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No. I think this is covered in sec 6662 and 6662A under the sections "Special Rule for Amended Returns".

I love this. That is all.

MI Admin, we do not answer questions from the general public here. This is a privately owned forum maintained for tax and accounting professionals that mostly use one particular brand of tax software. Even with your unnecessary clarification, the answer is still "no".

OK, this was bugging me so I *had* to find out for sure. It's covered in sec 3121(b )(3)(A). For those that don't like links, this is the definition of wages subject to taxes under 3101(a) and 3111(a), both address OASDI : (A) service performed by a child under the age of 18 in the employ of his father or mother;

Pub 15 also says "parent" though, so that would rule out the guardian.

Yes, I do a general search first and my default is Yahoo, don't know why, but I often will search again with Google because it does come up with difference sites, or that Google lists them in a difference priority.

I think the rules state that it must be a parent-child relationship.

My search was for "tax exempt determination letter". From any search's resulting list for tax related issues I always look for the IRS pages. It was the first page I clicked on. I hope that helps.

This, maybe? https://www.irs.gov/charities-non-profits/eo-operational-requirements-obtaining-copies-of-exemption-determination-letter-from-irs

There is no place to report not offering coverage on the 1120. ALEs have the Form W-2 reporting requirement and are supposed to supply employees with 1095Cs that are also filed with the IRS using the transmittal Form 1094C. Form 1095C has codes to indicate the type of coverage offered and also a code to indicate no coverage was offered. Code for that is "1H". Here are 2 pages from the IRS site that might give you a start: Information Reporting for ALEs and Q&A on Employer Provisions. It appears that the IRS hasn't yet finalized a method of assessing the penalty. From the 2nd page linked above, see #27 & 28 where it says that IRS will contact the ALE about the assessment.

K-1 should be marked final, and you would mark that box on the K-1 input on the individual return. Input the disposition and resulting gain or loss on Schedule D like you would any other capital investment sold or disposed of.

Dear soon-to-be ex-client: Buh Bye!

I'd say this issue has long since been resolved and at least one member hasn't been active in over three years, as is this topic that is 3.5 years old that you resurrected to promote your hosting business.

I'll take a shot that ROFT would be record of federal tax. Even though you filled in the monthly liability amounts, you are still getting the error because you have the first box checked. I would probably check the second box of line 14, fill in the amounts, and e-file the return.

Page 22 "Liquidating Distributions" section should answer your questions. Each time you read "stock" replace that with "mutual fund". You are dealing with basis of the mutual fund, not individual holdings held by the fund. Liquidating distributions are treated as a return of capital on SCH D each year, and if your son truly has an overall loss in this liquidation, the loss will ultimately be in the year he receives the final liquidating payment. https://www.irs.gov/pub/irs-pdf/p550.pdf

Yes, $500k is allowed as long as the other requirements are met and they file a joint return, only one of them needs to own the residence. See 121(b )(2)(A)(i)

Liquidating distributions that are reported on a 1099 are on a 1099-DIV, but those ARE payments (proceeds from redemption or liquidation) that are properly reported on Sch D as a capital transaction. You'll offset those payments received with your basis to arrive at your capital loss. The problem with these mutual funds that don't survive is that if the fund has some holdings that increased in value since their purchase, those will generate capital gains that the investors will still pay tax on yet not have the benefit of their increase in value other than to raise cash to buy the investors out.

This is why anyone thinking of changing vendors should get trial versions and prepare some returns with each one. No program is one-size-fits-all.

^ Yes, exactly. Catherine is correct. I just let mine install to its default on my C drive.

I agree with Abby and John that you should download and test the products. Since it was brought up about document management being a concern, and for what it's worth, Drake's document manager has a folder on the C drive that can be accessed directly for file management, and if I left Drake, I would still have access to all of those files. It can be launched from within the tax program, from a return, or entirely on its own. The tax software's print function integrates with the doc manager for saving anything the tax software will print. From within it, it allows scanning, naming, and storing of documents, and it also allows any other document to be stored there such as files from Word, Excel, from email attachments, or from documents scanned with the scanner software outside of the document manager functions. Best of all, Drake's document manager is included in the price of the software, there aren't any gimmicks with any of Drake's pricing during the early renewal or otherwise, and the customer does not need a dedicated sales rep. ANY of Drake's reps can and will help that customer! Everyone knows what is included and everyone knows what the price will be, not all the BS some on here have complained about with CCHSFS's marketing and pricing.

True, except that Sara asked specifically about ATX software's capabilities and limitations.

Sorry, I used the wrong term! I fixed my post with a strikethrough of "automatic backup" and changed that to "auto-save".

SaraEA, ATX should be able to handle everything you listed. Any program will have its downsides, and for ATX and for what you listed, you may have to input manually for the out-of-state credits to calculate unless you pay extra for their service to calculate the credits automatically. You've probably read about the others on this forum: that the automatic backup auto-save doesn't work; the program, its files, and its backups take up a lot of hard drive space; and the errors within the program that cause it to not start or to crash such as the inability for the program to connect to the program's internal server at times (not the internet server), and other unexpected errors that cause it to lock up and for the user to lose data. Of course, that's only what I've gathered from others' postings on here. I left ATX with the 2012 debacle. I agree with Abby and John. Demo the program, rework a few of your more complex returns from 2015 with it, and consider running concurrent programs.

Quoted to preserve answer and because second paragraph would derail and is being moved to its own topic.

Was Sch B filled out based on the correct payment schedule but client deposited monthly? If not, the IRS won't be able to calculate the penalty accurately.