jasdlm

Client installed a 'Split System: Air-Cooled Condensing Unit, Coil with Blower'. I think it qualifies for a $300 credit. He has a printout from Lennox that says $500. Does anyone agree that the max on this system is $300? I know I'm tired. Thanks much.

Sorry. 72(t)(2)(A)(iii). I think it has to be the participant/employee's disability.

Does the issue revolve around whether they just rent a room, or whether you provide breakfast, maid service, etc? (E vs. C)

The really great thing is, probably half of them say 'equipment' - that's it! I'm sure the client will know exactly what $5 piece of equipment was purchased in September of 2007!

Entering a Farm Depreciation Schedule for a new client. 65 Assets. All placed in service over the last 10 years. Almost all range in cost from $5 (not a typo) to $99. WTH? Charging by the line? I realize the de minimum election does not go back 10 years, but have you all been depreciating $5 purchases? Hugs to the prior preparer. I am really enjoying entering this line by line on April 5th.

Does anyone have a template for the 'statement' you submit with the 8824 when a client like-kind exchanges one property for multiple properties? Does ATX have one of its base statements that I'm just missing for this situation? Does it attach to the efile as a .pdf? Thanks in advance. I think the most frustrating thing is knowing exactly how the numbers should flow through and not being smart enough to make the software work :(.

The 'filer's info tab' is where you go to enter birth dates, phone numbers, date of death, etc. It is not on the 1040EF tab, but rather on the 1040 tab. Definitely 6 digits right under 'check if blind'.

Thanks very much, Judy. You are a treasure.

Client had $400 in APTC. Ended up not making income minimum. Software wants to calculate payback (I'm using ATX). I cannot figure out, even though I have checked the box on the Pt I - HI Below FPL - how to get it to stop calculating the payback. Made me doubt myself, but I'm pretty sure that under §1.36B-2 Eligibility for premium tax credit there is no payback required. Please help if you can. I am spending so much time on a return with $5k income :(. Thanks much.

Hi, JB. I had a similar issue this year. Turned out that Wells Fargo did NOT do a 1099R because they considered it a 'transfer' to the other company and not a rollover. Feels weird, but I sent it through.

If that is not spelled out in the operating agreement, I wouldn't do it without having them issue a corporate resolution dictating the same (and you keep a signed copy for your file).

Were they able to negotiate the checks? Did they 1099s come in the estate SSN? You could reopen the estate, or, if they were able to negotiate the checks (not sure how), you could claim the income as IRD, keep records to respond to CP2000, and move on. This might not fly with technical peeps, and I understand, but it will be costly to reopen the estate.

Client's mother had a disclaimer trust and a survivor's trust. Survivor's trust was being filed as a Grantor Type Trust. Survivor (mother) died mid-year. Both trusts were merged after her death to one GST. I do not know the exact date of the merger. Should I simply mark the Survivor's Trust return final, do the return as a Grantor-Type Trust, and report the income on the mother's final 1040? Eeegads. I need a really good 1041 reference or CE materials. I'm always questioning myself. Small town, and they just don't come up often enough for me to feel confident. Thanks much for any opinions.

I hate that form with the power of 1000 suns.

I don't have anything useful to add, Terry, but I just wanted to let you know that I'm really sorry this happened to you.

$7,272. Take $200,000 and divide by 27.5. Neat since date in service is 1/1/14. Yes, I also ran it through my software to double-check :).

About every 3rd return, I have to completely close out of the software and reenter to get it to print.

I usually enter the Land as a nondepreciable asset separate from the building. I'm not following the question. I'm tired, so it could be that I'm just being thick. You want to enter them both on one line?

But when you DO want something, like a depreciation schedule, for example, it is NOWHERE!

I live in a college town and have done quite a few in this fashion.

This is old, but a decent article that should give you a good starting point. http://taxprof.typepad.com/taxprof_blog/files/tax_planning_for_visiting_professors.pdf

Thanks much. Am I correct that the estate expenses of administration go against income first, so even though I have more than enough charitable deductions to offset the income, I can't pass through the estate expenses? By waste, I mean that since there is no 706, no one gets the charitable deduction. Thanks to both of you for your responses. I was beginning to worry that I was asking something as basic as 'what's a 1040'. It's that time in the season!

Am I asking a really stupid question, and no one wants to tell me I'm an idiot?

Thanks, Jack. That is beyond annoying.

I can't figure out how to add a statement. I want to make a note about a specific line in a state return. I want to put 'see statement XX' next to the line, and I want to add an appropriate statement. I have been using ATX since 2002, and I can't figure out how to do this! I don't want to add a note - I actually want to reference a statement (not uncommon, but not one that ATX has 'pre designed' because it is unique to my state). Thoughts? I know this is ridiculous, but I really can't figure out how to do it.