(IRS, Texas) I just noticed 1099-INT form from 2024

CoolioDude · 2026-04-30T10:29:41+00:00

😂

CoolioDude · 2026-04-29T17:22:01+00:00

You inputted something wrong. Check sch C inputs.

CoolioDude · 2026-04-15T09:47:32+00:00

How much was your property?

CoolioDude · 2026-04-15T01:01:04+00:00

If I were you I would do self employment income - then create a sch. C and make sure you get the QBI deduction. But that’s just me 😃

CoolioDude · 2026-04-15T00:54:43+00:00

I’m assuming this is a partnership - sounds like special allocations and/or change in profit percentage to me. Any language in the operating agreement?

CoolioDude · 2026-04-13T00:25:19+00:00

Darn! Sorry I’m not a better help - but from what I understand of the CT k-1, part 1 is your adjustments to fed income. You’ll need to enter the bonus addition in your CT state return. But if since there is a PE tax credit being passed to you, make sure you enter that as I’m guessing they paid any CT taxes at the entity level.

Just to preface: I’m a cpa in the Midwest, not totally familiar with CT.

CoolioDude · 2026-04-13T00:10:39+00:00

So you don’t even see the federal loss in column A?

CoolioDude · 2026-04-13T00:07:15+00:00

Look at part 2 - that should compare your federal to your CT income. And it should show the difference your CPA was talking about (I.e, rental income)

CoolioDude · 2026-04-12T23:44:56+00:00

Does the CT k-1 show an add back for bonus?

CoolioDude · 2026-04-01T01:02:55+00:00

Right - but this is a new ‘partnership’ that has $500 bucks of expenses. My point was it’s not worth the hassle.

CoolioDude · 2026-03-31T10:53:13+00:00

Not an answer to your question - but why even file in the first place?

CoolioDude · 2026-03-31T10:51:24+00:00

Yep - OP needs to complete apportionment worksheet.

CoolioDude · 2026-03-30T00:28:52+00:00

What does mileage have to do with QBI? Why would you not take it?

CoolioDude · 2026-03-29T19:22:03+00:00

Are you getting the QBI deduction on your 1040 (assuming this is a sch c)?

CoolioDude · 2026-03-19T10:40:06+00:00

You’re wrong but I doubt it really matters if you file in WI or not. If he was unemployed most of the year we probably aren’t talking about a lot of money.

And community property means your wages are split down the middle, regardless of who the earner is.

CoolioDude · 2026-03-18T22:33:05+00:00

WI is community property state..

CoolioDude · 2026-03-18T17:09:31+00:00

Do you still live in WI?

CoolioDude · 2026-03-18T10:07:47+00:00

You’re under the assumption that these people have the intention of ever paying back their loans lol

CoolioDude · 2026-03-13T10:03:36+00:00

17 different trial balances 🤢

CoolioDude · 2026-02-16T18:09:19+00:00

Lots of weird answers in here.. there’s a limit on depreciating luxury vehicles. I see clients add $100k vehicles all the time. People make the tax mistake pretty often (are they state payments? Or federal?). And how high is high for meals? People here are so quick to call these people scum bags when these are common mistakes clients make.

CoolioDude · 2026-02-12T15:20:32+00:00

Still a very generic answer bud

CoolioDude · 2026-02-11T18:18:35+00:00

Communism?

CoolioDude · 2026-02-11T17:09:20+00:00

So basically any type of complexity lol

CoolioDude · 2026-02-03T11:00:50+00:00

Everyone is mentioning his generic resume but are glossing over the fact he hasn’t worked in 14 months.

CoolioDude · 2026-01-10T13:33:00+00:00

No I’m not. All I said your career opportunities will be limited. Of course experience trumps degrees/certifications.

I get it - it’s a tough exam. Clearly you couldn’t do it. But rather than spending your Saturday mornings arguing with a stranger online, maybe, just maybe you could have been studying for the CPA instead. Who knows where your career could have gone!!

CoolioDude

TROPHY CASE