Thank You President Trump!

If it hadn’t been for your Tax “Reform”…

wherein you “reformed” the returns, I would have likely continued to “pocket calculator” my returns for the rest of my life.

However, you gave me the impetus to finally write them up in eXcel.

poof the Fed and Va all done and printed in less than an hour.  And that included testing the “should I” on Schedule A v. Standard Deduction, and my AMT.

Thank You President Moron,

4 thoughts on “Thank You President Trump!

    1. Hey, speaking of negative offsets…

      New on year 2018’s 1099-DIV was the box “Section 199A Dividends”. These are “Qualified Business Income” Dividends (apparently REIT dividends can include a QBI deduction). These are different from Qualified Dividends in that you have to complete Form 8995 to receive an income deduction of up to 1/5 of the dividend, plus there can be a carryover.

      My question: Do YOU have have a business to use the deduction? I read the instructions, the actual section of the code, and FAQs and nowhere could I determine if an individual, who only invests through an RIC, is eligible to take the deduction.

      Any of you smart people out there have a clue? It’s not like it’ll break me, it was $500 (a $100 deduction).

      From the FAQs
      Q2. Who may take the QBI deduction?

      A2. Individuals and some trusts and estates with QBI, qualified REIT dividends or qualified PTP income may qualify for the deduction. In some cases, patrons of horticultural or agricultural cooperatives are required to reduce their deduction under section 199A(b)(7) (patron reduction).

      Going any further, you need a weed-whacker.

      Liked by 1 person

      1. Piqued my curiosity, but could not find a definitive answer. I had assumed it would be yes, but pass-through profit/business could be considered individual income..kinda vague (IRS) in their direction.

        Sooooo???

        Weed-whacker indeed.

        Liked by 1 person

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