported being 1/3 each.
However, since you are "buying" the shares of the house from your siblings and IF you will be the only named party on the Form 1099-S when you subsequently sell the house in the future, then the issue is more complex because you and they probably have different personal tax situations. Most simplisticly, your siblings have a right to the 1/3 of the net proceeds. In that case, when you at some point in the future sell the house, your cost basis would still be the FMV as of the date of your father's death. The question between you and your siblings should be if there is a need to adjust for the implicit fact of imputed gain or loss that will at some time in the future be your liability or your write-off. It's complicated! You will need to discuss this with your siblings to reach an amicable agreement as to the amount that you and they recognize as the selling price of the share. --------------------------------------------------------------
Inherited House previously Personal Residence of Decedent is sold by the Beneficiary or Heir
Two Common and Different T ax considerations of which to be aware and one rare tax consideration as well:
Inheritances (or Gifts) are Not Subject to Income Tax. The recipient (Heir or Beneficiary) has no income tax liability in obtaining the house.
When sold, if the house has never been subsequently occupied by the beneficiary, then the house is not a personal residence but an investment property. The sale is typically (supposed to be) reported by the real estate broker or conveying attorney on Form 1099-S, showing only the gross proceeds of the sale. See the attached PDF File to see how to report this in TurboTax. Note that as investment property, there is no personal residence capital gain exclusion, and a net capital loss or a net capital gain is reportable, depending on whether or not the net proceeds are greater than or less than the inherited value of the house at date of death (the "Fair Market Value" or "FMV"). ATTACHMENT: 2019 Sale of Decedent's House by Benficiary - LOSS or GAIN Scruffy.pdf If the house has been subsequently occupied by the beneficiary and becomes the beneficiary's personal residence, then the allowable capital gain exclusion on the sale of a personal residence ($250.000/$500,000) may apply but no capital loss can be reported whereas a capital gain after exclusion must be reported.
Rare circumstance: Six states which are listed below collect an inheritance tax from the beneficiary if residency applies and relationship is as stated in the conditions for taxability at the state level, and two of the states listed below collect both an estate tax and an inheritance tax: - Iowa - Kentucky - *Maryland - Nebraska - *New Jersey - Pennsylvania * State collects both estate and inheritance tax
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