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I need help putting a personal tax return together by

morning. I have all of...
I need help putting a personal tax return together by morning. I have all of the information needed for the return.
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6/14/2017
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,408
Experience: Certified Public Accountant
Verified

Hi, my name is Mark. I will be happy to help you with your questions.

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Customer reply replied 11 months ago
I need help putting a tax return together.
Customer reply replied 11 months ago
This is probably more work than a question...... will I need to fill it out while you walk me through it.

Yes, I can walk you through it.

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Customer reply replied 11 months ago
Okay..... I need to go download one. Would you like to tell me an appropriate tip?

What ever you think is fair.

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Customer reply replied 11 months ago
Okay.... can we meet up in say..... 30 minutes ?

Ok that sounds good.

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Customer reply replied 11 months ago
I need to download a return to fill out and some information for it.....
You will probably have to work with me on your end so we get the correct final math.

No problem.

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Customer reply replied 11 months ago

Form 1040 should work. I am assuming that you are a US citizen.

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Customer reply replied 11 months ago
No Russian, Yes

LoL that is good.

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Customer reply replied 11 months ago
whew
Customer reply replied 11 months ago
I'le with you just shortly

Ok thank you.

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Customer reply replied 11 months ago
Okay.... I have the top filled out, I found a "fillable form field" to make this easy for us.
I have 1 son child, no wife. I am his ONLY guardian, there is no mother she is dead.
Customer reply replied 11 months ago
I MUST fill out this tax return although I have $0 income.
i am doing an "offer in compromise" with a bank.

I am sorry to hear that. Ok, I will help walk you through it.

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Customer reply replied 11 months ago
actually she was banned by the courts from ever seeing him again for cutting the tips off all 10 of his fingers... but we pretend she is dead. True Story, most people can't handle it.
Customer reply replied 11 months ago
Okay, let's start with I have $0 income and no W2 wages. Put in box.... 7

That is awful.

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Customer reply replied 11 months ago
I rent my farm.... I received $3,000

Ok, are there any expenses against the income.

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Customer reply replied 11 months ago
I can claim some expenses but it's probably not worth it because I have almost NO income. I have interest on my house mortgage and mortgage taxes to put on here.
Customer reply replied 11 months ago
Do I check box 6a ?

Ok this information would go on schedule A.

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Customer reply replied 11 months ago
okay walk me through this first page... I'm on box 6a.... I checked it. and I added my son as a dependent. then there are the boxes to the right..... what do i do

Yes, check 6a

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on moment. I need to step away for two minutes.

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Customer reply replied 11 months ago
no Problem..... if you have others that is fine..... I have plenty of time. I'm up all night normally. in the meantime I'll keep working.

No, I had to help my wife with groceries. Enter son's name, social security number, relationship (son), and check the box eligible for the child tax credit.

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To the right of line 6a there is a spot for you to write 1 for you and 1 for the number of children. 2 would go in the square box below on the right.

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Customer reply replied 11 months ago
got it......
getting schedule A ready right now
downloading

Ok

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Customer reply replied 11 months ago
Where does farm income go on schedule A... ?
Customer reply replied 11 months ago
how late you up?
Another hour?
Customer reply replied 11 months ago
Are you gone?

No sorry I am still here. Farm rental income goes on schedule E.

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Customer reply replied 11 months ago
Can we simpify this and put it on A somewhere
Customer reply replied 11 months ago
disregard.... A is for deductions right?
Customer reply replied 11 months ago
can we put it on 1040 anywhere ?

Unfortunately rental income would go on schedule E. Schedule A is for itemized deductions.

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The $3,000 would appear on line 17.

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If you want to list what you have I can prepare a draft return for you and email it to you. You would just need to transcribe the information to your forms.

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Customer reply replied 11 months ago
I plowing through using a PDF FILLABLE form field that does all of the calculations. it is fantastic. I'm just kinda multi-tasking and its going kinda slow. Please tell me when you go to bed or want to go to bed and when you get up. I however HAVE to send this in, in the morning. I do have my deceased accountants former work I can use as a template as well.

No worries. I will not to go to sleep for a couple of hours.

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Customer reply replied 11 months ago
Line 17 is utilities

On schedule E. It is rental income on 1040.

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Customer reply replied 11 months ago
up at the very top where I list the PHYSICAL ADDRESS OF EACH PROPERTY.... i list each property and how much I received in income.

Yes i will let you know

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Customer reply replied 11 months ago
what all forms do I need.... I have a couple of s corps that had no income and an LLC
Customer reply replied 11 months ago
Assume no income and no expenses on those S corps.

The S-Corporations would be listed on Schedule 2 page 2. Are you the only owner of the LLC?

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Were 1120S filed for the S-Corporation?

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Customer reply replied 11 months ago
only owner of all the Corps. can I list them on 1 Schedule 2 or do I need a schedule 2 for all of them? (I believe it's just 1)
Customer reply replied 11 months ago
I don't know what 1120s are ? describe I can probably answer....

You can list them all on 1 schedule E page 2. The 1120S is a return for a S-Corporation. There are late penalties for late filed K-1's.

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Customer reply replied 11 months ago
late penalties for a $0 return

Yes it is ridiculous.

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If you file your S corporation income tax return late and no tax is due, the late filing penalty is $195 per month or for any portion of a month the return is late multiplied by the number of corporate shareholders.

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Customer reply replied 11 months ago
if you owe them nothing..... and you are late.... OR if they owe you, it's still $195... that's f**ked up.

Yes if it is late it is $195 a month. No matter if you made $1 zillion or had zero income.

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Customer reply replied 11 months ago
what is schedule m

Schedule M is on the 1120S.

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Customer reply replied 11 months ago
Customer reply replied 11 months ago
these are all forms my former accountant used

Schedule SE is a schedule on the 1040 for Self Employment income

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Schedule M was used for a credit in 2009 and 2010 - Making Work Pay tax credit.

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Customer reply replied 11 months ago
do i need M NOW ?

No - the credit ended in 2010.

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Customer reply replied 11 months ago
I need Se yes?

Only if you had self employment income. Did you have any business income or income from the schedule C?

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Customer reply replied 11 months ago
I'm checking to see if I had a little income......
it's not much, some of this it all depends how i want to cateorize it I suppose.
Customer reply replied 11 months ago
how do i determine what to put on se and what to put on C
Customer reply replied 11 months ago
There is a note here that says for me to use form 4835 for "farm rental income" says that on schedule e
Customer reply replied 11 months ago
disregard form 4835 I have no write offs

The amount you would put on schedule SE would be your net income from Schedule C.

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You are correct that form 4835 is used for farm rental income.

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Customer reply replied 11 months ago
Okay I'm back

Sorry I fell asleep last night.

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Customer reply replied 11 months ago
Here is where I need your help and we can finish up quickly. I have all kinds of income and numerous places to put it. I could keep it in a corporation that you and I are not talking about as for as these taxes are concerned. there would be $0 tax consequence there.
Customer reply replied 11 months ago
My other option, I am closing the old corporation, not filing anytype of bankruptcy.... but I am closing the old cororation and if you and I don't give me some income, I will have no basis tax return for any type of future loan, purchase car, etc etc or if they look back at three years from now... the first haas $0 income.
Let's engineer my income to the greatest advantage to help me without costing me, and I'll move the income over.

OK what are the other sources of income? If the income is in a c-corporation it would be taxable to the corporation and then taxed again when the profits are distributed to you as dividends.

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Customer reply replied 11 months ago
don't worry about that,, C corp shows big loss and has tax credits......
Customer reply replied 11 months ago
Let's stay focused on the current return.... i am dropping some figures in now.

Ok. So you are closing the corporation. What are the assets of the corporation.

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Customer reply replied 11 months ago
disregard the other corp, large accounting firm handling... I'll just have to tell them I took income OUT.
Customer reply replied 11 months ago
i'm having a brain fart on a journal entry for RENT.

Ok

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Customer reply replied 11 months ago
Bank Account : Credit over Rent : Debit
Brent Barnhart :
I need the other side of this journal entry....
Customer reply replied 11 months ago
Credit Bank account and Debit Rent
Customer reply replied 11 months ago
I need the side that gets the money TO ME: Brent Barnhart

Is the corporation paying you rent?

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Is this the farm or another property?

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Customer reply replied 11 months ago
Commercial Property.... it's a factory
I own the Real Estate and the Business.
The Business pays rent to ME, the owner of the real estate
Customer reply replied 11 months ago
Or are there just 2 Entries

I understand, This would be reported on schedule E. You would be able to deduction any expenses that you had associated with this income including depreciation.

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The entries shows that the corporation paid you money for rent.

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Customer reply replied 11 months ago
Debit Expense:Rent Name(Brent)
Customer reply replied 11 months ago
Bank Account:Credit
Customer reply replied 11 months ago
is that all I have to do to get the "REnt" to me is a 2 line journal entry

The entry is used to increase rent expense and decrease the bank account.

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Customer reply replied 11 months ago
Just ad my name on the same line as "rent" in other words I am the VENDOR who is receiving rent

Yes. if that is what the corporation paid in rent.

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Customer reply replied 11 months ago
i do not know what to put on form SE
Customer reply replied 11 months ago
not using form se but need some help

How much was your SE income?

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Customer reply replied 11 months ago
you back

Yes, I am here.

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Customer reply replied 11 months ago
I'm using a really nice self calculating and totaling form. here it is... I need help to finish it up.
Customer reply replied 11 months ago
Tell me what additional forms to ad and what to put where.

Ok please give me a moment. I will work through it.

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Are you submitting this to the IRS?

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Customer reply replied 11 months ago
maybe not this version...... but it needs to be very close.

What is your email address. For some reason it does not allow me to attach a pdt from the software.

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Just sent.

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If you own 100% of the LLC the activity should be reported on a Schedule C.

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Customer reply replied 11 months ago
check your email.
I can add "C" unless for my "offer in compromse" with the SBA and Bank you don't think they will miss it. it's just show I'm a broke ass and don't make anything.

That is why I asked if you were going to submit it to the IRS. If it is just your bank then you do not need to make the change.

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Customer reply replied 11 months ago
If i don't want to report a paltry $174 that has been sitting in an HSA account can I just "move on" sinve I no longer have a company that has contributed or did anything for the last 3 years. OR is the bank going to report it and they will make me correct it because it will be in their system.

Did you take any distributions or make any contributions to the account?

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Customer reply replied 11 months ago
no not in like 2 years
just been sitting there but THEY DID send me a form they are sending to the IRS it says

Yes, they send you a form with the balance at year end. If you use the funds for medical expenses you would be able to close the account. If the $174 is used for medical expenses there is not tax on the distribution.

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Customer reply replied 11 months ago
HSA has no tax? You just have to "keep track" of your dispersments that they go to medical treatment if audited. It is just a reporting exercise as to how much you HAD, and how much you now HAVE, how much in, how much out.... but should ahve no tax ramifications.
Customer reply replied 11 months ago
Do i need a k1 ?

The company will report any distributions and send a 1099 to you. This information is reported to the IRS. The is reported on a form and you report how much is used for qualified medical expenses. If the distribution is higher then the medical expenses the difference is income and a 20% penalty is applied.

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K-1's from the S-Corporations?

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Customer reply replied 11 months ago
unless you are too stupid to go borrow some receipts for somebody and make up the difference. I used $5k for the downpayment of car once.
Customer reply replied 11 months ago
LOL...... they aren't going to check those receipts unless you get audited and you are too dumb to prepare for it ahead of time, as for me coming up with $5k in legit expenses.... I'm not sure, can I count a Kilo of heroin for pain?
Customer reply replied 11 months ago
Don't forget... do I need a k1
Customer reply replied 11 months ago
1. Do I need K1 form?
2. How much do I cut back the income so I have nothing to pay?
Customer reply replied 11 months ago
3. Does EVERY corporation need a C form?

The bank is probably not going to ask for the k-1's. The tax is coming from the income from the LLC. The LLC income is subject to SE taxes. SE taxes are 15.3% of the net income.

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Only the LLC would need a schedule C.

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Customer reply replied 11 months ago
Will the IRS want schedule K?

K-1 are prepared with the corporate returns. The IRS will require these.

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Customer reply replied 11 months ago
Well the corproate returns are sent in with my personal returns....... yes? Do I need K's even if they had $0 income?

The corporate returns can be sent separate from the personal returns. The K-1's would still be prepared but they would show $0 income. I know it is silly.

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Customer reply replied 11 months ago
Why child tax credit so low?

The child tax Credit was $1000. Part of it limited to the amount of income tax. The remainder is refundable so it appears as a tax deposit. If you add the two amounts they equal $1000.

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Customer reply replied 11 months ago
Please check out this final return. i got rid of the LLC income and increased my rent income. Hisotrically the commercial building paid $36k annually anyhow, i was able to make it work out.

Line 67 should be $841.

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Everything else looks good.

Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
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Satisfied Customers: 2,408
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