Level 15
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Worked for IRS as a Revenue Agent and manager for 34 years. Some locations included KC, Cincinnati, Las Vegas, Fairbanks & Juneau AK, in addition to Des Moines Iowa. Actually started working on taxes when I was 16 years old, when I took over payroll for an employer, and did sales taxes reports also.. I really enjoy helping people, as it can be difficult to deal with the IRS, so I worked 8 tax seasons with TurboTax, and am now retired again. Taxes impact all of us, so working with taxes for the 50 years now has been very satisfying.
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Activity Feed for MichaelL1
- Got Cheered for If you are retired and start collecting retirement pay, t.... 11 hours ago
- Got Cheered for You would just include the Federal Income Tax that will b.... 2 weeks ago
- Got Cheered for You will enter the 1099R exactly as you received it and t.... 3 weeks ago
- Cheered They have the option to claim 100% of the 1095-A on their... for HollyP. 3 weeks ago
- Got Cheered for You reduce the NOL carry forward by the 2016 figures (yea.... 3 weeks ago
- Got Cheered for Yes, you will reduce it by the personal exemptions and pu.... 3 weeks ago
- Cheered Re: I assume now you are asking on how to report the sale. Th... for Critter-3. 4 weeks ago
- Posted Re: I assume now you are asking on how to report the sale. Th... on Deductions & credits. December 17, 2020 4:57 PM
- Got Cheered for The desktop version includes all the forms with the vario.... November 16, 2020 12:38 PM
- Got Cheered for The cost of acquiring the property needs to be added to t.... August 30, 2020 6:42 PM
- Got Cheered for A 1099R is correct for a distribution from a 457(b) Plan..... July 23, 2020 8:47 AM
- Got Cheered for Normally an annuity defers the income taxes from being pa.... July 15, 2020 1:18 PM
- Got Cheered for I have a Mac also. Whenever you go to File in the upper l.... July 14, 2020 8:06 PM
- Got Cheered for The principal you paid as a down payment is not deductibl.... July 14, 2020 7:15 AM
- Got Cheered for Due to it being a joint account it can be allocated to ea.... July 11, 2020 3:35 PM
- Got Cheered for If box 12 State taxes withheld is blank, then make boxes.... July 10, 2020 11:46 AM
- Got Cheered for It is the same, they are interchangeable terms.. July 6, 2020 10:00 AM
- Got Cheered for The state specific ones would be input on the Non-residen.... July 5, 2020 1:40 PM
- Got Cheered for It is the same, they are interchangeable terms.. July 3, 2020 7:39 PM
- Got Cheered for That is when you actually own a piece of property that yo.... June 30, 2020 4:16 PM
December 17, 2020
4:57 PM
Due to sale I would purchase TurboTax Premier, which would ask you detailed questions on Sale of Assets.
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March 10, 2020
10:09 AM
Review your numbers you entered as you most likely got the decimal point in the wrong place on an income entry. So you could of entered $200 as $20,000.
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February 21, 2020
8:57 AM
Many States have put additional checks in place to ensure the refunds are going to actual taxpayer (and not filed by someone else). This might be the case in your situaton. You can always call the State that issued you the letter and ask them what is going on with the processing of your return. If it was me, I would call the State.
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February 19, 2020
5:37 PM
First you need to be able to itemize on your return to claim a contribution. So if filing status is single, you would need at least $12,200 in mortgage interest, property taxes, contributions, etc. to be able to claim the contributions you made. Click on below for more detail. More details on Schedule A itemized deduction. If you are able to itemize, you do not need the contribution receipt to file the return. I would document what you have said in the question along with some more detail, and then if audited, you can explain what happened. I hope this helps.
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February 17, 2020
7:59 PM
If you have an attorney or executor for the estate, this could be taken care of this way. First the Form 4972 is not needed. It appears a 1041 Estate return should be filed for the 1099R, and it would show all the money distributed to the 3 heirs on a 1041 K-1 (that each of the 3 of you would get). The 1041 would have no tax due, and each of the 3 heirs will report the distribution as ordinary taxable income. I would however talk to someone with tax expertise, to do this for you.
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February 17, 2020
7:45 PM
1 Cheer
You do not need to give her your SSN, and I would not give it her. You can and should give her a receipt for the amounts she has paid you. I worked for IRS as a Revenue Agent ( for over 30 years prior to retiring) doing audits, and you can print this response and give it to the parent.
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February 17, 2020
7:38 PM
You need to contact your state taxing agency and find out why the refund was not received. You should have a copy of the return in front of you when you call, as they will ask what the dollar amount of the refund was suppose to be. You can go to "google" and type in your State taxing agency and the web site will have contact information for you. Sometimes refunds are not received if you owed money from a prior year, other state or federal debt such as student loans, child support, etc.
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February 17, 2020
7:29 PM
I do not want to enter into a debate about this, as I said, "most" of the time when you are audited by the State Taxing Agency or by the IRS, the other agency will look at the audit report and if there if there additional tax (that exceeds their tolerances) you will get a audit report from the other taxing agency. In your case, if you were audited by the State for income tax (and if there was a substantial tax change that also impacts the Federal return), you should at some point in the future get a letter with a IRS audit report. It can take many months from the State audit for the IRS to send out the Federal audit report. I worked for IRS for 34 1/2 years, and part of that time I was a Fed/State coordinator that made sure these reports were shared. I also was in charge of correspondence audit at another point in my career.
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February 16, 2020
7:18 PM
Main thing is that the total income is reported and not more than you received. If TSP gave you one for while a resident of TN, and another while a resident of FL, then show it as 2 1099R's. The one from Principal enter as one 1099R with each state show, however much you got while a resident there.
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February 16, 2020
7:01 PM
1099R income, is State income for the State you resided in at the time you got the money. i assume the family member must of moved during 2019, and if this is the case, the income might have been State in in State A (now the non-resident state) and then in the state moved (current resident state). If this is the case, and the 1099R is for monthly distributions, then you would allocate the 1099R amount the two states. You can ask the issuer of the 1099R to issue a corrected 1099R (which they probably will not do, as they were not contacted regarding the address change). Regardless report the state income as what was received while a resident of that state.
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