Abby Normal

Assuming the other 7,000 is income other than capital gains, typically, you just report 7,000 income, 5,000 capital gains and 8,000 in distributions and ATX will do the rest. The result will be 7,000 of income on the K1, less any expenses to offset the income, and the capital gains stay in the trust. But as Roberts already said, it depends. And since 8,000 is more than 7,000, this is a complex trust, which usually only gets a $100 exemption.

Had our first test results come back today and, thankfully, we both are negative.

I've never said, "If you have to ask, you can't afford me." but I'd like to do that once before I fully retire.

Even survivors may have damaged organs for life and experience subsequent problems. That's my biggest worry. Best wishes! https://www.vox.com/2020/5/8/21251899/coronavirus-long-term-effects-symptoms

Yes, the two are totally separate transactions. She bought a car. The fact that it is the same car she was leasing is irrelevant.

I haven't noticed any slowness. Have you closed it recently?

Delaware has favorable (lax) laws for big corporations, but there's no need for most of our clients.

Basis can never be negative. The loss in excess of basis is a carryover loss, not LTCG and not NOL, either. NOL would be determined on the 1040. Any distributions in excess of basis are LTCG.

I so stole that first gif. Thanks for adding to my collection! The second gif appears to be all about cooling off the nether regions... which is fine.

Guess who?

Or perhaps, GRRUNLIKEHELL!!

Wow. This is awesome! FWIW, ATX is my favorite tax software out of the half a dozen or so I've used, mainly because I can fly around tax returns so quickly, so I can charge a higher hourly rate.

Just to be perfectly clear, you must have the Comparison form in the 1040 your extending, and the prior year column must have the actual amounts from last year's 1040 for this to work. And the entire purpose of this is file a 4868 based at least on last year's tax, instead of filing a zero extension. Also, if a return is almost done, restore the 4868 fields so the draw from the current year 1040, if you think they're more reasonable.

Losses on sales to related parties are not deductible but are added to the basis of the buyer, so 75k + 15k price + 60k loss = 150k (ta da!) On a related note, who would sell a 75k asset for 15k? I guess they're either well enough off and/or really love their sibling.

You can bulk add extensions to tax returns, but you still have to go in and process each one separately, so it's not much of a time saver. This seems like a good time to re-share my 4868 master form customizations: 4868 Open 1040, 1040 EF, Comparison & 4868 forms simultaneously Enter amount on Comparison page 2 line 12a Tax, in the Prior Year column, so Total tax line 16 has an amount on it. Link line 16 prior year to 4868 tab 1 line 4 "Estimate of total tax liability for year" Check box Lock amounts and carry Enter 0 on 4868 line 7 Amount you're paying Restore line 12a on Comparison so it's blank again. E-file Info-Check Practitioner PIN E-file Info-Link 1040 EF PIN for taxpayer & spouse to 4868 E-file tab PIN boxes E-file Info-Check ERO entered checkbox FOR TAXPAYER ONLY E-file Info-Link 1040 EF ERO entered checkbox for spouse to 4868 ERO entered box for spouse. (When processing, checking box on 1040 EF will also check box on 4868) E-file Info-Enter the date signed you E-file Info-Enter ERO PIN (if not already there)

1099C's are almost always issued in a following year from when the debt actually became uncollectible. The IRS knows this. Did you report the cancellation of debt income in 2017? If not, show it now and then subtract the amount paid.

Never had this happen, but maybe it's a recent change? Are you 100% sure that the return showed the refund to be applied? Seems like the government would enjoy the interest free loan.

If the IRS has the last name as "Calderon Solano" just leave off the Solano and explain that it's too long for efiling, like Rosanne Rosannadanna.

Just finish a Sudoku puzzle. Does that count?

Pause the world. I want to get off.

This will sTOP yOU fROM tYPING lIKE tHIS. The downside is you can't turn off Caps Lock with the Caps Lock key, only the shift key. Win10 Go to Settings. Search for Advance keyboard settings. Use the search feature. It's too hard to navigate too, because it's buried so deep. Click on Language bar options link. Click on Advance Key Settings tab. Select Press the SHIFT key to turn off Caps Lock Win8 Go to : Control Panel\All Control Panel Items\Language Click on Advanced settings. Click on Change language bar hot keys link. Click on Advance Key Settings tab. Select Press the SHIFT key to turn off CAPS LOCK.

I've never heard of it, but a quick search shows you're not alone. Unfortunately, I found no solution either. Sorry!

Glad it helped! A lot of links changed when Wolters Kluwer took over CCH.

I was just able to log into https://support.atxinc.com/