Kea

My dog once chewed up a client check and signed 8879. I was able to salvage enough of the 8879 for my files. But the bank wouldn't accept the check - even though all the pieces were there.

Yep, I agree as far as handling the lack of K-1. We had to do that last year. I just was wondering if there was something I needed for showing the "sale" / "ending" of the partnership - such as selling an investment on Sch D or maybe Form 4797?

OutofTaxes -- any help for this question?

I doubt he would have any luck. One of the partners was being completely uncooperatve about everything and that was why he was originally trying to get out. Then a couple of months ago, the "sane" partner (client's term) finally told the other one that it was over. The problems are much deeper than tax returns. I was just trying to find out if I could help him write off his losses.

Client was a member of a partnership for a few years. Things started falling apart and he was not able to get a K1 for a few years. He was finally able to get out of the partership and it has since been dissolved completely. Nobody seems to be doing anything to get the partnership returns completed. How do I show client's investment loss? There's no K1 showing his "capital account." Report on Sch D with $0 selling price and an acquision price of his initial investment (and any subsequent investments)? He has K1s from the first 2 years he was in the partnership but not the last 2. Thanks

I'm hoping your kitty makes a complete recovery. Our pets are just an important part of our families. Hearing them purr and having them cuddle with you can always bring a smile to your face.

I leave my info in there. But, I'm lazy.

Many times when I create e-files and try to submit them, I get an error message "Error processing return SSN. Invalid Efile. Please check the EFile submission report." I do and it looks fine. But if I go ahead and submit the e-file, it looks like it went but it didn't. Never get an ack. The tech people showed me how to delete the files. So, now I don't submit when I get that error. I quit the program, go to C:UTS12DBRepair.exe and run that. Open program, submit e-file and it goes OK. This also seems to (briefly) help the very large number of I/O errors I get. I haven't found any problems generated by them other than having to hit the RETURN key extra times to make it go away. I'm sure that many I/O error can't me good for my files, but I haven't found a way to make them stop.

We have a separate sub-forum for TaxWise now. We help each other with questions there so that we don't have to call Tech Support for everything. FWIW, I've had e-file issues, too in TaxWise. I find running the DBRepair helps. It's in the UTS12 folder. Tech Support showed me that trick!

That is correct. You can then switch to Lifetime Learning Credit or Tuition and Fees.

I'm willing to consider returning to TaxWorks. But I'd want to see what the final version of 2012 looks like. I plan on lots of demos this summer.

Client has a farm and participates in the USDA drought insurance program. Thanks to the continued drought in TX, they receive payments from this program. It is reported on a CCC-1099G as a "Livestock Forage Program." Does this mean Line 35 - "Did you receive a subsidy in 2012?" gets answered "Yes"? I don't think so since the instructions state a subsidy is: Any direct or counter-cyclical payments under title I of the Food, Conservation, and Energy Act of 2008 (or any payment you elected instead of this payment). Any Commodity Credit Corporation loan. It's not a loan and I'm not sure about the first bullet.

>> Lila the Giant Dog probably ate it..<< Perhaps that explains her digestive problems a few days (weeks?) ago?

Where to enter in TaxWise? I have return that has 41 assets that the client is depreciating outside the partnership due to inheritance. Those 41 assets did not get picked up by TaxWise. I can't even find a place to enter them. Any ideas?

I have several clients who invest in US mutual funds that sometimes have a small foreign investment component. Most are pretty small $ amount.

The credit generally lowers taxes by more than the Sch A dedution. There's also the 1116 route, but it requires more work. But in some circumstances, it's the only option.

Jist a "heads up" -- The dividend worksheet doesn't have a place to enter the foreign taxes paid. So you have to make your own note and manually enter them on Line 47 of the 1040 (assuming you don't need 1116). Unless I just haven't found the right place for entering!

Worksheet 2 only allows you to enter the amount for the Tuition and Fees adjustment. To check the credits, you have to enter them in each section of the Form 8863 and compare. The TaxWise "cheat sheet" doesn't list single place to enter and compare. Oh well.

Is there any way to input the education expenses in one place so that we can easily see which option (tuition & fees, AOC, Lifetime Learning) reduces taxes the most? At this point I've only seen entering on each choice separately. Perhaps I'm not seeing a worksheet?

TaxWise seems to like some printers better than others. I haven't found the pattern yet. I had issues when I used it in 2008, too. That year it only worked with on HP 4500 that I don't have anymore. This year, I have the best luck with the "print to pdf" feature.

I had a new client a couple of years ago that didn't tell me about their 2008 FTHB "loan." It rejected and we were able to fix and re-e-file.

Good luck! Best wishes for a speedy recovery.

I'm not on my work computer right now, but I think the watermarks are in the area where you edit your print packets.

Good ones. I'm glad I don't live in snow country.

Agreed! We should not go through this alone.