Discussion:I'm baffled, and PBR doesn't help.
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| Revision as of 05:51, 12 October 2009 Cotopop (Talk | contribs) (What evidence do) ← Previous diff |
Revision as of 12:22, 12 October 2009 Smokeytax (Talk | contribs) (Harry - are you) Next diff → |
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| {{ForumReplyPost|UserID=Cotopop|Date=12 October 2009|Text=What evidence do you have that the return was actually filed ? Was there a refund a client has a record of deposit ? If there was an amount due was check cashed ? IRS should have processed this by now . I think a phone call to IRS with you present or POA would be appropriate under the circumstances . }} | {{ForumReplyPost|UserID=Cotopop|Date=12 October 2009|Text=What evidence do you have that the return was actually filed ? Was there a refund a client has a record of deposit ? If there was an amount due was check cashed ? IRS should have processed this by now . I think a phone call to IRS with you present or POA would be appropriate under the circumstances . }} | ||
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| + | {{ForumReplyPost|UserID=Smokeytax|Date=12 October 2009|Text=Harry - are you signed up for IRS online transcript delivery? | ||
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| + | If so, you can check the status of the return on the IRS website without having to make a call. (You do need POA on file, though.)}} | ||
Revision as of 12:22, 12 October 2009
Discussion Forum Index --> Basic Tax Questions --> I'm baffled, and PBR doesn't help.
Discussion Forum Index --> Tax Questions --> I'm baffled, and PBR doesn't help.
Harry Boscoe (talk|edits) said: | 11 October 2009 |
| My new client gave me a copy of their 2008 Form 1040, prepared by another local CPA, using a software package that I don't recognize. MFJ, two kids, Sch C and the usual Schedule A stuff. Schedule D but the gain there is only a coupla hundred bucks. Paper return, not e-whatever.
Here's the rub: Line 43, taxable income, is $99,043 and Line 44, income tax, is $10,067. By the Tax Tables, the tax should be $17,444 minus a coupla bucks for the LTCG. There's nothing "unusual" about this tax return except that the tax on Line 44 appears to be understated by about $7,400. The return was filed back in May, and the client says they've received no correspondence from the IRS about this glaring discrepancy. Anybody have any insight on this? I'm totally baffled. Even PBR doesn't help this one... | |
| 11 October 2009 | |
| Harry, The IRS can't do the math till the data is entered.
So, sit tight, enjoy another PBR, expect a little something after the Superbowl. | |
| October 11, 2009 | |
| Harry, I can get close if there's about $ 60,000 in LTCG instead of W-2 or Sch C income.
Is there a Sch D computation with the return? Even if the cap gains shown are low, perhaps the prior preparer tagged something wrong. ICOUNT has a good idea....but that's a LOT of Qualified dividends. How much are the total dividends on the return? | |
| 11 October 2009 | |
| (could also be a huge input error using qualified dividends - higher than ordinary dividends, for example) | |
| 12 October 2009 | |
| On the line 44 for the tax was there a different or special box checked? Just curious. Are you going to give us the answer to the problem or isn't there one yet. | |
| October 12, 2009 | |
| Homework question from Harry !?!?! Shirley you jest <W>
(I want to hear the rest of the (Kevin's) story - sounds like BTDT...) Couldn't resist - I just tried it in Lacerte and whew, got a major diagnostic. I know, I know "software is not a substitute, etc" but it is nice to have the backup to help catch those things | |
| 12 October 2009 | |
| What evidence do you have that the return was actually filed ? Was there a refund a client has a record of deposit ? If there was an amount due was check cashed ? IRS should have processed this by now . I think a phone call to IRS with you present or POA would be appropriate under the circumstances . | |
| 12 October 2009 | |
| Harry - are you signed up for IRS online transcript delivery?
If so, you can check the status of the return on the IRS website without having to make a call. (You do need POA on file, though.) | |
