Ask a CPA 2014

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    Re: Ask a CPA 2014 - CP2000 Question

    I received a cp2000 form the IRS re:my 2012 1040 return. It said I owed money because I did not report a 1099R. I did not contest it and paid the amount. However, while assembling my 2013 returns, I noticed that the CP2000 was wrong - the income from the 1099R was indeed reported but it was reported on line 1 of the 1040, not on line 16 where most 1099r distributions are placed. My 1099r was coded "8". Two questions: (1) was I correct to place that 1099r code "8" income on line 1 of the 1040, and (2), how do I get back the money I paid the IRS  - an amendment ?


    Thanks very much! 

     
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    Re: Ask a CPA 2014 - Question Regarding Dependents


    Hello, We are expecting our first child in November/December 2014. When it comes time to report our 2014 taxes, are we able to claim a dependent for the entire year of 2014, even if the child is born at the end of the year? Thanks very much!

     
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    Re: Ask a CPA 2014

    In response to Forte77's comment:


    I received a cp2000 form the IRS re:my 2012 1040 return. It said I owed money because I did not report a 1099R. I did not contest it and paid the amount. However, while assembling my 2013 returns, I noticed that the CP2000 was wrong - the income from the 1099R was indeed reported but it was reported on line 1 of the 1040, not on line 16 where most 1099r distributions are placed. My 1099r was coded "8". Two questions: (1) was I correct to place that 1099r code "8" income on line 1 of the 1040, and (2), how do I get back the money I paid the IRS  - an amendment ?


     


    Thanks very much! 




    Dear Forte77:


    At this point, that would be your only option.  If the code entered in the box detailing the reason for the distribution was "8" in box 7, then your reporting was correct.  You should use a Form 1040X and carefully detail your reporting and supply a reconciliation of our entry on line 1 of your original return.  You will likely be contacted shortly by the MA Department of Revenue Services, as well, to correct your MA Form 1 to report the additional income that you have agreed to include in your federal return.


    Hope this helps in dealing with your issues! 


    Mark H. Misselbeck, C.P.A., M.S.T., Tax Principal


    Katz, Nannis + Solomon, P.C.

     
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    Re: Ask a CPA 2014

    In response to Toto2005's comment:



    Hello, We are expecting our first child in November/December 2014. When it comes time to report our 2014 taxes, are we able to claim a dependent for the entire year of 2014, even if the child is born at the end of the year? Thanks very much!




    Dear Toto2005:


    Yes, a child born during the year is a dependent for the entire year.  However, you will need a Social Security Number in order to sustain the claimed dependency deduction, so you should apply for one, shortly after the birth, in order to have it in hand for the preparation and submission of your 2014 return.


    Hope this helps in preparing your returns!


    Mark H. Misselbeck, C.P.A., M.S.T., Tax Principal


    Katz, Nannis + Solomon, P.C.

     
  8. You have chosen to ignore posts from Forte77. Show Forte77's posts

    Re: Ask a CPA 2014

    In response to MASocietyofCPAs' comment:


    In response to Forte77's comment:


     


    I received a cp2000 form the IRS re:my 2012 1040 return. It said I owed money because I did not report a 1099R. I did not contest it and paid the amount. However, while assembling my 2013 returns, I noticed that the CP2000 was wrong - the income from the 1099R was indeed reported but it was reported on line 1 of the 1040, not on line 16 where most 1099r distributions are placed. My 1099r was coded "8". Two questions: (1) was I correct to place that 1099r code "8" income on line 1 of the 1040, and (2), how do I get back the money I paid the IRS  - an amendment ?


     


     


     


    Thanks very much! 


     




    Dear Forte77:


     


    At this point, that would be your only option.  If the code entered in the box detailing the reason for the distribution was "8" in box 7, then your reporting was correct.  You should use a Form 1040X and carefully detail your reporting and supply a reconciliation of our entry on line 1 of your original return.  You will likely be contacted shortly by the MA Department of Revenue Services, as well, to correct your MA Form 1 to report the additional income that you have agreed to include in your federal return.


     


    Hope this helps in dealing with your issues! 


     


    Mark H. Misselbeck, C.P.A., M.S.T., Tax Principal


     


    Katz, Nannis + Solomon, P.C.





     
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    Re: Ask a CPA 2014

    In response to willman37777's comment:

    I just filed my MA state tax return. I owe MA about $1000 because the State doesn't think I had health insurance in 2012. However, I did have health insurance in 2012. Where do i go to refute this payment?


    Dear willman37777:

    You need to file a Form CA-6 (check the MA DOR website -  http://www.mass.gov/dor/forms/personal-income/2014/additional-forms-and-schedules/) and include a Schedule HC for the 2012 tax year with a copy of the Form 1099HC showing that you had coverage for that year.

    Hope this helps in preparing your returns!

    Mark H. Misselbeck, C.P.A., M.S.T.

    Tax Principal, Katz, Nannis + Solomon, P.C.

     

     
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    Re: Ask a CPA 2014

    In response to Walter57's comment:


    I have received a notice of an audit from the Mass.  DOR.  They are auditing me for meALS expenses I claimed and also for Form 2106 line 4 deductions (job related expenses such as union dues and job related education, as well as safety gear such as shoes and gloves).  The audit letter says line 4 deductions are "generally" not deductible, except in the case of outside salesmen, which I am not.  Does that mean they will disallow the union dues, etc?


    Dear Walter 57:

    Unfortunately, yes - MA limits the ability of taxpayers to deduct such expenses to outside salesmen.

    Hope this helps in preparing your returns!

    Mark H. Misselbeck, C.P.A., M.S.T.

    Tax Principal, Katz, Nannis + Solomon, P.C.

     
  11. You have chosen to ignore posts from Toto2005. Show Toto2005's posts

    Re: Ask a CPA 2014

    Hello! I received Third Party Sick Pay from an insurer when I was out on Maternity Leave in 2014. I understand that this is taxable. The amount is included in Box 1 of my W2, but I was wondering, do I need to do anything else to properly report this information? Thanks very much.

     
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