jklcpa

She's a prime candidate to use TT that would allow her to see the bal due/refund change with every fabrication additional business expense or deduction she made up forgot on her first attempt. /sarcasm

I found it for Drake. To set globally - from the menu, choose Setup>Options, then the tab for "Optional Items on Return" At the right side, there's a box with drop down choices with Preparer 1, 2, etc. Click "OK" to save.

I don't have a macro set up and that box is checked on all of my Drake returns. There might be an option in the setup that is allowing it to check them automatically, and those settings are rolling forward each year. It's been so long I don't remember, so when I get back to my desktop I'll check it out.

I'm glad you finally came out of lurking. Pretty soon when the season's over and we'll be back to the die hard skeleton crew that sticks around for the rest of the year. Now I have The Beatles "Hello, Goodbye" stuck in my head.

In general, you are correct that it is probably all nontaxable. That is true as long as none of the medical expenses were included in medical expenses on Schedule A in prior years that provided some tax benefit. If any of those medical expenses were on Sch A in prior years did provide a tax benefit, then the portion of the settlement for those expenses that were previously deducted would be taxable as "other income" because it's a recovery. You are also correct about not deducting medical expenses paid with the settlement because that would be double dipping. In effect, those medical bills were paid by someone else.

I considered that, but for the election to be valid, it would have had to be made during the initial tax year. It's clear in sec 1.645-1(c)(1)(i). Here is that paragraph from the cite with the specific sentence bolded that answers point. Please note that it says "first taxable year of the related estate (regardless of whether there is sufficient income to require the filing of that return)":

If you are asking if the initial year can end on 12/31/17, the answer is 'no' because the estate's initial year can't extend beyond 12 months from the DOD. If you wanted a calendar year for the combined estate & trust, that first period would have been little more than a week and ended on 12/31/16, and the election should have been made by filing it with the initial return by the due date that would have been 4/15/17, or the extended date that has also run out. Since you are just now asking, I'll assume that no fiscal year was chosen for the estate, and no extension filed. Even if the estate chose the very latest fiscal year of 11/30/17, unless it got an extension the return is already late, so the 645 election is not be possible at all now no matter what year end is chosen.

I have no idea if this will help since I no longer use ATX, but the instructions for the 540NR and column E of the CA540NR say that the cap gain figure in col E is pulled from the California Sch D. I'm just guessing, but if the program isn't generating that form, perhaps that is your problem and you have to find a way to key the data to make that happen. Another guess would be to input the sources of all CGDs as Federal only, then enter again designated as state-only input with appropriate amounts broken down by each state. Just my best guess.

Who'll be our next Star? You all know the drill. You can't win unless you shoot, so give it your best shot.

No, I wouldn't do that. That is for an asset that is scrapped for -0- dollars in return. Doing that would also remove the asset from the return this year and would not rollover for next year when the sale occurs. Isn't there a choice for "retired" or "out of service"? As far as the renovations to add to basis without depreciation, there should also be a choice to add an item as basis that is nondepreciable, similar to land. If no other way, add it as a depreciable and either override the depreciation to be -0- or use the same method as for the basis that's already on there (retired or out of service).

Tom got his wish! Final tally: Terry D - 6 WITAXLADY- 5 ILLMAS - 7 BulldogTom - 8

Delaware testamentary trust administered entirely in DE purchased house in Maryland as a rental property. For 2017 this MD rental has a small loss. No other activity or income in the trust, and trust has no requirement to distribute income anyway. No distributions of any income or corpus. No beneficiary is getting a K-1. I think I found the answer that this would not require any filing in MD unless there was a MD beneficiary getting a K-1 with income distributed. Is this correct that there is no other sort of filing for this in MD? Thanks.

This all reminds me of a former coworker who would hear things like this, about any subject and not just tax return volume, and he'd laugh and ask the person "bragging or complaining?" Thanks for the laugh and reviving a fond memory! Everyone has their own comfortable speed and rhythm at which they work best and most efficiently. Never make a mistake? Maybe the person is working too slow. Too many and the person is either incompetent, over his head, sloppy, or working too fast. We are only human, and each of us makes some mistakes now and again.

The mutual fund doesn't pass through its net losses to shareholders but carries those forward to offset gains in future years, so ultimately those will be "reported" by means of a reduced net cap gain in the future.

CPA on too much coffee. This is how fast Rita's friend works to get all those returns done in one day.

Yes, exactly so. Also, don't worry about the cussing because there are plenty of aspects about this that I don't like either.

I agree with the others to see if the IRA will help. The other suggestion that is in a similar vein is to contribute to an HSA, and that requires that the plan be eligible. If eligible and if the TP has existing medical expenses they are planning to spend out-of-pocket, it shifts the deduction from Sch A to an above-the-line deduction for AGI, and they can access the funds right away for bills they'd be paying anyway.

Exactly!

Oh no. Thanks for thinking of me but it would feel wrong to give myself a star, besides I haven't had any great stories or done anything super duper this week to qualify.

I never said how much time I spent on it. I said it was a PITA and I should clarify that this client's entire return is the PITA, not just this. The client's giant spreadsheet of donated goods still needed "intervention", and by the end of the season I may need an intervention.

I finished one this evening that was very similar to this. Nine trips, all to Goodwill, and I broke down by groups of similar items. The client is very organized and had it all summarized and broken down by types of items and by date, and it was still a PITA.

David, you might find this article from The Tax Advisor somehwat useful:https://www.thetaxadviser.com/issues/2017/nov/liability-payment-employment-taxes-peo.html I agree with Medlin's post that if the shareholder has compensation, the IRS will be looking for payroll return filings and payments.

Those places better be unmarked. Now I'm an accessory to her misdeeds.

Only for the portion that isn't taxed. If any of momma's benefits are taxable, that part of her SS benefits is included in gross income.

Twinkle, twinkle, our next star, How I wonder who you are! It's week #5 and you all know the routine by now. Who will have the best story this week?