About MichaelL1

MichaelL1 · ‎December 17, 2020

Due to sale I would purchase TurboTax Premier, which would ask you detailed questions on Sale of Assets.

MichaelL1 · ‎March 10, 2020

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.

MichaelL1 · ‎February 21, 2020

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.

MichaelL1 · ‎February 19, 2020

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.

MichaelL1 · ‎February 17, 2020

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.

MichaelL1 · ‎February 17, 2020

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.

MichaelL1 · ‎February 17, 2020

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.

MichaelL1 · ‎February 17, 2020

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.

MichaelL1 · ‎February 16, 2020

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.

MichaelL1 · ‎February 16, 2020

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.

Date Registered	‎April 28, 2018 6:00 AM
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