Test Return #2

[JG EA]

Well, yes it does. Thanks. I read it over three times and couldn't find that - what will that mean for my answer?

[S T]

Not more Interest

I believe this is something extra the editors can do, and just stimulate us, there are always "scenarios" that maybe we don't handle correctly, so this is an opportunity to practice our skills.

I wouldn't look to the editors to offer any discounts, etc, in participating, as they are already providing this wonderful Message Board for all of us as "subscribers" to use, and the "editors" are providing that to us "free of charge".

Personally, I like the stimulation, and if I have the answer right or wrong, the people I trust will provide that for us and also offer the explanation and plenty of others to "chime in" if they disagree.

I really think as so often has been expressed on the "board" most of us are a "one person office" and don't have a way to bounce off ideas or situations with another person. So this type of interaction is really valuable for me.

Bees, great exercises, maybe you can keep a few of them going between now and the end of the year, before we get into tax filing season

Sandy

[Gretel]

Thank you so much, Bees. Got my brain working. Can't wait for the correct answer. Will now try to find the first one.

[WhiteOleander]

This is a good one. I "think" I have this one right. We'll see.

[Nashville]

Statistics

Don't know this poll will end up, but at present one of the answers has nearly 40% among the pollees. If this holds up, that means that at least 60% of us are wrong, maybe more.

While doing this, I ran into what could be some startling little twists, but when it was all said and done, my answer was with the 40%. If I am wrong, at least I can console myself that I am in good company. If I am right, I did so with no software, and nothing but The Tax Book by my side.

Anxious to see how this one turns out.

[JohnH]

I'm interested to see how it turns out as well.
I'm not in the 40% you referred to and I now believe I missed the answer when I voted, but I think I've found my error by reading the subsequent comments.

What Bees is doing ought to be worth some CE credit.

[Nashville]

News Flash

1 To generate more interest in the problems, offer prizes such as $10 off their order for people who get the right answer.

Great Suggestion! Rumors are that the TMI people are preparing a response which will do exactly what you suggest:

1) TMI sponsors 25 such tests during the off-season each year. For tie-breakers, each test pans forward and backward to find the best performance on "cumulative tests." Each winner gets $10 off the purchase of next year's TMI order. [p.s. I'm not sure that the above-described "off season" for tax preparers is really an "off season" for tax writers]

2) There are 25 separate and distinct "winners." No participant is awarded a multiple win. Sorry John H.

3) TMI announces a price increase across the board of $10 for each product. The 25 lucky winners are priveleged to purchase these products for the same price as last year.

C'mon, we can still have fun can't we? Careful what you wish for....

[Gretel]

What Bees is doing ought to be worth some CE credit.

Yes, Bees should get double credit for this.

[Bees Knees]

I'm not in the 40% you referred to and I now believe I missed the answer when I voted, but I think I've found my error by reading the subsequent comments.

If anyone wants to change their answer, you can tell us what you voted for in the poll, and then what you would like to change your answer to. As long as you do not give the reason for how you calculated your answer. I will then compile the final statistics based on your corrected answer.

The only reason why I put this one in a poll format is so that you do not have to be embarrassed if your answer turns out to be wrong. If you don’t care about that, and want to change your answer, you can do so by telling us all what you want your answer to be.

[JohnH]

OK, I'll bite.

I originally chose $9, but I now say $528.
(Looks like I owe the client an apology, a free 1040X, and free tax prep next year)

What worries me is that I'm STILL NOT with the 40%, but I'm digging in my heels here. Not saying I won't be embarrassed if my answer is still wrong, but if that's the case then I may take Bart's approach. Fire myself, ditch ATX, switch to Drake, and start posting to this forum under a new identity. And I guess I'll have to pay double for The Tax Book next year as a penance.

[David1980]

I find it an interesting scenario. You could potentially preparer the return wrong and get the right answer (assuming I even have the right answer.)

[JG EA]

OK, I'll bite.

I originally chose $9, but I now say $528.
(Looks like I owe the client an apology, a free 1040X, and free tax prep next year)

What worries me is that I'm STILL NOT with the 40%, but I'm digging in my heels here. Not saying I won't be embarrassed if my answer is still wrong, but if that's the case then I may take Bart's approach. Fire myself, ditch ATX, switch to Drake, and start posting to this forum under a new identity. And I guess I'll have to pay double for The Tax Book next year as a penance.

I also answered $528. The new identity thing sounds good.

[S T]

I am not liking

I do not like Bee's problem One I don't encoutner alot of these scenarios, so I am not proficient, and have to reveiw a whole lot of rules and regulations, whys and wherefores.

However, I am taking on the task and will post my answer soon. Just haven't yet, as it has taken so much research to apply all of the "variances", CTC, EIC, Dependent rules, Tie Breakers, OMG Bees gave it all to us in one post!

Cudos to Bees, to posting this for us! I think it is a good exercise and one that we all need, my feeling has always been you can learn by a "book", but you need the practical application "for it to stick" and even book examples will never exactly "fit" your client's real life sceanrios, and then you look to find a match for the "facts and circumstances".

The other problem that I am having is working the tax return in this example manually, and then getting my software to also produce the same information. All of those "toggle switches"

So I am also going to anxiously await the outcome of the answer and how the correct answer was arrived at with the explanations

I am still working on this "sample" and will post prior to 8/13/09 so I hopefully won't have to change my answer, since we seem to have that leeway.
to everyone that is participating - I just think this is a great exercise and would welcome any posts "after the fact, of course" to the arrival of their decisions. Thank you Bees and Tax Book!

Sandy

[BP.]

I meant to say Cindy claimed both Mandy and Ann Marie on her return.

that error should not have affected your answer.

Thanks for the clarification (and the 2 Tests!)

And no, of course it does not affect my answer, which I stated in my post:

Did Cindy claim Mandy? Not that it matters.

This is fun!

[BP.]

More than 850 views to this thread, yet only 24 votes so far . . .