Randall

I've always reviewed this carefully, making some changes between spouses. I use it as a quick look. If I think filing separately may be warranted, I duplicate the joint return twice and complete it for each spouse to get a more actual look.

I've used a PO Box on my own return for years.

It is a trust, going from revocable to irrevocable at date of death. There may be some DNI but my reading says these specific bequests will not count toward DNI.

When is this usually happening? I've had it happen a couple of times when I was in Fixed Assets.

Trust to distribute specific bequests of $1000 each to 24 grandchildren and great grandchildren. Remaining assets to 6 children. My reading shows these specific bequests will have no tax consequences. I couldn't find any specific mention of K-1s but it seems there is no requirement of a Schedule K-1 for these 24. Only 6 K-1s to the 6 children. Does anyone know of a requirement for K-1s other than to the 6 children?

This doesn't help your situation but a reminder to clients to keep all their annual statements for annuities and insurance policies. With these companies merging so much, it may be impossible to get a history of your accounts.

ATX puts it on the 1231 line on Sch K and Sch K-1. However, when entering on the personal return, the 1231 goes to Sch D of the 1040. For the 1065, I have the disposition tagged as long term going to 4797 Part I.

I understand sale of a patent is a capital gain. With ATX, 1065 return, when I use disposition of asset, force 4797 Part I long term, the gain goes to 4797 Part I, line 7. But it does not flow to Sch D. How do I get it to flow to Sch D and show as long term capital gain? Do I mark the disposition in Fixed Assets as 'Do not calculate gain' and input the sale directly in the Sch D input section?

Thanks.

A client wants to bring someone in for tax return prep. He moved to US from Italy during 2015, working and with a green card status. From a quick lookup, it seems the person can claim resident alien status for the whole year of the year of arrival. Or claim part year here and part year there (dual status). His wife and two children moved here later in the year. I don't know all their info yet. I was wondering how to approach this. I have questions regarding his income while in Italy, any other income (from Italy) while he's been in US, etc. I see if claiming dual status, he cannot claim standard deduction and may not claim joint filing status unless wife is also a resident alien. I still need more info from him when he comes in but I was wondering if anyone has some heads up info and source references to point me to.

Thanks TaxCPANY, I pinned that site for quick access. Thanks Abby, I knew there was a link in the program but I was looking for it while in the Return Manager and not while in a return.

What happened to Intelliconnect? I don't see the link in ATX, within my app or on the ATX website.

I agree: DANGER!! Will Robinson.

I agree. It seems extremely ludicrous that the so called date of cancellation is several years after the events take place. Has anyone heard of any recourse one can appeal to IRS to consider the effective date of cancellation to be the earlier date or year the 1099A is issued. Seems to be one area that the IRS could issue a reg or something to rectify this.

Anyone getting any acknowledgements back yet?

ATX also has basis worksheets. I assume ProSeries would have something like this. It's added to the return as a separate form in ATX.

2013 return shows owing tax approx. $2500. 2014 would be the same but a $10,000 ES payment was made so about a $7500 refund would be due for 2014. My approach was not to send 2013 payment, wait for IRS to process 2014 and reduce the refund for 2013 tax owed. I was going to have 2014 carried forward to 2015 because 2015 results will be similar. Anyone see a problem with this approach?

I do the same.

Wow, hadn't heard that until now.

We haven't heard back from Mr Lenore.

I have one, over 65 with an adult disabled son.

Do you have their birthdate entered?

Thanks all, especially Bart. Ky is due 1/31. I just like to get them done by 1/31 and not have that 'to do' hanging around until 2/28. Sometimes there's a need for a change. It's not that often.

If a W2 correction has only a state amount change, do we still submit a W3c and W2c to SSA?

I'm not too interested in the old guys doing new music or singing their old stuff. I'd rather listed to the original recordings. And look for some new groups like Seether, Breaking Benjamin and Dishwalla.