Sign In
jdfkin
Level 2
Member profile
Activity Feed for jdfkin
- Cheered Re: I purchased 3 trucks to rent out like UHAULS. Cost in 2021 was approx $100K. Can I depreciate... for ColeenD3. April 6, 2022 7:17 AM
- Posted I purchased 3 trucks to rent out like UHAULS. Cost in 2021 was approx $100K. Can I depreciate those as an expense for my LLC business? Special rules? Type of depreciatio? on Investors & landlords. April 2, 2022 3:05 PM
- Posted Re: In 2021 made a $6000 contribution to an IRA, held it for a day and converted it to a Roth IRA... on Retirement tax questions. March 24, 2022 11:02 AM
- Posted Re: In 2021 made a $6000 contribution to an IRA, held it for a day and converted it to a Roth IRA... on Retirement tax questions. March 24, 2022 5:20 AM
- Posted Re: In 2021 made a $6000 contribution to an IRA, held it for a day and converted it to a Roth IRA. Rev'd a 1099 with a distribution code 2. Is the $6000 taxable income? on Retirement tax questions. March 24, 2022 4:40 AM
- Posted In 2021 made a $6000 contribution to an IRA, held it for a day and converted it to a Roth IRA. Rev'd a 1099 with a distribution code 2. Is the $6000 taxable income? on Retirement tax questions. March 23, 2022 11:34 AM
- Posted My income was $14K. Not married No children A FT student. Live at home. Can I claim myself as a dependent? I want to for EIC purposes. on Get your taxes done using TurboTax. February 28, 2022 4:43 AM
- Posted Re: 1041 for 2020 filed late (9/2021). Money disbursed in 2021 along with K-1. Do beneficiaries amend 2020 tax return for the K-1 received in 2021? on After you file. September 17, 2021 1:33 PM
- Posted 1041 for 2020 filed late (9/2021). Money disbursed in 2021 along with K-1. Do beneficiaries amend 2020 tax return for the K-1 received in 2021? on After you file. September 17, 2021 4:49 AM
- Posted My parents claimed me on their return last yr & I didn't get stim money. If I claim myself on 2020 taxes can I get the money through the recovery rebate credit? on After you file. February 16, 2021 10:54 AM
- Posted Stock sold but cost/gain not reported on 1099-B. I averaged high/low and came up with cost. Do I enter as the cost basis or as an adjustment on schedule C- what adj code? on Investors & landlords. February 9, 2021 1:27 PM
- Cheered Re: I took money out of 401K while I was a resident in OH.Moved to IN later in year. 1099-R shows OH on the form with 0 WH. Do I report it all as OH income & none in IN? for dmertz. July 10, 2020 7:32 AM
- Posted I took money out of 401K while I was a resident in OH.Moved to IN later in year. 1099-R shows OH on the form with 0 WH. Do I report it all as OH income & none in IN? on Retirement tax questions. July 10, 2020 6:19 AM
- Posted 1098T in students name. Parents claimed student as dependent this year. They did not benefit from the educ credit since income was too high. Can student take educ credit? on Education. April 25, 2020 11:51 AM
- Posted An retired but want to provide professional services on a part time basis. I want to donate everything I earn to various charities & have no tax income. Can I do that? on Get your taxes done using TurboTax. April 17, 2020 4:47 AM
- Posted Re: I live in Ky but work in Indiana. I paid state and local taxes to IN on my W2. How do I file my returns in these states? on State tax filing. March 30, 2020 3:03 PM
- Posted What tax form do I use to enter travel nurse exp? Have a per diem for M&E and lodging subsidy. Both included in box 1 of my W2? Do I use actual expenses, GSA per diems? on Deductions & credits. March 28, 2020 12:57 PM
- Posted Re: No. The W-3/ 1096 are the actual information tax returns... on Business & farm. January 28, 2020 7:19 AM
April 2, 2022
3:05 PM
Started business in Q4 21. Income was less than $10K. Depreciation would be about $30K (1/3 of the $100K cost) on a 3 year life. First I want to make sure I'm allowed to depreciate. Second, if I can depreciate can I take full year depreciation even if I bought asset in Q4?
... View more
Topics:
March 24, 2022
11:02 AM
Thank you for the reply. I have not made any deductible contributions to any IRA account. They have all been non deductible.
... View more
March 24, 2022
5:20 AM
I posted this reply a few minutes ago: The $6000 funds contributed to the IRA were non deductible due to high income. The $6000 contributions made were after tax dollars. The funds were then converted to a Roth (backdoor Roth process) so a 1099-R was generated for that distribution with a distribution code 2 (early distribution with exception). Line one on the 1099-R was $6000 for gross distribution and line 2 was $6000 taxable amount. Taxable amount not determined box was checked. Seems like I could file form 8606 and have the distribution become non taxable since I was using after tax dollars for the contribution and the fact they were non deductible. Do you agree or is there something else I need to know to make the determination about whether the distribution s taxable or not? All of the transactions occurred in calendar year 2021. Also, there is a 401K that I have maxed out at work. Does that make a difference and is anything reportable if I fill out the 8606 on that 401K?
... View more
March 24, 2022
4:40 AM
The $6000 funds contributed to the IRA were non deductible due to high income. The $6000 contributions made were after tax dollars. The funds were then converted to a Roth (backdoor Roth process) so a 1099-R was generated for that distribution with a distribution code 2 (early distribution with exception). Line one on the 1099-R was $6000 for gross distribution and line 2 was $6000 taxable amount. Taxable amount not determined box was checked. Seems like I could file form 8606 and have the distribution become non taxable since I was using after tax dollars for the contribution and the fact they were non deductible. Do you agree or is there something else I need to know to make the determination about whether the distribution s taxable or not? All of the transactions occurred in calendar year 2021.
... View more
March 23, 2022
11:34 AM
Box 2 on the 1099-R (not distribution code 2) says the $6K is taxable. The money I put in the IRA was not pretax money
... View more
Topics:
February 28, 2022
4:43 AM
23 Years old
... View more
Topics:
September 17, 2021
1:33 PM
The 1041 return is a 2020 return that was due 4/15/2021. It has not yet been filed pending a better understanding of how to treat the distributions to the beneficiaries. I have indicated on the 1041 that it is an initial and final return. I assume this is the correct thing to do. I don’t believe the 65 day rule applies since we are already past that date (assuming the year end is December 2020, correct?). Is it OK to show the distributions that occurred in mid 2021 on the 2020 1041 and generate the K-1s showing the distributions as if they were 2020 distributions? If so the beneficiaries would need to amend their 2020 tax returns showing the 2020 K-1s, correct?
... View more
September 17, 2021
4:49 AM
Person passed 9/2019. Estate elected calendar year so return for 2020 was due 4/15/2021. There is taxable income for the beneficiaries on the K-1. The 1041 filed 9/2021 was both initial and final return.
... View more
Topics:
February 16, 2021
10:54 AM
I am 21 y/o and a FT student. I can also claim the AOTC this year also if I am my own dependent, correct? Parents are OK with this. Not sure I paid 1/2 living expenses as I lived at home all year.
... View more
February 9, 2021
1:27 PM
Sorry meant schedule D. Was a Primecap fund purchased over many years. Few records. Once I determine cost do I put it in column E (Cost or other basis) or Column G on Schedule D?
... View more
