Randall

If long form not required, I don't even bother, just let the total go to 1040 page 2. ATX gives a cautionary warning but doesn't prevent the efiling, no red print warning.

I don't think time matters. I think they're automatically considered long term. Enter acq date as various or a date S corp started if over 12 mos. Then override ST with LT.

If the broker can provide a csv file, you can import directly to ATX.

One may be an IRA, fully taxable. Maybe the original money was an IRA or 401 rollover. Of course if he's well over 70 1/2, he would have had minimum distributions in previous years. The one with basis is not an IRA, just after tax dollars he put into it.

Thanks.

Is there no age limit for EIC? Seems like there was a few years ago, age 65. Is this not so anymore? I don't see anything about an age limit. My client, 66, $5k W2, SocSec $21k. Disabled adult child. EIC calculated and going thru.

Looks like I'll have to paper file. I think Jack must have been thinking of a foreign child, must wait until finalized in that case.

First option, max the 401k. May also get additional employer contributions. There are other things but he should see his financial advisor on those.

Lion EA, this was the way I was reading it too. The worksheets even have lines available for credits taken in previous years. My problem with ATX is that it won't let me leave info blank as the instructions say to do if that info is not available. So I was wondering if I have to paper file this return.

Are you saying the assets will not be listed with the double asterisk (**) from then on?

Jack, I understood that expenses paid in 2013 could be used for the credit in 2014 even if adoption is not finalized until 2015.

No comments yet?

In the drop down menu, the delete return is just below the close return and high up on the menu list. I never liked that. I know there's a warning message if you hit the delete return. Sometimes I'm going fast and accidentally hit the delete button. So far I've caught myself with the warning message. But I've been meaning to put in a request that they move the delete farther down the menu list.

Form 8839 instructions say if info not available on line one, leave blank. My client has adopted child birthdate of Jan 2015. ATX won't accept a date after 2014. Also, no ssn or atin yet. When I leave these blank per instructions, ATX won't accept this and efile can't be created. Does this mean I have to paper file the return?

I meant 'Open Balance Equity'

Then there's 'Opening Fund Balance'

Unless he's in a gun related business (selling, shooting range, etc), no way.

QB gives them an account called Ask My Accountant.

I once received a 1099 from a client. Nine hundred dollars. The decimal was so small, you could barely see it. I received a letter from IRS saying I didn't report $90,000 income. I about fell out of my chair. I sent a letter with a copy and enlarged it the best I could with my copier. Luckily, IRS accepted it. Whew. I wish I had a client paying me 90 grand.

I know what you mean. I scan and read from the pdf. But sometimes I have to hit that + icon a number of times to make it bigger.

michaelmars: For me, multiple properties, there's usually nothing there but the property on the fixed asset schedule and the mortgage liability. It's just additional work to consolidate multiple properties to do the Sch L.

rfassett, that's my thinking too. I don't have the volume you have, but this works for me. I also have my own in-house Excel spreadsheet 8 column WTB template I use for some clients.

Out of curiosity, I'm wondering how people are using the so called 'write up' work with a trail balance type program. Doesn't the client have to have some set of books to begin with? I was thinking if they are a fairly large company with an in-house accountant or staff and they are using a higher end accounting program, this would work. But my business clients are small, either using QB or just simple paper system of records. I then use QB to use from their QB file or just enter info into QB from their records. In these situations, I have not seen the need for a separate GL or TB type program.

If correcting or amending, just do 4th quarter. I think it's common to 'bonus' the owner at end of year. Adjust bonus out of distributions. Increasing W2 and 4th qtr 941 reporting. Best to do before reporting deadlines but 941-X is next best. Bump him up some for 2014, then go forward with quarterly reporting at a higher amount. If his business is up or down, you can adjust 4th quarter to fall in the 'reasonable' category.

As for the money coming to her from the spouse's retirement plan, make sure she understands that if it comes to her, it's taxable with an exemption to the 10% penalty. However, if she doesn't need this money, she can have a direct transfer to her own IRA which will defer tax. But once transferred to her own IRA, any further distributions will be taxable and subject to the 10% penalty. The transfer must be direct, not coming to her first. If she needs some of the money, she can receive an amount subject to tax but exempt from the 10% penalty and have the plan custodian directly transfer the remaining balance into her own IRA account. If she's already done this, it's a moot point. As for the capital loss, I agree with the other comments. If account was a joint account and divorce agreement doesn't mention it, I would think she's entitled to half the loss. But the spouse is likely taking the full loss on his return. You did mention that in the settlement, the loss was to be repaid to the wife. If that $67,000 loss was considered part of the $428,000 payoff, then I would think she's not entitled to a loss writeoff. But as jklcpa points out, there could be more to it.