Randall

At this time, I'm hoping they come in later. Good excuse to tell them I'll have to file an extension. I tend to get some of the quick easy ones done ahead of the queue. Also some who don't get some K-1s until about this time. I know they have to wait until around this time.

Jack, Part III of Form 8965 seems to indicate a person can get an exemption without going to the Marketplace. Part I seems to be for Marketplace granted exemptions. My original post doesn't apply for my client but it seems an exemption could apply to some without going to the Marketplace.

My experience on this has been small differences. I do as cbslee, just override the accumulated depreciation.

I don't have any cites off the top of my head. But I would agree. Besides, amending might cost him more in legal fees then the tax savings on $5000. And he has the $5000 in his retirement account to continue at tax deferred earnings.

I suppose this company was not aware of this. This was mid year last year.

A penalty exemption Code B is for lack of health coverage for less than 3 months. If a person changed jobs and was not eligible for health insurance with new employer the first 3 months and did not have coverage for a month in between jobs, total 4 months, can the exemption be used for two of those months? I don't think so because there was 4 consecutive months without coverage. But I wanted to ask thinking maybe he could be eligible for the first two months of the total 4 months.

I thought I had a list. Can't seem to locate it now.

I look at the amounts. I do have a list of states and their requirements. If the amounts get in 100s, I'll check the list. I run it by the client. Client makes the call for me to prepare or not.

And my 2nd Bachelors at a small church school.

Not always that old. Breast cancer, prostrate, bone cancer, by-passes, stents. Then there's adult children on drugs, died, rehab. Not pleasant.

Just had a Ky personal return with S Corp K1. Ky Sch M was picking up Fed 179 to add back and subtracting Ky 179 max 25k. Yes, that is correct but the Ky S Corp K-1 already includes that and gives a net number to add or subtract on the Ky Sch M personal return. The Ky personal return was auto entering the numbers from the personal 4562 (pass thru). The more I looked at it, the more it didn't seem right. The amounts on the Ky Sch M auto-filled were actually blue highlighted boxes so I just deleted them and entered my net change from the Ky K-1. I know I'm correct because I do the S Corp. I'm just wondering if Ky will generate a letter.

All of mine went thru ok.

My past two computers have had a SSD hard drive and a 2nd regular HD. With the previous computer the SSD was only about 160gb and my intention was to use it only for the OS. I loaded ATX (and other programs) on the 2nd HD. Found out the hard way that ATX was putting the backups on the c drive anyway. With the problems of 2012, I now load programs on the c drive (ssd drive). With my latest computer, the SSD is 500gb and the 2nd drive is 2T. I'm not a programmer or computer tech but I realize there are just too many bits and pieces that these programs have and they load them in a number of places. Best to have it all on c drive and let the program have the easiest time getting to everything. I use the internal 2nd HD for other files, backups of certain C files and copied all my files from previous computer. Things like that. I also alternate 2 external HDs for backups, taking the most recent home for a separate location. All encrypted. I'm a one person office with just a stand alone desktop. Don't want to think about how to run things with staff and workstations, etc.

But how is the basis adjusted in ATX in the final year or a year after the first year? I have an installment sale for 2015 but there are legal fees still to be paid in 2016. I was wondering ahead how I get these fees into my basis and lower the gain.

As Jack Hawkins said in the movie Ben Hur, 'We keep you alive to serve this ship. Row well and live.'

Yes Jack and grmy2h. My understanding is if only one S shareholder employee or two spouses are only 2 employees (can count as one) OR with other employees, if the plan is a group plan compliant with ACA, then the 2% S shareholder employee treats the health insurance premiums as we have in the past. That is, add to W2 box 1, not boxes 2,3 and take above line deduction on 1040. Also, LTC premiums are exempt from the ACA and can be treated this way even if there are other employees, etc. I'm not sure about the HSA treatment.

My Samsung has a button on the left edge. I wondered why my ring and text sound was so low. It used to be louder. I was looking all around the settings to change the volume. I accidentally discovered this button on the left edge was to adjust volume.

I think 2007 because you said in your original post, the nontaxable treatment would begin at age 62 and he is currently 70. So I assume it would have begun 8 years ago.

I think you do have to calculate the taxable amount yourself and then enter it in the 1099R input screen.

Side question. Can they transfer title of property from personal to LLC if there's an outstanding mortgage in their personal name? Would they need the approval of the lender or actually take a new mortgage in the LLC name and pay off the mortgage in their personal name? I've heard they can do the title transfer and the lender probably wouldn't care as long as they're being paid. The lender would still have a lien on the property.

Are distributions shown on 1041 K-1s?

Pub 575, Worksheet A, Simplified Method. The table gives the number to divide by. My 'guess' was 260 from that table. There are other numbers in the table depending on the situation. But this is where you get the number to divide into the contributions amount. In your case the number may be 240 or one of the higher numbers in the table. This is then multiplied by 12 mos for a full year to give you the nontaxable. Your problem is when to start and how much if any was used in the past. I was only suggesting that since this can't be determined, you would assume it has been done and go forward. If prior prepares used this beginning in 1990, there probably won't be any nontaxable amount remaining.

What amount is in box 3? If you use the simplified worksheet, divide box 3 by say 260, then times 12 mos., it's doubtful that will be a large number. He definitely has something in box 3 so you may be able to assume the amount calculated is the nontaxable amount and just go with that from 1990 forward to see if there is any left for the current year. May not be too helpful but I think it might get you to an reasonable estimate.

Thanks, may try this.

I do it the same as lynnEA. But if in the past he has used all the contributed amount, then 100% might be taxable going forward. I don't know how you would know this without the prior preparers' worksheet, or at least the last one showing part non-taxable. You might be able to re-calculate non-taxable portion estimating back to 1989.