Abby Normal

Jut found this: Example 11—unmarried parents. You, your 5-year-old son, and your son's father lived together all year. You and your son's father are not married. Your son is a qualifying child of both you and his father because he meets the relationship, age, residency, and joint return tests for both you and his father. Your earned income and AGI are $12,000, and your son's father's earned income and AGI are $14,000. Neither of you had any other income. Your son's father agrees to let you treat the child as a qualifying child. This means, if your son's father does not claim your son as a qualifying child for the EIC or any of the other tax benefits listed earlier, you can claim him as a qualifying child for the EIC and any of the other tax benefits listed earlier for which you qualify. I don't do a lot of EIC returns so it's not an area of expertise.

Tie-Breaker Rules Under the tie-breaker rule, the child is treated as a qualifying child only by: The parents if they file a joint return; The parent, if only one of the persons is the child's parent; The parent with whom the child lived the longest during the tax year, if two of the persons are the child's parent and they do not file a joint return together. The parent with the highest AGI if the child lived with each parent for the same amount of time during the tax year, and they do not file a joint return together; The person with the highest AGI if no parent can claim the child as a qualifying child; or A person with the higher AGI than any parent who can also claim the child as a qualifying child but does not. If he is the father, only he can claim the EIC because he has the higher income. If he is not the father, she can claim it if she chooses. Edit: http://www.irs.gov/Individuals/Qualifying-Child-of-More-Than-One-Person

The reg and the court case have nothing to do with the owner living in the house. If you're paying mortgage interest and you're living in and paying all the expenses of the house, you get a mortgage interest deduction and real estate tax deduction, even if your name is not on the title or the loan.

I considered switching to PDFFactory. It looks much slicker than PDF995.

http://www.journalofaccountancy.com/Issues/2008/Oct/EquitableOwnerEqualsDeduction.htm Treas. Reg. § 1.163-1(B ) permits a deduction for interest paid on a mortgage when a taxpayer is the legal or equitable owner of the property, even though the taxpayer is not directly liable for the mortgage. In Saffet and Ana Uslu v. Commissioner, TC Memo 1997-551, the Tax Court held that a married couple was the equitable owner of a home titled to the husband’s brother since, from the date of acquisition, they had occupied the home and made all payments for the mortgage, taxes, repairs, maintenance and improvements. Take it!

That looks good!

I used Signature995 to password protect PDFs. It's part of a suite for 19.95: http://www.pdf995.com/suite.html

Perhaps it did but you couldn't tell because of the wacky way the backups were named & stored. Edit: I just tried it in 2013 and did not see any new files in the backup folder. It's soooooooooo much nicer this year! And reassuring!

(h) Safe harbor for small taxpayers— (1) In general. A qualifying taxpayer (as defined in paragraph (h)(3) of this section) may elect to not apply paragraph (d) or paragraph (f) of this section to an eligible building property (as defined in paragraph (h)(4) of this section) if the total amount paid during the taxable year for repairs, maintenance, improvements, and similar activities performed on the eligible building property does not exceed the lesser of— (i) 2 percent of the unadjusted basis (as defined under paragraph (h)(5) of this section) of the eligible building property; or (ii) $10,000.

(ii) Taxpayer without applicable financial statement. A taxpayer electing to apply the de minimis safe harbor may not capitalize under § 1.263(a)-2(d)(1) or § 1.263(a)-3(d) nor treat as a material or supply under § 1.162-3(a) any amount paid in the taxable year for property described in paragraph (f)(1) of this section if— (A) The taxpayer does not have an applicable financial statement (as defined in paragraph (f)(4) of this section); (B The taxpayer has at the beginning of the taxable year accounting procedures treating as an expense for non-tax purposes— (1) Amounts paid for property costing less than a specified dollar amount; or (2) Amounts paid for property with an economic useful life (as defined in § 1.162-3©(3)) of 12 months or less; © The taxpayer treats the amount paid for the property as an expense on its books and records in accordance with these accounting procedures; and (D) The amount paid for the property does not exceed $500 per invoice (or per item as substantiated by the invoice) or other amount as identified in published guidance in the Federal Register or in the Internal Revenue Bulletin (see § 601.601(d)(2)(ii)(b) of this chapter).

I thought 1.263(a)-1(f)(i-ii) is the $500 minimum capitalization election for assets and the 1.263(a)-3(h) is the 2% or 10K election for rental properties.

Just tested it and it immediately creates a backup when you close a client.

http://apps.irs.gov/app/eos/mainSearch.do

Set the land up as a separate asset and do a bulk disposition. Add selling costs on the disposition screen.

I used the Detail screens for interest, dividends and investment sales. Much faster. It's like a spreadsheet. And, unless the taxpayer had a lot of accounts with less than $9 interest. I would skip it.

http://en.wikipedia.org/wiki/Statue_of_Liberty#Design.2C_style.2C_and_symbolism

You might want to read this: http://www.irs.gov/publications/p17/ch12.html#en_US_2014_publink1000172015 >If you reported it as wages, unemployment compensation, or other nonbusiness income, deduct it as a miscellaneous itemized deduction on Schedule A (Form 1040). >Repayment over $3,000. If the amount you repaid was more than $3,000, you can deduct the repayment (as explained under Type of deduction , earlier). However, you can choose instead to take a tax credit for the year of repayment if you included the income under a claim of right. This means that at the time you included the income, it appeared that you had an unrestricted right to it. If you qualify for this choice, figure your tax under both methods and compare the results. Use the method (deduction or credit) that results in less tax.

Hawks. Us BirdBros like to flock together. But I just want it to be a good game. Won't be mad either way. Ravens Fan

Yeah, I was excited when I realized I could duplex print, but, except for a few in house forms, we never print duplex.

It's ususally a retirement plan.

Customizing forms is one of the best features in ATX. 1040 check third party designee, check to print Line 44 Tax Calc, Line 48 Foreign Tax Credit, Line 64 Federal income tax withheld, AGI Split All EF info forms check ERO/Practitioner, ERO entered, and enter ERO PIN All biz returns check May IRS discuss return with preparer. K1 Input (1120S) check calculate basis, check to print allowed & carryover worksheets. K1 Input (1065) check to print allowed & carryover worksheets and PTP worksheets (this was tricky this year. You have to check PTP on Input first, then uncheck later). 1065 Line 20 check to supress preset descriptions, check to NOT print Sch L Balance Sheet per books worksheet, 1120S Options check complete sch L and M1, line 19 check to supress preset descriptions, check to NOT print Sch L Balance Sheet per books worksheet, Print Sch M2 worksheet. 1120 Options check complete sch L and M1, line 26 check to supress preset descriptions, check to NOT print Sch L Balance Sheet per books worksheet. Sch B (1040) Check to print Sch K1 (1120S) check to print page 2 codes, uncheck print K1 letter, check to print shareholder basis, uncheck print K1 letter, Input-shareholder entity type I Sch K1 (1065) check to print page 2 codes, uncheck print K1 letter, check to print partners basis, basis summary & capital summary 1040-ES check Round to 100 Bank Account Info check personal, check No for foreign, check all jurisdictions We customized the hell out of the 3115 this year.

This was my biggest complaint with ATX.

If you print to pdf first, you can print everything in duplex from your pdf viewer.

I'm very excited because I had to use spreadsheets to do these calculation last year. Edit: I just checked the Basis worksheet (for 1065 & 1120S) and it's been updated too! Yay!

I missed that it was a rollover. If the 1099R is done correctly, you shouldn't get a notice. As for doing it now, why? Tell her you'll do it in May.