About mainhoon

mainhoon · ‎June 28, 2019

Yes, the 540X clearly has a row showing withholding, the original tax owed calc, the new tax owed calc and everything is used to calculate net numbers. I am just surprised that withholding can be overlooked! They sent me penalties, fees and the whole 9 yards as if I didn't pay anything

mainhoon · ‎June 27, 2019

I had filed 2016 540X to amend my CA return as I was expecting a refund. CA sent me a 5818B where it looks like they agreed with my total tax due but then they IGNORED the tax withholding for 2016 completely (as if I never paid anything for 2016) and thus now have a $13k+ bill with penalties and fees. I don't understand how they could have missed the withholdings completely? What could be wrong?

mainhoon · ‎June 7, 2019

So the 2 out of last 5 yrs rule applies to me and so I can exclude gains - ie it is no longer a qualifying event - then does it mean the passive losses are now post forever? The sale is done or they can keep carrying forward to a future sale?

mainhoon · ‎June 6, 2019

I guess I am wondering why would I claim someone as a dependent and get the exemption while the dependent now has to file their own taxes and loses the exemption.. Doesnt the dependent lose out on the exemption in this case?

mainhoon · ‎June 6, 2019

Here are the details: - Parents are Green Card holders. Father earns an Indian pension and some other income from rental investments in India. - They spend most of their time with me in the US and I support them. Can I claim them as dependents on tax return? I read that they need to make < $4050, so I will check on that. Assuming that they do, and I add them as dependents, what happens then - > The exemption amount goes up for me? And potentially less taxes > Do they still need to file a return? Thanks!

mainhoon · ‎June 5, 2019

Why is this amount the taxes withheld and not the actual taxes paid? How does one account for the actual state taxes paid then?

mainhoon · ‎June 5, 2019

Thanks for the answer. So in my case, this entity is in bankruptcy proceedings and it is not giving out any distributions. The stock is worth 0 too. So I am wondering now what is that Box 1 in K1 giving me? Is it only at sale I get something? I don't follow what Box 1 income means if I don't see it in my bank account.

mainhoon · ‎June 5, 2019

Rick/Nexchap- So another simple query.. Per (2) above where the suspended losses would be 1291 after addng 365, my question then is do I pay taxes on the 365 or just carry the losses forward? In other words does 365 appear on my 1040 somewhere and add up to AGI or just is buried in the loss carry forward? I think I don't pay any taxes on 365, I just carry forward the loss. Only on 2018 return I do the taxes - since it is all disposed now.. as a LT capital loss. RIght?

mainhoon · ‎June 5, 2019

ok just to add for (1), the accountant was mixing up the 365 K1 number with ongoing real estate rental losses that I have. So say my rental loss at end of 2017 was -10000, what he did was to use 365 to reach a net new loss of -9635, which I think is incorrect to do. Can't mix up these 2 types of passive #s.. Right?

mainhoon · ‎June 5, 2019

So Rick: (1) About all suspended losses.. what is that amount then for 2018. Would that be -1656 till 2016 (as you calculated above) plus the 365 in 2017 + whatever K1 number in 2018? (2) The ending capital of 2315 is using data till 2017. So you are assuming that 2018 K1 will not change the ending capital.. But then do I deduct this amount as a LT capital loss PLUS the one in (1)? Appreciate your help.

Date Registered	‎June 4, 2019 4:55 PM
Date Last Visited	‎June 28, 2019 2:23 PM
Total Messages Posted	29

Re: 5818B CA FTB - Ignored withholding?

5818B CA FTB - Ignored withholding?

So the 2 out of last 5 yrs rule applies to me and ...

I guess I am wondering why would I claim someone a...

Claiming parents as dependent

Why is this amount the taxes withheld and not the ...

Thanks for the answer. So in my case, this entity ...

Rick/Nexchap- So another simple query.. Per (2) ab...

ok just to add for (1), the accountant was mixing ...

So Rick: (1) About all suspended losses.. what is ...