Well, yes it does. Thanks. I read it over three times and couldn't find that - what will that mean for my answer?
Announcement
Collapse
No announcement yet.
Test Return #2
Collapse
X
-
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
Comment
-
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.
Comment
-
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."The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith
Comment
-
News Flash
Originally posted by erchess View Post1 To generate more interest in the problems, offer prizes such as $10 off their order for people who get the right answer.
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....
Comment
-
Originally posted by JohnH View PostI'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.
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.
Comment
-
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.Last edited by JohnH; 08-11-2009, 05:23 PM. Reason: Lacking enough sense to keep my mouth shut & stay under the radar.."The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith
Comment
-
Originally posted by JohnH View PostOK, 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.JG
Comment
-
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!
SandyLast edited by S T; 08-12-2009, 08:20 PM.
Comment
-
Originally posted by Bees Knees View Post
I meant to say Cindy claimed both Mandy and Ann Marie on her return.
that error should not have affected your answer.
And no, of course it does not affect my answer, which I stated in my post:
Originally posted by BP.Did Cindy claim Mandy? Not that it matters.
Comment
Disclaimer
Collapse
This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.
Comment