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Is the loss actually being deducted to arrive at the PA taxable income though? The loss does show but it's like a memo-only item. ETA - sorry I said loss doesn't carry from sch D to the front of PA40. Page 1 of PA40 will show the loss, but it should not be used in reducing income to arrive at PA taxable income. BTW - I really dislike PA's returns and tax system. lol

The cap loss will "show" on the PA40 sch D, but it will not be included in the total because PA only allows gains, and only the gains total will carry to page 1 of the PA40. PA uses a wage reconciliation schedule that has 3 columns. First one reconciles Fed wages down to Medicare wages, 2nd column is Fed wage to PA reconciliation, and third is Medicare to PA wage reconciliation. It's the "PAW2RWK". I can't say about ATX, but if it's simple items like 401Ks or GTL the software may complete the form properly, but there are times when manual entries are needed if there are items of compensation taxable for PA that don't affect Medicare wages and are memo-type items on (or not on) the W-2. Sorry, without looking at instructions myself, can't help with the Phila depreciation question or exclusion.

I need to file a form 7004 for a short period 2022 final partnership return ending 9/30/22, so extension due date is 12/15/22. Forms and 2022 software won't be functional before the due date. Has anyone here used an online filing service for business extensions that you'd recommend?

Oh my, that log-in system is really be messed up. I just got another email at 8 a.m. this morning with the same 6-digit 2FA code again from the initial log-in from yesterday at 1:30 p.m that said it was valid for the next 10 minutes. This is the third time it was send, and now a day later!

Apparently the bugs aren't fully worked out yet. I, too, had to update my password and wait for the 2FA code. The code didn't appear until I put in a filter with my AV software to allow emails from that IRS address. The emails weren't even appearing as spam, just blocked. Weird. I got that worked out and successfully logged in with a new password and the 2FA and renewed my PTIN. The weird thing is that several hours later after all of that, I finally got the very first 2FA code.

That's a very old article under old rules before the law changed in mid-1993. No, if the customer list cost was part of a business acquisition, then it is an intangible to be amortized over 15 years under sec 197.

Maybe try a PM to @JJStephens through this site. I was just reminded of him because he recently posted in that topic entitled "What will happen to Drake". Checking his profile shows that he has, or had, a website : http://ministryconsulting.net

Exactly what I base my decisions on as well. With ATX's 2012 disaster, I wasn't about to risk my entire season on a potentially unstable program, and certainly not for the price and lack of support. Once I moved to Drake and learned the program, its overall performance and value for the $ has been a good fit for my practice. I will reevaluate if that changes, as I would with any software or business tool.

In the first post, Tom said that all contributions had already been withdrawn and used for college.

Yes, because he has had the account for at least 5 years, he can withdraw up to $10K penalty free under that exclusion as long as he meets the requirements for a first-time home buyer.

I do that too. It's a great summary with the flow of the old 1040.

That is the requirement here too, 4 hrs every 2 yrs.

A Sec. 266 election for unimproved and unproductive real property is made on a year to year basis, and must be made by attaching the election to an original return. Once made it is irrevocable unless IRS gives consent. It does not have to be made in the 1st year that the property became unproductive and out of service.

Catherine and Margaret, glad you are getting through that sickness and hope each of you have no lasting effects. Husband and I were both exposed at the end of September but luckily didn't get it. I just got the flu and covid boosters yesterday and am not feeling all that great at the moment (high fever, shaking and aching....) Now is the time to take care of ourselves first, rest, and not let those procrastinator clients with the multitude of excuses play on our sympathies.

Joel, congratulations on a long career and well earned retirement.

You are correct. No GPs.

Terry, did you look at the partnership input area contained on the 3rd tab over that is labeled "Add'l entries"? That screen has many of the codes that seem to be "missing" particularly for box 20 or some supplemental information. Did you try calling support, checking for a KB, or post on the Drake forum? I rarely visit that site unless I have a specific issue with input such as this, but there should be CA preparers that have the same input issue that may be willing to answer too.

Drake DOES have a state column, but it doesn't have every single code in its selection of drop-down codes in that exact area of input. It DOES have most of the other "missing" codes on another tab that can be input there, and that area does have Fed & State columns too. For example, I looked at a client's K-1 for a PTP that has some codes listed for box 20 whose input would be on the supplemental and not where the preparer may first expect them to be. That may or may not be what Terry is referring to.

I don't think this is limited to only Drake software. IIRC other software I've used in the past has also had the limitations of missing codes, and that's because many of these items require manual input. The program does not have enough information to calculate these automatically and requires additional information or manual calculations from the preparer.

The check box is there only for farming losses that still allow carryback. Starting with NOLs arising in 2021, any NOL that is non-farming must be carried forward.

This is a small private forum in comparison to the official boards run by the software vendors, and not every post is guaranteed an answer, and certainly not within an hour, and especially not at this time of year when the majority of our members take a break from this site. Maybe have a little more patience, or perhaps you should post on the official forum for a wider, larger audience.

Does client have an NOL CF for AMT? If so, and especially if a new client, is that entered properly in ATX?

The license is per EFIN per location, so if the secretary of the licensee is working at the same location and the laptops stay in one location, installation is allowed on both laptops. Secretary should be set up as a separate user with her own log-in and password, not granted admin privileges, and I believe the primary administrator can choose to further limit what the secretary has access to. Ideally the the laptops are networked, otherwise if standalones each data file worked on would have to be manually transferred between machines, at least I *think* that is possible. It would be best to check directly with Drake support. Here's the part of the license agreement that covers the EFIN/site location issue:

As cbslee said, we could come up with a variety of labels, but client and "partner" need to describe what their intentions were and provide available documentation.

Technically speaking, the sec 266 election is made by attaching a statement to the timely filed (including extension) tax return for that tax year. The election must be made each year the taxpayer desires to capitalize those costs. Also, sec 266 says that only those costs that would otherwise be deductible may be capitalized.