ETax847

Client over her 401k in 2014. She received a 1099R for the excess contributions one with code P and one with code BP. In ATX, upon entering these codes it removes the contribution as being taxable. Any idea as to why this would be or how to handle this?

what form is the apportionment page found? Sorry for all the questions and I appreciate your help

Thanks Joan, can you guide me as to the line in CA SCH where the adjustment should be made? I appreciate your help greatly on this!

I need help in preparing my first California multi-state return. Client lived in Illinois for the first 6 months of the year. She moved to California as of June 1 and resides there permanently. Client made 100k in 2015. 40k earned while living in Illinois, 60k earned while she moved to California. For the California Part Year resident return, will the client be taxed on all wages earned or just the CA piece? If an adjustment is to be made, on what schedule is this done on? I understand the Illinois piece, the CA part is what I am unclear on. Thanks!

Is there an advantage to doing one way vs the other for the client?

Client and spouse both have full time jobs. They own 2 rental properties that they hold in an LLC. Should these properties be listed on Sch E, or does the fact that they are held in an LLC change things? Note, the clients are not in the business of real estate. Please Advise.

From what I have read, "If you are uninsured for only part of the year, the penalty is prorated to cover only your uninsured months. You're not assessed a penalty for a gap in coverage less than three months long. This is called a “short gap.” However, you are only allowed one short gap per year".

Does anyone have any clients who make their estimated payments via credit card to get the miles or points?

Client received 1099 Misc with in come in box 1 "rents". He receives a stipend of x dollars per check for using his own computer at work. Should this income be linked to a sch c and subject to self employment tax, or would it be considered other income on line 21. Note ATX does not allow box 1 on the 1099 misc form to be linked to Line 21. Please advise.

I am looking for help this tax season and wanted to reach out to see if there were any ATX users in Chicago who would be willing to take on extra tax work?

Was anyone else aware that ATX now charges a fee for payroll e-filings (1099's, W2's, etc0? I just learned of this today.

Is anyone else having trouble with their client letters in ATX? When I combine the Federal and State letters, the spacing is all messed up. Is there a way to restore my client letters to their original settings as I think something is not right in the original download?

I have 150 clients and work on a stand alone machine. I think it is more of a bug in the software than machine related.

I, like Jack, have had this issue come up quite frequently over the past couple of years. It happens randomly, but when it does, it's a huge time suck as it can often waste 15-30 minutes to get the program running. I don't know how widespread this problem is, but I would hope to see it addressed in one of their updates since they are fully aware of it.

For those that send out Tax Organizers to their clients, will you be sending them out this week, or is it still too soon?

Thanks Ringers! That actually makes a lot of sense. So by the employee not claiming the income, as it is for services rendered, he is essentially committing tax evasion? I'm glad I stayed away from this one.

Today I received a call today from a prospective tax client. He mentioned how his employer was paying his taxes and paying him in checks that were not included in his W2. He claimed the employer was paying his taxes on the checks he was receiving and that he did not need to claim the income because his employer was paying the taxes. Needless to say, I did not agree to help the prospect with his taxes for the upcoming year as I did not think it was correct for him not to claim the income, even if his employer was paying his taxes. Has anyone ever encountered a situation like this, where the employer was supposedly paying the taxes on the income and issuing checks to the employee without including this on his W2? If so, how did you handle it? What benefits would there be to the employer by doing this?

Current client was wondering if he put his 2 rental properties in a dual membered LLC, would he then be able to have the rental losses flow through to him, given that he has a full time job and does not work in the field of real estate. Please advise

Here is a link to a white paper i was emailed today entitled, "Do Passwords Really Protect Your PDF?"

How does one access the 1040 Lite platform (download or from CD)? Also, what is the feedback from anyone that has tried it out?

I just got back from a Tax Updates seminar and they explained that password protecting a pdf can be easily cracked. There is software out there that can break a password "protected" pdf within minutes. I would stay away from emailing tax returns if at all possible.

Are you going to be raising your fees for the upcoming tax season or holding them constant? It seems like the cost of software and materials increasing it would only make sense to increase the fees as well. Curious to hear everyone's thoughts.

Depends on the level of service being offered. I work as a financial advisor, and some advisors charge more because they do more than just manage money. Don't be so quick to jump to conclusions based on the fee itself

Thanks Sara!

A client's child inherited her deceased spouse's workman's comp claim. Settlement came to the child. Will this money be taxed to the child, and if so, will it be at the parent's tax rate?