ljwalters

I rolled over my return, (it took several trys) when it finally worked it took at least a minut to open and to input in a simple 1099R, it took 2 to 3 seconds to move from one input box to the next. Wow. This could take all day to just do on large return. Not working for me..... I may also be looking for another program. And I love the old ATX. Linda

Just moving this back to the top. If no one knows the answer maybe some one knows where I can find out the answer. I don't even know where to start looking. Linda

Here is the deal. Man dies leaving his farm in trust for the Kids with the stipulation that his life partner can live there until he dies or choses to leave. Farm stops making money and kids can'g pay the mortgage. Kids let the farm go into foreclosure. Will the 1099C (going in to the trust) trickle down to the kids on the K1's? Thanks LInda

How much can a person on ss disability earn before they take back some of the SS? Does this amount change if the spouse works also? And what is the percentage of payback?

She took no income because there was no money. Corp has run at a loss for 2 years now. The economy het them hard.

If husband and wife have an s corp. and both are 50% ownership. Do they both have to take a salary? Clients both own and work in the pool cue business. Husbsand builds the cues and takes a salary. Wife does inlays but does not takes salary. how is the income to wife reported. I'm confused. also, business at a loss this year, but not always.

When you work alone in a home office some times its just good to have someone to bounce thoughts off of. That is the only thing I miss from working in an office. This board which I found 10 years (omg 10 years) ago when it was still on ATX has been my savior many times. So hats off to everyone. Thanks for another informative year. We all seem to have made it. And don't foget your donation. I already sent mine last months. Special thanks to Eric. Keep up the good work. Linda morgan Hill CA

I should have my head examined. I allowed a client to make an appointment for 5:00 this evening. I can't complain to much he is the wonderfull person that moved my parents to the assisted living home on a moments notice. And he finished the move after midnight on Sunday the 19th of February. Maybe this is pay back. Other than that I just E-filed my Last 7 returns about 30 minutes ago ( still no AKS yet). Thanks every one for a great year of conversation, amusement, and of course education. Your all great.

Death and taxes I was watching the news Sunday evening and they were interviewing a woman in, I think it was Oklahoma. She was a survivor of the latest tornadoes. She said her whole house was gone, EXCEPT for her office in home. She is a tax preparer. She said she didn’t lose any of her client’s tax returns. (Or her hard work). Now tell me the IRS doesn’t have that good of connections?

I am amending a return for this same basic reason. The Qualified dividens was in put loosing the decimal (Turbo Tax). caused a $6000+ error on the return using CG calculation. Now she owes big time.

This was a short sale. 2 loans discharged first and second. Took two loans to purchase house. All acqusition debt. Do I combine both discharges and put total on 982. And finally, They did have a refi in order to lower interest rate. Did not take any money out. Is the closing expense for the refi concidered acquisition debt also or do I have to pull that amount out and put it on 1040 line 21 (not the points the other costs)?

Client is triathlon trainer and purchased used bike to use in business. How do I code this?

Thanks yes, it is checked IRA. I don't no why I didn't think of that. Time to quit for the season. Not being observent enough.

Client just called she got a sch K-1 for partnership income this was purchased by her broker inside her K-1. She doesn't report this does she? I do not know what to do with it. She already filed so if it needs to go on the return it means an amendment, and that's next week.

I found it thanks everyone.

Client put up-grades in her home which includes an office in home deduction. She put in a new Furnace and new energy efficient lightting ( furnace qualifies for credit cost 7,000 and lighting cost 2,964) The furnace heats the office also and some of the the lighting was in the office. Do I add this to the depreciation schedual and take the percentage? How do I get it to flow to the 8829.

Thanks everyone. I guess we need to find out who the executor is.

Tax payer baught property, and the seller carried the note. Okay so far. Seller found out he had cancer and doesn't expect to live long enough for the loan to be paid off. (in other words he'll never see his money). Seller had taxpayer agree to make payments to cancer society after his death. So now seller dies. payments go to Cancer Society. How do you report the interest? LInda PS I'm to tired for this bleep.

I am having trouble getting the m-1 to balance in the ca 565. I seems to be the additional depriciation for CA. To get it to balance I have to put a negetive number on line 4 a for depriciation. Is this right?

Client had the type of mortgage where they paid less than the interest each month. Hence the accrued interest. Client did short sale of the home (personal residence). Loan is all acquisition debt except for the interest portion. This is a 1,000,000 loan so the interest is significant. How do you handel the intersest? Just use schedule A?

Client oppened HSA account Jan of 2011. Made deposit of $3050 in Jan 2012 and then withdrew $3000 for 2011 medical bills she paid out of pocket. I know the deposit can count for 2011 but can the withdrawl also count for 2011 or does it need to be on the 2012 return? Linda

May peace and Love be with you in these trying times. My prayers are with you and yours.

That didn't carry the adjustments. BUT, I finally found were to make these adjustments. There is a jump tab on the CA Sch CA that worked. Thanks anyway. Linda Morgan Hill, CA

Where on the CA K-1 do you make the adjustments. I thought I use to do this right on the CA K-1 input. Maybe not, Do I just make the adjustment on the Ca Sch CA 540. PS I know this has been on this forum befor, I am just lousy at searching.

New Client, elderly, used turbo tax last year. When I reviewed her 1040 $379 dividens was input correctly but the qualified dividens went in as $37,856. How did the program let this happen. In my program I get as instant message. qualified can not be more than ordinary, This little typo took the tax due from $9,111 down to $3,434. She got a refund (which never befor happened) of $5,766, which she took and the IRS was glad to give her. Now she owes all that back plus penalties and interest. AND she did not pay her esitmates for 2011 which was normally about $6,000. Turbo tax did not print out the estimates so she didnot pay them. Is there any recourse she can go to Turbo Tax for at least the P&I. I hate Turbo Tax I suspect not.