Kea

I don't know yet (but will find out tonight), but I'm guessing my client will be the one with the mortgage interest & real estate tax. So I would estimate that the wife took standard deduction. If my client itemizes, then the wife potentially gets the IRS nastygram for taking the standard? I really, Really, REALLY hope they can work it out enough to file MFJ this year!

Sounds good. This time of year I'm all for taking the easy way out. Just so long as it doesn't get me in trouble -- I'm also a coward.

I filed an extension last week for client's college age daughter (2 W2s). Today client tells me that daughter received $4000 distribution from her trust, but K1 is not yet ready. Without the K1, I don't know how much (if any) of the $4000 is taxable. Parents are in 25-28% tax bracket (I haven't done their extension yet). Extension was filed with an assumed refund. That might still be true. But if they want to send a payment by 4/15, what documentation should be filed with it to have it applied to 2012 extension?

But, then he might just be trilingual. He's already demonstrated an abiltiy to understand English and I "assume" he speaks "Dog."

Since I will work evenings & weekends, I've considered the slogan "I work when you don't."

OK, I missed a sentence. My bad.

Thanks LIon. I did know about the changing between MFS & MFJ. I actually expect this one to go on extension. He'll probably owe -- especially if MFS (based on last year). Their joint return has typically been pretty basic, so I'm not expecting any surprises (but I could be wrong). I just hope that when he sees the big difference he'll find a way to get his wife's info. The extension will give him time to try. So if he itemizes, then she has to itemize. But what happens if she's already filed and took the standard? Does she have to amend? What if they don't know what the other did? (I'm so glad I don't deal with many of these!)

Partial update - the "*" was there because box 14 included codes A, B, & C. Since the form can only display 2 codes, it used the asterick to show the B & C total & to refer to the worksheet. The worksheet is in the return. But it won't e-file. I sent a generic version of the return (names & SSNs changed) to MainStreet and they sent it to TaxWise tech support. They said it could not be e-filed. The tech at MainStreet has forwarded it to someone else at MainStreet to check into. Still no answer. This return is not that complex. It's a farm that has a loss (14A), but did have income (14B), and did sell an asset that had previous Section 179 deduction (14C).

I don't do many MFS returns since I live in a community property state. My client separated last year and says he can't get his wife's info. (Yep, that's a problem here, but we'll go with what we can.) Not sure if the wife itemized or not, or if my client even knows. But IF the wife took the standard deduction, then can my client itemize? I know the rules state if his wife itemized then he must also itemize. But just asking about the reverse. (So if I itemize for my client, then his wife would potentially have to amend to itemize, too?) I will be showing him the tax difference between MFJ & MFS based on last year. I'm hoping that the several thousand $ difference will convince him to get his wife's tax documents.

There is a line on the 8606 where you can input their basis in the Roth. I think it's about 1/2 down the 2nd page, but not sure. They'll have to figure out how much they have contributed over the years. Good luck.

I agree with everything rfassett said except for one part. I'm not sure I would have made it through this season (or any other) without this forum. As a sole practitioner, I really rely on y'all to help me with my questions. Thanks so much.

I saw something similar in TaxWise. The estimated payment worksheet referred to 2012, but the line instructions (in the panel below the form) said 2013. And 2013 was on the printed form.

I implemented a "no morning appointment" policy this year. I've tried to keep it to a minimum in the past. But I would usually give in instead of answering "No, I can't see you at 10:00 - I'll plan to be sleeping." No more. I guess I'm getting old & cranky - I just don't like morning appointments!

I do that with the cell phone (turn to vibrate), but haven't done that with the home / office phone. I do want to know if someone calls with a family emergency. Hey, that happened once in 2002, so I'm paranoid.

I've always been a night person. When I worked my "real job" I had to be there at 7:00AM. I was always tired.

I've made an 11:00 PM appt for Friday. He asked for morning since he works 2nd shift. I don't function well in the morning so I suggested Saturday. He didn't want to make me work on a weekend. (Wish I had more clients like that.) So we agreed to after work Friday. I'm actualy Ok with that. I'd much rather see him at 11:00 PM than 11:00 AM. (Yes, I know I'm strange.)

I work late into the night, too. It seems like the only time I can get things done. But I really hate it when clients (or anyone else) calls at 8:00, 9:00 or even 10:00AM when I'm finally getting a few hours sleep.

TaxWise doesn't allow for "Various," but has a comment that says if each item is under some limit ($250 or $500 or ??) to leave the date field blank. They claim IRS doesn't all "Various" for this field. Odd, since I've used it every year before. Not sure if ATX moved that "feature" over from TaxWise or not.

I had an NOL pop-up on my 1041 last week. The return had a net loss, no Sch C, Sch E profit & capital gains loss. NO business-type loss at all. I was wondering if there was something different for the 1041. When I went to the NOL form, TaxWise had a red line on the business (or non-business?) capital gain input. I filled that in & the NOL went to $0. Not sure if that helps your case or not?

I didn't look at the states. I don't do that many anyway.

There is a return I need to put on extension. The 41 assets that were attached as Unreimbursed Partner Expenses did not convert to TaxWise. So, I figured I'd try it in TaxExact. Opened program & let it download update version 76. Not only did the conversion not bring in my 41 URE assets, it didn't bring in the PTP K1s (and their carryforward losses). I really haven't looked to see what else did or did not convert & didn't try to do anything else. A couple of the fixes in version 76 had to do with Sch E line 19 -- expense on this line will now be e-filed & will no longer be deleted after recalculating. They also addressed a problem with print preview in the 1040EZ.

Thanks Lion. I really appreciate it. I'll go back through and find those answers for you. I really don't remember doing the data entry for the Straddles. And I had just learned how to inport the spreadsheets for his 8949. So for as much time as I spent on it, there really wasn't much billable time. Just a learning experience for me.

I just tell them I'm not willing to go to jail for them. That usually convinces them or chases them off.

I'm not sure I was much help - I don't consider myself an expert. I've managed to wiggle through a couple of these. But it was last year during the summer. My memories from then are kinda foggy right now. I pulled up the "big" return I remember working on last year & it has 3 entries for the 6781. If I remember correctly there was one company where both the husband and wife had accounts and a 2nd account for the husband. It seems like the 1099B usually just had the one total at the bottom. But there is something tickling the back of my brain that included a long list of individual sales. But I have several spreadsheets from him for all the stocks, puts, calls, etc. that he sold. I'd have to look through all the files to see if I can find what went where. (BTW, this guy had hundreds of thousands in sales & purchases (yes, probably the same money over & over again), but had retired from his job early in the year so qualified for EIC! He had very minor interest and no dividends in all that investing. Just thousands of $ in losses to show for it.) I have a client that finally sold all their PTPs last year. That return is on extension for other reasons. I haven't done a selling of PTPs yet. Would you mind if I picked your brain this summer if I have questions?

I agree Lion - this process is very confusing. I just asked my client if they used marked to market or made any of the other elections. While for a lot of stock sales, the client has no idea what I'm talking about - "It just whatever my broker did?", when it comes to Straddles, the client usually knows the terminology better than I do. So, I've felt comfortable taking their answers for the elections. There is usually a line on the 1099B that mentions the 12/31 aspect. I've seen it, but it's been $0 on the few that I've done. I really spun my head around in circles last year with these, but they ended up to be pretty simple when I finally worked through it. I hope that doesn't mean I totally botched it. If I remember correctly, I ended up just putting the broker name & the net loss on the form & everything else flowed through. Client had not made any elections.