New York/Connecticut Association of Tax Professionals | Rosemarie Xavier | Activity https://www.nyctatp.org/members/rosemariexavier/activity/ Activity feed for Rosemarie Xavier. Sat, 02 May 2026 03:04:05 -0400 https://buddypress.org/?v= en-US 30 hourly 2 e6e63755ace70900e18753cee5457c4f Rosemarie Xavier replied to the topic Schedule C LLC in the forum Tax Discussion https://www.nyctatp.org/forums/topic/schedule-c-llc/#post-21745 Wed, 09 Apr 2025 15:18:30 -0400 Thank you for your input.

]]> 51cfd8f36e4d7c442d30befd01409b50 Rosemarie Xavier started the topic Schedule C LLC in the forum Tax Discussion https://www.nyctatp.org/forums/topic/schedule-c-llc/ Tue, 08 Apr 2025 14:55:58 -0400 Client has established an LLC and is reporting a loss for the second year in a row. I am concerned whether the IRS might consider this a hobby as opposed to a deductible business expense.
Does have an LLC designation give the activity more credibility?

Client is a teacher by profession and is trying to establish a comic book business on the side…Read more

]]> 9d9f981c4f8c494ed957235d7ca2352f Rosemarie Xavier replied to the topic Imputed income in the forum Tax Discussion https://www.nyctatp.org/forums/topic/imputed-income/#post-21729 Mon, 24 Mar 2025 18:58:48 -0400 Thanks

]]> 7f413012aaf9b4043283f536a629505d Rosemarie Xavier replied to the topic Imputed income in the forum Tax Discussion https://www.nyctatp.org/forums/topic/imputed-income/#post-21727 Sun, 23 Mar 2025 18:27:37 -0400 It appears to me that the imputed amount is not subject to withholding tax but is taxable on the 1040 creating a large tax balance due. Am I correct in that?

]]> 5350abb452feaaa2b9dd8cac23a953ff Rosemarie Xavier started the topic Imputed income in the forum Tax Discussion https://www.nyctatp.org/forums/topic/imputed-income/ Sun, 23 Mar 2025 16:31:52 -0400 I am trying to learn more about imputed income. Client is a NYC teacher whose W-2 Box 14 shows IMP of 12,000+. Client has only W-2 income and ends up owing about $3,000 in income tax. As far as I know the $12,000 is for health insurance.

Apparently it is not subject to withholding but included in taxable income in Box 1?

Can anyone enlighten…Read more

]]> 0b2e6f4f595434241971dfb155147431 Rosemarie Xavier started the topic Is this a Scam? in the forum Tax Discussion https://www.nyctatp.org/forums/topic/is-this-a-scam/ Tue, 12 Mar 2024 15:10:35 -0400 Received a telephone call from someone supposedly living in Danbury who claims he received an IRS letter stating he owed $20,000 tax on $51,000 reported to the IRS on form 1099NEC on March 8, 2023. The reporter was supposedly my husband and he read off my husband’s full name as well as our address. He said it did not contain my husband’s Social…Read more

]]> a5aed154d1dca59c7aa0742a0ae8ee87 Rosemarie Xavier replied to the topic NYS Estate--Vanguard IRA withheld taxes and sent them to CT in the forum Tax Discussion https://www.nyctatp.org/forums/topic/nys-estate-vanguard-ira-withheld-taxes-and-sent-them-to-ct/#post-19982 Sat, 20 Jan 2024 17:17:18 -0500 Thanks.

]]> e9d350eb77186966881f10bbc842a15a Rosemarie Xavier started the topic NYS Estate--Vanguard IRA withheld taxes and sent them to CT in the forum Tax Discussion https://www.nyctatp.org/forums/topic/nys-estate-vanguard-ira-withheld-taxes-and-sent-them-to-ct/ Sat, 20 Jan 2024 00:40:30 -0500 My dilemma is that Vanguard mistakenly withheld taxes on an estate IRA and submitted them to CT. The estate is a NYS estate (the only CT connection is that the fiduciary is a CT resident)

If I file a CT 1041 to get this erroneously withheld tax back, how will CT not assume it is a CT estate? Should I just file the return showing 0 taxable…Read more

]]> feb3c9b039de7fffa55730a09f4aabce Rosemarie Xavier replied to the topic Roth RMD payable to estate in the forum Tax Discussion https://www.nyctatp.org/forums/topic/roth-rmd-payable-to-estate/#post-16722 Sun, 20 Feb 2022 00:46:34 -0500 Thank you for confirming my thinking.

]]> 336583b8554924a45d6a649286208ee5 Rosemarie Xavier started the topic Roth RMD payable to estate in the forum Tax Discussion https://www.nyctatp.org/forums/topic/roth-rmd-payable-to-estate/ Thu, 13 Jan 2022 00:28:44 -0500 Am I correct in thinking that a Roth distribution to an estate is not taxable income for purposes of the 1041?

2021 Pub doesn’t seem to be on IRS website yet.

]]> 04149ae0010ca084159d91a8c32c7546 Rosemarie Xavier replied to the topic RMD for Estate in the forum Tax Discussion https://www.nyctatp.org/forums/topic/rmd-for-estate/#post-16421 Mon, 06 Dec 2021 00:53:09 -0500 It just seems that Pub 590 is very contradictory when it comes to non individual beneficiaries. Then Five Year rule appears under bold topic of “Owner died Before Required Beginning Date” .

Then there is a section about :Figuring the Beneficiary’s Required Minimum distribution” and goes on to discuss “Death on or after required beginning date”…Read more

]]> 8924ba8b54cc50ff6a5219496764f426 Rosemarie Xavier started the topic RMD for Estate in the forum Tax Discussion https://www.nyctatp.org/forums/topic/rmd-for-estate/ Wed, 01 Dec 2021 00:47:40 -0500 Taxpayer died in April 2019. Took RMD for 2019. 2020 no RMD was required.

Am I correct in thinking that a RMD must be taken this year and is figured by subtracting 1 from the Life Expectancy table?

This is an IRA which has no designated beneficiary and is part of the estate.

]]> 2e87377ea25f59b7514a8e1591194454 Rosemarie Xavier replied to the topic FILING DEADLINE NOW JULY 15, 2020 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/filing-deadline-now-july-15-2020/#post-14079 Mon, 23 Mar 2020 14:52:26 -0400 Does extension of filing and payment date also reflect an extension to fund an IRA?

]]> fb815456408df7c3d0547b83062c4366 Rosemarie Xavier started the topic Market Place Insurance, Self Employment Deduction and Premium Tax Credit in the forum Tax Discussion https://www.nyctatp.org/forums/topic/market-place-insurance-self-employment-deduction-and-premium-tax-credit/ Thu, 04 Apr 2019 22:52:30 -0400 Taxpayer received PTC for Marketplace policy. Is filing a Schedule C-EZ.

Can taxpayer also claim self-employed health insurance premium deduction to the limit of the self-employment income which is still less than the total premiums paid.

]]> e512d79cf5ba10b9d6ade548ea554d5d Rosemarie Xavier started the topic CT Assessment of individual income tax plus penalties for year 2014 in the forum Tax Discussion https://www.nyctatp.org/forums/topic/ct-assessment-of-individual-income-tax-plus-penalties-for-year-2014/ Sat, 23 Feb 2019 19:29:46 -0500 Client received a letter in March 2018 concerning potential audit for failing to file a return for tax year 2013 which we ignored.

Now in 2019 client received a letter demanding tax of $5,000+ plus interest and penalties and has a CT Registration number which must be for a business I would think.

Client has not lived in CT since 2004 and earns…Read more

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