WEBVTT 1 00:00:01.040 --> 00:00:05.200 It's night with Dan Ray. I'm tell you easy Boston 2 00:00:05.360 --> 00:00:07.360 News Radio. 3 00:00:07.599 --> 00:00:11.279 All right, We're delighted to be joined tonight by Mark Missilbeck. 4 00:00:11.480 --> 00:00:17.679 He is a CPA with a firm Cherry Beckert Advisory 5 00:00:18.000 --> 00:00:23.559 LLC located in Waltham. He's spent a lot of time 6 00:00:23.600 --> 00:00:25.679 with us tonight and he's going to spend some more time, 7 00:00:25.920 --> 00:00:29.359 as often happens with Mark, Mark, what is the best 8 00:00:29.559 --> 00:00:33.640 way someone who wanted to contact you privately? Do you 9 00:00:33.679 --> 00:00:36.960 have an email that you could share with us or 10 00:00:37.280 --> 00:00:39.640 a phone number that if you know, again, you're not 11 00:00:39.759 --> 00:00:42.719 here looking for business. You you're more than busy. But 12 00:00:42.960 --> 00:00:46.520 if anybody wanted to contact you privately, what's the best way? 13 00:00:48.119 --> 00:00:52.119 My email is Mark M A r K dot missile 14 00:00:52.200 --> 00:00:56.719 Beck M I doubles e l beckism Beck spear b 15 00:00:56.840 --> 00:01:01.320 E c K at CBH dot com. 16 00:01:01.600 --> 00:01:06.920 It's pretty easy, Mark dot Missilebeck at CBH dot com. 17 00:01:06.959 --> 00:01:09.359 We will give that a little bit later on during 18 00:01:09.400 --> 00:01:12.760 the hour in case anyone missed it as well. Let's continue. 19 00:01:12.799 --> 00:01:15.640 We have a lot of calls waiting and we'll get 20 00:01:15.680 --> 00:01:18.200 to everybody as quickly as we can. Let's go to 21 00:01:18.280 --> 00:01:21.959 Janis in Melrose. Janis you are next on Nightside with 22 00:01:22.040 --> 00:01:22.799 Mark Misselbecker. 23 00:01:22.879 --> 00:01:26.400 Right ahead, Jennis, Hi, I have a question. I always 24 00:01:26.400 --> 00:01:29.359 go over my return server carefully before I signed my name, 25 00:01:29.599 --> 00:01:33.000 and last year I found something that didn't make sense 26 00:01:33.040 --> 00:01:37.560 on Form eleven sixteen, and so I went back to 27 00:01:37.560 --> 00:01:40.239 the preparer and they said the software made a mistake. 28 00:01:40.959 --> 00:01:43.519 And there's a line on there that asks for your 29 00:01:44.079 --> 00:01:50.120 income all sourced income, and the software grabbed my adjusted 30 00:01:50.159 --> 00:01:57.120 gross income which includes subtraction for capital gain losses, and 31 00:01:57.239 --> 00:01:59.640 if I understand correctly, what they're looking for in that 32 00:01:59.719 --> 00:02:04.719 line is all sorts of income and they don't count 33 00:02:04.760 --> 00:02:08.039 any losses. It's just what was your income? Is that correct? 34 00:02:10.199 --> 00:02:13.919 I believe that they do met the capital gains against 35 00:02:13.960 --> 00:02:17.520 the capital losses on scheduled d to get to the 36 00:02:17.520 --> 00:02:20.520 income to be reported on the return. So I'm not 37 00:02:20.520 --> 00:02:23.159 so sure that the mistake was making that was made 38 00:02:23.199 --> 00:02:25.120 in the calculations. 39 00:02:26.240 --> 00:02:30.280 My question is about the software and the preparer's use. 40 00:02:30.639 --> 00:02:33.560 Is there a standard software they used, because I had 41 00:02:33.599 --> 00:02:37.360 another preparer and they always did it the way that 42 00:02:37.439 --> 00:02:40.800 I just mentioned to you, and then this new preparer 43 00:02:41.080 --> 00:02:43.240 they admitted that it was a mistake, but they said 44 00:02:43.479 --> 00:02:46.000 the software just grabbed the long amount and it made 45 00:02:46.000 --> 00:02:49.680 a difference between not having to pay estimated taxes and 46 00:02:49.759 --> 00:02:52.479 having to pay a sizeable estimated tax. 47 00:02:52.680 --> 00:02:56.360 Because you've got the mistake. 48 00:02:56.680 --> 00:02:59.639 Well, I knew something was wrong because the bottom line, 49 00:02:59.759 --> 00:03:03.840 it was telling me that I could take a credit 50 00:03:03.879 --> 00:03:07.479 for most of my foreign taxes. And every other year 51 00:03:07.560 --> 00:03:10.560 I've only been allowed to take a small, a small 52 00:03:10.639 --> 00:03:13.719 percentage of my foreign taxes as a credit and then 53 00:03:13.759 --> 00:03:18.400 everything else was carried over. So I'm I noticed that 54 00:03:18.639 --> 00:03:21.960 something was different because I've never been allowed to take 55 00:03:21.960 --> 00:03:23.800 that large amount. I'm sorry. 56 00:03:24.919 --> 00:03:27.479 How large is the amount of your foreign taxes? 57 00:03:28.520 --> 00:03:28.960 Last year? 58 00:03:28.960 --> 00:03:32.479 It was six hundred? It was higher six hundred, and 59 00:03:32.560 --> 00:03:34.280 they were telling me I could take most of it, 60 00:03:34.319 --> 00:03:38.080 and usually it's around three hundred. Actually it may have 61 00:03:38.080 --> 00:03:40.479 been three it was three year six. I'm not sure. 62 00:03:40.520 --> 00:03:42.840 It's been a while, but okay, So what is the 63 00:03:42.960 --> 00:03:44.240 question that you have from Mark? 64 00:03:44.599 --> 00:03:48.479 My question is about software, and I go over everything 65 00:03:48.520 --> 00:03:51.159 so thoroughly. Now do I have to check everything and 66 00:03:51.800 --> 00:03:56.919 which is right that I which amount is supposed to 67 00:03:56.960 --> 00:03:57.800 be engined on farm? 68 00:03:57.800 --> 00:03:57.919 Once? 69 00:03:58.520 --> 00:04:01.240 Well, not knowing the I want to take a talk 70 00:04:01.319 --> 00:04:04.159 off the hook here, Mark, let's at me jump in 71 00:04:04.159 --> 00:04:06.439 for a second, not knowing who you prepare or was 72 00:04:06.520 --> 00:04:10.759 not knowing really what software they were using. If there 73 00:04:10.800 --> 00:04:14.039 was a mistake that you caught, great, I still don't 74 00:04:14.120 --> 00:04:17.000 quite understand what you're asking Mark, But if Mark, if 75 00:04:16.639 --> 00:04:19.120 you if you feel you can answer the question, go ahead. 76 00:04:20.920 --> 00:04:23.959 There are a number of software packages out there and 77 00:04:24.040 --> 00:04:29.639 different firms use different professional software packages to handle the 78 00:04:29.680 --> 00:04:32.360 complexities of all the returns that we deal with that 79 00:04:32.519 --> 00:04:37.240 can be incorporated in those returns, and usually they do 80 00:04:37.319 --> 00:04:41.240 a very good job of the interpreting the law. Once 81 00:04:41.279 --> 00:04:44.399 in a while we have to do it an override 82 00:04:45.120 --> 00:04:49.360 and put in a number because the software, to our interpretation, 83 00:04:49.519 --> 00:04:55.319 is not handling it correctly. But this category usually is 84 00:04:56.680 --> 00:04:59.839 taking care of well and we've come to rely on 85 00:05:00.079 --> 00:05:06.199 their expertise in interpretations. Myself, I gotta admit I would 86 00:05:06.199 --> 00:05:10.759 have to go back double check on the calculations to 87 00:05:10.839 --> 00:05:14.560 be certain myself, and I can't answer it off hand tonight, 88 00:05:16.040 --> 00:05:18.120 WI me an email, I will take a look at 89 00:05:18.199 --> 00:05:18.920 it and answer you. 90 00:05:19.519 --> 00:05:21.920 Okay, So what you're saying is you can't answer what 91 00:05:22.040 --> 00:05:24.279 they're actually looking for on that line? Is that what 92 00:05:24.279 --> 00:05:24.439 you do? 93 00:05:25.040 --> 00:05:27.720 But I can tell you that there is an optional 94 00:05:27.800 --> 00:05:30.600 election to take up to four hundred dollars. I think 95 00:05:30.639 --> 00:05:35.240 it is without going through these computations. You don't get 96 00:05:35.240 --> 00:05:39.480 to carry forward of whatever is in excess of that amount. 97 00:05:39.800 --> 00:05:42.240 But if you were getting less than that, you may 98 00:05:42.279 --> 00:05:44.399 want to consider making that election. 99 00:05:45.120 --> 00:05:48.199 Is that Form three or no? 100 00:05:48.199 --> 00:05:52.639 No? That is ok. In place of filing the eleven 101 00:05:52.759 --> 00:05:56.639 sixteen and going through all the calculations, you can just 102 00:05:56.680 --> 00:05:57.920 take the flat amount. 103 00:06:00.199 --> 00:06:03.560 But even when you go through all the calculations, it 104 00:06:03.600 --> 00:06:05.600 tells you you can only take one hundred out of 105 00:06:05.600 --> 00:06:07.759 six hundred, and then. 106 00:06:07.839 --> 00:06:09.639 You can do again. 107 00:06:09.720 --> 00:06:12.040 I say again, as I recall, you can make this 108 00:06:12.120 --> 00:06:16.199 election and take the flat amount without doing the calculations. 109 00:06:16.399 --> 00:06:19.040 Okay. I just wanted to make one other point. The 110 00:06:19.040 --> 00:06:23.120 previous caller was talking about something that he got over 111 00:06:23.199 --> 00:06:25.920 sixty five, and I thought he was talking about Massachusetts, 112 00:06:25.959 --> 00:06:28.680 and I wondered if he was referring to the Seniors 113 00:06:29.519 --> 00:06:31.759 Circuit breaker whatever I. 114 00:06:31.720 --> 00:06:36.600 Wanted to see. The Senior Circuit breaker is a tax credit. 115 00:06:37.759 --> 00:06:42.519 So my understanding, the door denies everyone that's been submitted 116 00:06:42.560 --> 00:06:45.480 and forces you to submit all kinds of paperwork to 117 00:06:45.639 --> 00:06:50.639 document your entitlement to that credit. There is an additional 118 00:06:50.879 --> 00:06:55.120 exemption that MASS allows if you're over sixty five, right, 119 00:06:55.319 --> 00:06:59.240 I'd give you an additional standard deduction over and above 120 00:06:59.360 --> 00:07:02.680 what you know normally would get if you're filing single. 121 00:07:03.120 --> 00:07:09.000 The standard deduction for twenty twenty four would be fourteen thousand, 122 00:07:09.319 --> 00:07:12.800 six hundred. Last year was thirteen eight fifty, and if 123 00:07:12.800 --> 00:07:16.480 you're over sixty five, you would get an additional one thousand, 124 00:07:16.560 --> 00:07:19.439 eight hundred and fifty. Last year one thousand, nine hundred 125 00:07:19.480 --> 00:07:20.319 and fifty. This year. 126 00:07:20.920 --> 00:07:22.879 Okay, all right, I just thought. 127 00:07:22.600 --> 00:07:25.480 He Rachel, I hate to do this year. Rachel, I 128 00:07:25.519 --> 00:07:28.319 got other callers and we're just we're I got to 129 00:07:28.360 --> 00:07:30.199 get you out of the weeds here. Okay, thank you 130 00:07:30.279 --> 00:07:37.160 so much, thanks for calling. Good night. You know, there's 131 00:07:37.160 --> 00:07:40.519 a point mark where I think people are she's getting 132 00:07:40.560 --> 00:07:44.079 really deep into her own tax return, and yeah, she's 133 00:07:44.160 --> 00:07:47.279 asking questions which I think are on a little unfair. 134 00:07:47.519 --> 00:07:50.040 But anyway, we'll continue along six one, seven, two, five, 135 00:07:50.079 --> 00:07:53.439 four ten thirty six one seven, nine, three, one ten thirty. 136 00:07:54.040 --> 00:07:56.759 Feel free give us a call, be right back on 137 00:07:56.879 --> 00:07:57.240 night Side. 138 00:07:58.240 --> 00:08:01.199 Now back to Dan ray I from the Window World 139 00:08:01.240 --> 00:08:04.000 in Night six Studios on WBZ. 140 00:08:03.720 --> 00:08:07.439 The news radio Okay, we got full lines. Let's keep 141 00:08:07.519 --> 00:08:10.079 rolling here, Mike. I want to try to give as 142 00:08:10.120 --> 00:08:12.600 many people as possible a chance to chat with you. 143 00:08:12.680 --> 00:08:15.000 Let's go to Marry and Boston. Marry you next on Nightsager, 144 00:08:15.040 --> 00:08:15.480 Right ahead. 145 00:08:17.000 --> 00:08:20.560 Yes, I have a checking account I just opened, so 146 00:08:20.720 --> 00:08:23.279 I don't get no interest on that account. So do 147 00:08:23.360 --> 00:08:25.240 I have to claim that on my income tax? 148 00:08:26.879 --> 00:08:29.120 If you have no interest paid, you have no interest 149 00:08:29.199 --> 00:08:29.759 to declare? 150 00:08:31.519 --> 00:08:34.879 Oh okay, and it's the minimum you have to have 151 00:08:35.000 --> 00:08:35.759 in that account. 152 00:08:36.120 --> 00:08:42.440 No, that's a banking question. It's a ten dollars for 153 00:08:42.600 --> 00:08:46.799 reporting purposes. If the bank didn't pay you more than 154 00:08:46.840 --> 00:08:49.559 ten dollars of interest, it doesn't have to tell you 155 00:08:50.240 --> 00:08:53.000 and the irs how much it paid you an interest. 156 00:08:53.720 --> 00:08:57.840 The obligation to report all of the interest income, all 157 00:08:57.879 --> 00:09:01.159 income from whatever source derived, even though the bank doesn't 158 00:09:01.200 --> 00:09:03.519 turn you into the I R S, is still your 159 00:09:03.519 --> 00:09:05.039 obligation to put it on your return. 160 00:09:09.759 --> 00:09:11.840 Okay. But if I don't have no interest, I don't 161 00:09:11.879 --> 00:09:12.720 have to claim. 162 00:09:12.399 --> 00:09:17.240 It, right Yepkay, No, you don't have to unless you 163 00:09:17.279 --> 00:09:19.840 want to be charitable to the United States Treasury. You 164 00:09:19.840 --> 00:09:21.799 don't have to put fanom income on your return. 165 00:09:24.200 --> 00:09:26.120 Okay. Okay, thank you. 166 00:09:26.639 --> 00:09:31.159 Okay, thanks Mary, good luck, Okay, thanks, thank you, good night. 167 00:09:31.399 --> 00:09:33.639 Sounds like a sweet lady wants to do the right thing. 168 00:09:34.240 --> 00:09:38.279 The irs must have taxpayers like that. Fred is in Wooburn. Fred, 169 00:09:38.320 --> 00:09:39.840 you were on with Mark Misselbecker. 170 00:09:39.879 --> 00:09:43.519 Right ahead, Yeah, Dan and Mack. Thanks for having me 171 00:09:43.639 --> 00:09:48.200 taking my call. Mine's really quick. My wife has not 172 00:09:48.320 --> 00:09:53.080 received her Selfial Security W two form yet. She's gotten 173 00:09:53.120 --> 00:09:55.559 everything else except for that one. 174 00:09:56.480 --> 00:09:57.120 What can I do? 175 00:09:57.200 --> 00:10:00.519 I'll call them and I'm on hold for days. 176 00:10:01.279 --> 00:10:04.360 If you've set up an account with the SSA, you 177 00:10:04.399 --> 00:10:07.679 should be able to go in there and obtain the 178 00:10:07.720 --> 00:10:11.480 ten ninety nine SSA and print it off. It's either 179 00:10:11.519 --> 00:10:14.600 ten nine SSA or SSA ten ninety nine. I forget 180 00:10:14.600 --> 00:10:18.240 offhand which designation it is. It's in the ten ninety 181 00:10:18.279 --> 00:10:21.440 nine series, but they post it to their website, and 182 00:10:21.480 --> 00:10:24.320 if you have an account with a secure log in, 183 00:10:24.919 --> 00:10:26.279 you should be able to find it there. 184 00:10:27.720 --> 00:10:28.919 I'll check that out tomorrow. 185 00:10:28.960 --> 00:10:29.879 I really appreciate it. 186 00:10:29.919 --> 00:10:31.039 You guys. Have a great night. 187 00:10:31.519 --> 00:10:33.480 Yeah. By the way, let me give you the account. 188 00:10:33.759 --> 00:10:37.879 It is SSA dot gov. We'll get you where you 189 00:10:37.960 --> 00:10:40.360 got to get to. Okay, and you can either create 190 00:10:40.399 --> 00:10:44.000 an account. It's just SSA lowercase dot gov. 191 00:10:45.360 --> 00:10:48.320 Thanks Daniel the man, all right, you're very. 192 00:10:48.159 --> 00:10:54.559 Welcome, Fred boy. That's that's frustrating that the Social Security 193 00:10:54.600 --> 00:10:57.559 would not send her. I'm looking at my account and 194 00:10:57.639 --> 00:10:59.440 I check it every once in a while, but. 195 00:11:01.519 --> 00:11:04.679 They send out all kinds of communications. They do it 196 00:11:04.720 --> 00:11:09.080 electronically if you have an account. But is the blame 197 00:11:09.120 --> 00:11:11.559 with the Social Security Administration for not sending it out 198 00:11:11.559 --> 00:11:13.679 of the US prostal service for not delivering it? 199 00:11:14.159 --> 00:11:19.559 Wait, that's a coin flip market that therever was. Let's 200 00:11:19.639 --> 00:11:22.279 keep rolling. Head going to one of my favorite callers, 201 00:11:22.399 --> 00:11:26.080 Betty on the Boat. Betty on the Boat, welcome back. 202 00:11:26.159 --> 00:11:28.399 You're on with Mark Misselbecker. Right ahead, Betty. 203 00:11:29.159 --> 00:11:34.399 Good evening, gentlemen. I have a complicated scenario. My husband 204 00:11:34.480 --> 00:11:41.840 died and when his real estate was sold, twenty seven 205 00:11:41.919 --> 00:11:46.399 thousand dollars of the proceeds of the estate received and 206 00:11:46.519 --> 00:11:52.799 turned back to my insurance carrier under the Medicare advantage 207 00:11:52.879 --> 00:12:00.759 lean and now do I report that as a cost 208 00:12:00.879 --> 00:12:04.200 of the estate or as my personal income? Because they 209 00:12:04.279 --> 00:12:10.080 paid a bill for me, not for him. 210 00:12:10.399 --> 00:12:15.919 Is there anybody running the estate appointed to settle his affairs. 211 00:12:16.759 --> 00:12:19.039 I am, I'm the personal representative. 212 00:12:19.399 --> 00:12:24.200 Okay. Now, was the property titled in joint names yours 213 00:12:24.200 --> 00:12:25.399 and his or his alone? 214 00:12:28.039 --> 00:12:36.919 It was his property, but it gets money here. It 215 00:12:36.960 --> 00:12:41.440 was never to be put in my name for purposes. 216 00:12:42.120 --> 00:12:49.679 So you but the estate name the estate would be 217 00:12:49.720 --> 00:12:52.799 responsible for reporting the sale. If the property was sold 218 00:12:52.799 --> 00:12:55.799 while the estate was open, if it was transferred over 219 00:12:55.840 --> 00:12:59.600 to you, you would be responsible. However, there should be 220 00:12:59.639 --> 00:13:04.360 a valuevaluation obtained as to the value of the property 221 00:13:04.399 --> 00:13:07.279 at his date of death, and that would become the 222 00:13:07.320 --> 00:13:11.720 tax cost. So if we were thirty thousand, you had 223 00:13:12.039 --> 00:13:15.679 a broker's fee and legal fees to execute the sale, 224 00:13:16.799 --> 00:13:19.360 those would be charged against the thirty thousand to get 225 00:13:19.399 --> 00:13:21.519 to the twenty seven thousand. But you still have a 226 00:13:21.559 --> 00:13:24.480 thirty thousand costs for the property. You actually be able 227 00:13:24.480 --> 00:13:26.399 to report a capital loss on the sale. 228 00:13:27.320 --> 00:13:32.399 Okay. But what I'm asking is about the Medicare lean. 229 00:13:33.000 --> 00:13:39.679 The statutory medicare leans that if you have any outstanding 230 00:13:39.840 --> 00:13:40.799 bills due to. 231 00:13:44.240 --> 00:13:47.240 Personally they were if they were if they were unpaid 232 00:13:47.279 --> 00:13:50.679 medical bills, then there may be a medical deduction in 233 00:13:50.720 --> 00:13:54.159 favor of the estate, but not for you as an individual. 234 00:13:55.240 --> 00:14:00.679 Because it was more medical bills that they took ah 235 00:14:00.679 --> 00:14:04.919 out of his estate, and he was never a member 236 00:14:05.039 --> 00:14:12.399 of that insurance company. So is that my income are 237 00:14:13.840 --> 00:14:14.840 his debt service? 238 00:14:16.879 --> 00:14:21.879 It's your satisfaction of your medical bills out of the 239 00:14:21.919 --> 00:14:26.240 proceeds of inheritance the real estate. You may have a 240 00:14:26.240 --> 00:14:31.159 capital loss from the sale of the real estate long term, 241 00:14:31.240 --> 00:14:35.360 because at death it's automatically considered to be a long 242 00:14:35.440 --> 00:14:39.320 term asset for you, and you have the potential of 243 00:14:39.360 --> 00:14:43.000 itemizing your deductions and claiming a medical deduction for the 244 00:14:43.039 --> 00:14:47.320 medical expenses that have finally been paid with those funds 245 00:14:47.399 --> 00:14:51.639 on my behalf. Yeah, you really need to talk to 246 00:14:51.679 --> 00:14:56.399 somebody about having a return prepared taking into account those 247 00:14:56.440 --> 00:14:57.919 elements this year. 248 00:14:58.240 --> 00:14:58.440 Yeah. 249 00:14:59.120 --> 00:15:01.559 The reason I add SI stands there was a lady 250 00:15:01.600 --> 00:15:04.080 about a half hour ago who'd been in the hospital 251 00:15:04.120 --> 00:15:08.120 for two days post accident and had an insurance settlement, 252 00:15:09.120 --> 00:15:13.320 and that just brought this question right into mind about 253 00:15:13.360 --> 00:15:15.080 the Medicare lean. 254 00:15:18.639 --> 00:15:20.679 When did your husband pass. 255 00:15:22.600 --> 00:15:25.799 In two thousand and three, but it was an ongoing battle, 256 00:15:28.159 --> 00:15:29.159 it's a long time ago. 257 00:15:29.240 --> 00:15:31.320 Then you may not you may not have a basis 258 00:15:31.360 --> 00:15:36.039 in the time the property sufficient to cover the proceeds. 259 00:15:36.679 --> 00:15:38.840 You may have a profit to report, but then you 260 00:15:38.879 --> 00:15:42.600 get the medical deduction on payoff of those, so it 261 00:15:42.720 --> 00:15:47.600 may help you to offset the gain in your return. Again, 262 00:15:48.559 --> 00:15:52.200 you need to talk to somebody have have them prepare 263 00:15:52.240 --> 00:15:53.200 your return this year. 264 00:15:54.159 --> 00:15:57.399 Yeah, not too many people are aware of the statutory 265 00:15:57.480 --> 00:15:59.360 medical lean and litigation. 266 00:16:00.559 --> 00:16:00.960 Mm hmm. 267 00:16:01.919 --> 00:16:07.480 Well I think I think that you know, Mark has 268 00:16:07.519 --> 00:16:08.480 been pretty clear. 269 00:16:08.279 --> 00:16:12.919 Here again and what he's saying completely, but you know, 270 00:16:13.080 --> 00:16:15.320 I just like to pass the word that there is 271 00:16:15.360 --> 00:16:15.960 such a thing. 272 00:16:17.440 --> 00:16:20.120 Okay, well, sorry about the loss of your husband. And 273 00:16:20.840 --> 00:16:23.759 do you normally have someone prepare your taxes you know, 274 00:16:23.799 --> 00:16:24.279 every year? 275 00:16:25.360 --> 00:16:25.440 No? 276 00:16:27.759 --> 00:16:31.679 Okay, well this this might be the year that you 277 00:16:31.759 --> 00:16:34.399 might want to get this this buttoned up, I think, 278 00:16:34.519 --> 00:16:35.440 is what Mark is saying. 279 00:16:36.399 --> 00:16:43.600 Yeah. I agree, but I you know, it's the whole 280 00:16:43.600 --> 00:16:48.559 thing is just infuriating to me that what what happened 281 00:16:48.600 --> 00:16:52.000 is it's it's it's the sale of that property and 282 00:16:52.039 --> 00:16:56.879 that I was shafted six ways to Sunday. Yeah, that's 283 00:16:56.919 --> 00:16:57.279 not the. 284 00:16:57.879 --> 00:17:00.759 That's not the I R. S is problem at this point. 285 00:17:00.840 --> 00:17:01.799 That's my problem. 286 00:17:02.480 --> 00:17:07.240 Yeah, and the IRS is. I just always feel it's 287 00:17:07.279 --> 00:17:10.200 smart to get yourself squared away with the irs so 288 00:17:10.359 --> 00:17:13.960 that nothing doesn't come back and invite you, you know, 289 00:17:14.279 --> 00:17:15.359 sometime down the road. 290 00:17:16.359 --> 00:17:19.960 Yeah, well, I hope all as well with you Mustard 291 00:17:19.960 --> 00:17:22.000 in the family, all right. 292 00:17:21.880 --> 00:17:25.319 Okay, Muster of the dog. Thanks Patty, be well. 293 00:17:25.160 --> 00:17:27.400 Okay, thank Ker, and thank you for taking my call. 294 00:17:27.920 --> 00:17:31.640 You're very welcome again. Mark. It's interesting, just a number 295 00:17:31.680 --> 00:17:35.160 of issues that you deal with here. We'll continue. I 296 00:17:35.200 --> 00:17:38.480 got Bruce and Howell Rebecca in Milford, and all of 297 00:17:38.519 --> 00:17:40.240 a sudden, I got a couple of open lines. If 298 00:17:40.240 --> 00:17:43.559 you were trying to get through before the latest, that 299 00:17:44.119 --> 00:17:46.519 market is going to be gone by eleven, So now 300 00:17:46.599 --> 00:17:48.880 is the time to call six one, seven, two, five, 301 00:17:48.920 --> 00:17:52.359 four ten thirty six one seven, nine, three, one ten thirty. 302 00:17:52.599 --> 00:17:54.599 Feel free. You can get in on either of those 303 00:17:54.680 --> 00:17:56.920 lines at this point. My name's Dan Ray. Will take 304 00:17:56.920 --> 00:17:58.759 a quick break here for news at the bottom of 305 00:17:58.759 --> 00:18:02.240 the hour, and we'll be back back with certified public accountant, 306 00:18:02.440 --> 00:18:06.000 long time tax expert, who has been a guest in 307 00:18:06.039 --> 00:18:09.799 this program for fifteen tax seasons, going back at least 308 00:18:09.839 --> 00:18:13.960 to twenty eleven, and before that, maybe even longer than 309 00:18:14.000 --> 00:18:17.799 we both realized. We're both we're both we've been doing 310 00:18:17.799 --> 00:18:20.039 this longer than you could imagine. Mark, You've been doing 311 00:18:20.039 --> 00:18:23.599 this how many? How many years professionally, putting aside your 312 00:18:23.599 --> 00:18:26.079 appearances here on Nightside. 313 00:18:26.440 --> 00:18:28.599 Working my way through my fifty third year. 314 00:18:29.039 --> 00:18:31.880 Fifty three years. Okay, So you know, I think you're 315 00:18:31.920 --> 00:18:33.960 probably getting pretty good at it, that's for sure. It's 316 00:18:34.000 --> 00:18:37.799 amazing to me the breadth and depth of knowledge that 317 00:18:37.880 --> 00:18:41.279 you have on all of these questions. Back on Nightside 318 00:18:41.319 --> 00:18:44.039 with Mark Missilbeck. Mark, this is about a three minute break. 319 00:18:44.079 --> 00:18:45.680 We'll be back at it about three three and a 320 00:18:45.720 --> 00:18:52.000 half minutes. Back on night Side. Right after this, you're. 321 00:18:51.839 --> 00:18:58.400 On Night Side with Dan Ray on WBZ, Boston's news radio. 322 00:18:58.559 --> 00:19:02.279 We're talking with Mark Misselback. He is a CPA, been 323 00:19:02.319 --> 00:19:04.880 doing this for a while. He's been doing it for 324 00:19:04.880 --> 00:19:06.960 a while for us here at Nightside. He gives them 325 00:19:07.880 --> 00:19:12.920 volunteers his time and he's an amazing CPA. With Cherry 326 00:19:13.039 --> 00:19:18.119 Beckhart Advisory LLC out of Waltham, Massachusetts. Let's get right 327 00:19:18.160 --> 00:19:20.559 back to the calls. Don't want people to wait too long. 328 00:19:20.640 --> 00:19:22.920 Let me go to Bruce in Hull. Hey, Bruce, welcome, 329 00:19:22.960 --> 00:19:27.039 You're next on Nice Side with CPA Mark Misselbecker. Right ahead, Bruce. 330 00:19:27.759 --> 00:19:31.559 Dan Thanks for taking my call. Mark, Welcome to the 331 00:19:31.960 --> 00:19:36.079 Night Side Show. My question is two parts. One, I've 332 00:19:36.079 --> 00:19:39.519 been led to believe through news. I believe that Ronald 333 00:19:39.519 --> 00:19:44.039 Reagan passed the law preventing federal employees from getting Social 334 00:19:44.079 --> 00:19:46.680 Security but they could get up to forty percent of 335 00:19:46.680 --> 00:19:51.279 what they're entitled. And President Joe Biden reversed that or 336 00:19:51.400 --> 00:19:54.880 passed the new law entitling federal retirees to one hundred 337 00:19:54.920 --> 00:19:57.599 percent of their benefits if they're entitled. 338 00:19:57.640 --> 00:20:03.720 Am I correct? There? During the Reagan administration, working with 339 00:20:03.799 --> 00:20:07.559 the Congress, there was a limitation imposed on the benefits 340 00:20:07.640 --> 00:20:11.440 under Social Security that could be realized. It was deemed 341 00:20:11.440 --> 00:20:14.319 a double dipping to have both the government funded tension 342 00:20:14.920 --> 00:20:20.319 and the government funded Social Security benefits. And Biden didn't 343 00:20:20.359 --> 00:20:23.839 get it pasted himself. The Congress, in concert with the 344 00:20:23.839 --> 00:20:29.079 Biden administration, struck a deal, passed the law and expanded 345 00:20:29.359 --> 00:20:33.599 the participation two hundred percent. Yes in social scarity, if 346 00:20:33.599 --> 00:20:38.519 there are sufficient credits outside of the government for contributions 347 00:20:38.559 --> 00:20:41.920 into the Social Security system to warrant getting the benefits. 348 00:20:42.599 --> 00:20:46.039 Is that the ten years to forty quarters that we've 349 00:20:46.119 --> 00:20:46.960 heard so much about. 350 00:20:47.079 --> 00:20:49.480 Mark exactly. Yes, Okay. 351 00:20:52.559 --> 00:20:55.000 What I'm trying to do, I'll be quite blunt and 352 00:20:55.079 --> 00:20:59.599 pulling and plain about it is. I now understand that 353 00:20:59.640 --> 00:21:01.200 I'm in I had litt one hundred percent of my 354 00:21:01.279 --> 00:21:04.079 benefits and I only need twelve quarters, which is three 355 00:21:04.160 --> 00:21:07.799 years of working. Well, I'm lazy, I retired. I don't 356 00:21:07.839 --> 00:21:10.559 want to work for anybody, and so I came up 357 00:21:10.599 --> 00:21:13.720 with this IDM sheuer, sir, somebody else has already done it. 358 00:21:14.160 --> 00:21:18.160 I want to be self employed for three years, pay 359 00:21:18.279 --> 00:21:22.039 my twelve quarters into social Security, and then the end 360 00:21:22.079 --> 00:21:25.480 of the third year apply to receive social Security because 361 00:21:25.519 --> 00:21:29.640 I think in the end it will benefit me as 362 00:21:29.680 --> 00:21:32.920 long as I live a while. It's going to benefit 363 00:21:33.000 --> 00:21:34.559 me financially. 364 00:21:35.480 --> 00:21:37.960 Me, that's for sure. Right, Okay, go. 365 00:21:37.920 --> 00:21:41.960 Ahead, let me say that four quarter. I'm sorry, Go ahead, 366 00:21:43.359 --> 00:21:46.599 I am not. I'm sorry, Mark. So, I am not 367 00:21:46.680 --> 00:21:53.119 a social Security benefits expert, and my knowledge is glancing 368 00:21:53.240 --> 00:21:56.079 in that area, and I can only speak to the 369 00:21:56.119 --> 00:21:59.640 social Security taxes you might have to pay. You need 370 00:21:59.680 --> 00:22:03.200 to insult with someone who is a social Security benefits 371 00:22:03.519 --> 00:22:09.519 advisor about whether this strategy is viable or not. Very 372 00:22:09.720 --> 00:22:12.599 very you have to have profits. You would have to 373 00:22:12.640 --> 00:22:16.440 have profits from your self employment business to get credits 374 00:22:16.519 --> 00:22:18.279 for Social Security benefits. 375 00:22:19.680 --> 00:22:21.799 Yes, and I'm willing to pay that out of my 376 00:22:22.000 --> 00:22:25.160 pocket because I think I don't want to go to 377 00:22:25.240 --> 00:22:28.599 work for somebody to get my forty credits. But I figured, okay, 378 00:22:28.599 --> 00:22:36.000 but I'll start a business. 379 00:22:33.519 --> 00:22:35.880 Whether or not the strategy is viable, whether or not 380 00:22:36.039 --> 00:22:39.960 it's twelve quarters for you, is something that somebody who 381 00:22:40.160 --> 00:22:43.640 deals in Social Security benefits would have to advise you. 382 00:22:43.720 --> 00:22:47.119 And not mes very good advice, excellent advice, Mark, thank you. 383 00:22:47.799 --> 00:22:50.799 Okay, Yeah, Bruce, I understand your theory. I hope it 384 00:22:50.839 --> 00:22:55.079 works for you. That's that is for sure. And obviously 385 00:22:55.160 --> 00:22:57.079 at some point, not only do you have to figure 386 00:22:57.119 --> 00:23:00.519 out whether or not your plan is up the blet, 387 00:23:00.720 --> 00:23:03.559 but then also what the minimum you know, the the 388 00:23:03.559 --> 00:23:05.480 earnings would have to be, and how you would how 389 00:23:05.519 --> 00:23:09.160 you would fund that, et cetera. And obviously you want 390 00:23:09.200 --> 00:23:11.240 to make sure that if you do it, you do 391 00:23:11.319 --> 00:23:15.400 it correctly, because the worst thing that would be to 392 00:23:15.440 --> 00:23:17.720 do it and then be denied the benefits because it 393 00:23:17.759 --> 00:23:21.599 wasn't done correctly. So I don't know how you would 394 00:23:21.599 --> 00:23:26.319 find a Social Security benefit benefits advisor. There are people 395 00:23:26.359 --> 00:23:29.039 out there that you can that you can talk to 396 00:23:30.000 --> 00:23:34.160 if you have trouble uh finding someone in that category. 397 00:23:34.319 --> 00:23:36.519 If you want to give me a call, I'd ask 398 00:23:36.559 --> 00:23:38.200 you to try to do it on your own. If 399 00:23:38.200 --> 00:23:39.559 you want to give me a call, I can try 400 00:23:39.559 --> 00:23:42.559 to help you find someone who would be qualified to 401 00:23:42.599 --> 00:23:45.079