Kea

Lion - I think I had something similar last year. It seems like I just put the total loss on the 6781 and it did the 40% ST / 60% LT calculation. For this form, I didn't list each sale, just the total. They had lots of 1099Bs and puts, calls, sales, etc. etc. etc. and I'm not easily finding what went where right now. I have 73 files in their 2011 folder. So if you put it on extension, I'll look through this return more closely to see I can answer your question better. Good luck.

Oh, yeah, that reminds me I saw a van yesterday for A/C & heater repair named "Church Services." (I didn't see the owner's name but I presume Church was his / her last name?)

I've used a dentist in Austin named Dr. Jim Root. A friend of a friend went to a urologist named Dr Richard (Dick) Chopp. No kidding.

Thanks! The loss was only related to the house. Client lived in it until she passed away. Her "kids" cleaned it up and made minor repairs and sold house within a few months. Loss was only cost of sale. Was no longer a personal residence after she passed.

The rental was a gain. The overall loss came from sale of house and the expense of that sale. I did fill in the capital loss and that made the NOL $0. Just making sure I wasn't missing something that had to be done differently with an estate. I have done 3 or 4 NOLs on 1040s over the last 15 years - so I know all about that kind. (yeah right!)

The 1041 I'm preparing has a net loss. TaxWise is including a 1045 NOL. Estate is not in business. There is rental income and an installment sale. If this was a personal return, there would be no NOL. There's no NOL here, right? Do I really need to put this puppy on extension to research estate NOLs?

But it's the K1 that is requiring the statement. I did change the * to a B. Got rid of the red & the efile error. But still says "stmt". I think it's a call to support. Maybe I'll request the install CD again while I have them on the phone. At least DBRepair started working again.

Cash from savings / money market accounts and the proceeds from the house were distributed. One bene got the car and received less cash (FMV of car). No "income" was distributed. I think that means I don't have to report any distributions. Is that correct?

I don't even use the folders. I use 9" x 12" envelopes with a name and date label in the top left corner & my card stapled to the top right corner. And that's only for the ones who pick up a paper copy. Many of my clients are now happy with the .PDF that gets emailed.

I have left clothes in the washer for hours and in the dryer for days and in the laudry basket until they get worn. Very little makes it back to the closet this time of year. Oh well, at least they're clean. I can live with wrinkles.

I do one 1065 for a family member. In TaxWorks, it pulled the net Schedule F loss and put it in box 14 (self employment earnings) of the K1 with Code A. TaxWise, however adds a code "*" and the phase "STMT" to the printed K1. Within the software, it lists the value of the Gross Income from Sch F line 34. OK, that's fine. But it won't let me e-file because it requires a statement. I can't figure out where it wants me to add the statement. So, instead I did an overwrite changing the "*" to "B" since it is the gross income. That gets rid of the e-file error, but the K1 still says "STMT." How do I get TaxWise to either show code B & the amount or not show it at all? There is an overall loss so (I don't think?) the code B info is used on the individual partner's returns. Thanks.

Agree, agree, agree. I couldn't get through tax season without this forum. I've tried asking my dog some of the questions I run into. She doens't have many answers. Eric - I do get "shy" about putting my name in a public forum. But my "handle" is consistent with my e-mail address & business name. So I guess I'm not hiding very well. JB - I ran a load of laundry today & forgot to add detergent. I'm so ready for April 16!

I've always considered myself an analyst with emphasis on the 1st 2 syllables. I feel like I'm in over my head with this multi-year estate. I'm not sure exactly how the distributions affect a current 1041. The only 1041s I've done just showed the distributions of everything that happened that year & everything got closed out. I'm encouraged that you think I have this all in line. I guess that means I'm close. I just need to be able to "visualize" what's going on with the distributions. They sold the house quickly so the loss is just the cost of sale. I would like to pass the loss to the benes, but from what I'm reading, losses carry forward until estate is closed. Gains can be passed through, but not losses.

Thanks for the heads up. I really haven't been "advertising" that I can take credit cards. Most of my clients do pay by check. I've only used it when clients forget checkbook. So for the cases I've used it, I may have had to wait for a check, too. (Yes, I let clients mail me checks after return is e-filed.)

Thanks Terry. Q1 I have no problem doing the amended return and it would, of course, be free. At least with 1040s, I've had one or two clients who didn't want to file an amendment that wasn't required. Q3 The house & all other assets were willed to client's 4 adult children. House was sold within about 5 -6 months and was still held by estate. Closing documents & 1099S showed Estate name & EIN. Check was issued to the estate. Executor wrote check to siblings (and himself) for their portions. Q4 I was just trying to figure out what details I need for asking questions about distributions. Do I just need total amounts? Or, do I need specifics about the source of each distribution? (i.e. sale of house vs bank interest)

I agree with Eli. I wasn't very interested in accepting credit cards, but Square has made it easy. No monthly charges or machine rentals. I've used it 3 times this year so far.

I don't do very many 1041s and this is my first multi-year estate. Client passed away in October 2011. Income was from interest, dividends (mutual funds), rental of farm land & capital gains (fund sales & intallment sale). Deductions were mortgage interest & real estate tax. When moving the 2011 return from old software (TaxWorks) to new (TaxWise), I found that I had entered the % wrong on an istallment sale (decimal error of 0.74% vs 74%). This caused the capital gain to be higher than previously reported ($2466 vs 1540). But in both cases there is no tax. Taxable and total income increased, but since the capital gain got subtracted on page 2, the actual tax was $0 with and without the error. Question 1 - Is there any reason to amend 2011? Nothing was distributed in 2011 so no impact on K1s. No capital loss, so no carry-forward issues. In 2012, the estate sold the house and a few mutual funds were sold (took a while to get brokerage to stop doing automated buys and sells). Executor closed account and funds were transferred to beneficiaries. This resulted in an $8000 capital loss. Like on a 1040, $3000 is used against income and the rest is carried forward. AGI is negative. Question 2 - Since the estate is still open, the loss can't be passed through to the beneficiaries yet? Question 3 - Executor has told me that the proceeds of the house sale were distributed to the beneficiaries. If I understand correctly (and that's a big "if" right now), distibutions of assets & proceeds are not reported. But distibutions of taxable income & losses are? Question 4 - What other questions do I need to ask about any distributions? I think I have this about wrapped up. I'm just unsure on what changes since the estate is still open. They may keep it open for several years due to the farm land rental. Thanks

Humm, Snopes (and a few others in my Google search) said it was a joke. But that's kinda how I took it anyway. I did find it humorous. http://www.snopes.com/photos/politics/northkorea.asp

I use the electronic signature, too. But it doesn't add the date by my signature. I add the date using the "sign" feature, not the signature. (No, I don't add the date to the client signature line - I let the client hand write that in to show the date they actually sign.) But, what I was inferring (but didn't spell out) was you could use the "sign" feature and type in "Amended" and then place that at the top of the form. It's a bit clunky but then it's in your PDF version as well as the paper version. TaxWise lets you specify watermarks and you might be able to use "Amended" there. Haven't played with the watermarks this year.

I always print my returns to PDF. So, in this case, I would still have the original file for printing after doing the amendment. That may not help now that you have already amended. Did you make major changes or minor changes? Perhaps you can delete your changes & print to PDF. Then put the changes back in. If your are using Adobe Reader version 11, you can use the "Sign" function to write anything you want and place it anywhere you want. Then you can save the "signed" version. I've been using this feature to add a date next to my electronic signature on the bottom of the 8879. I actually learned about that feature from one of the TRX videos way back in January.

I had a client in the Philippines get their refund direct deposited to their Philippine bank. They had a routing # & account #.

I sent the e-file again yesterday without making any changes. It was accepted today. Software glitch?

The Vista computer was my business machine for 2 years before I gave up on it. That's why I'm more likely to try TW on the Mac even though it would be in imulation. At least it would be using Win 7 rather than Vista.

I am currently running TW on Win 7 Toshiba laptop. My old PC laptop is a Vista machine -- another possibility. I have used Parallels on my Mac to emulate PC with acceptable results. (Done when travelling so as to only take one computer.) I've heard that Fusion is better and downloaded a 30 day trial - but really haven't tested yet. I've asked 2-3 times for the CD in the last 3-4 weeks. Have not received yet. I know others have said they got theirs. I tried to call today regarding a NC e-file reject but they didn't return my call. I'll try again tomorrow. This part is unusual because they usually answer my call fairly quickly without having to leave a voicemail. I have now created a print packet that sorts the schedules & forms in IRS order. (I somehow managed to get kind of caught up except for a return that needs research & my own. I know this won't last!)

I did (re)install a Windows shell on my Mac. But I haven't gotten around to installing TW. I plan to look at that as a back-up depending on level of problems over the next couple of weeks. One reason I haven't installed yet is that I still don't have my CD. And I've just been too lazy to copy the installer to a thumb drive or to re-download.