mcb39

Thanks a lot, John. I am talking about really small businesses, AGI of $30000 or less and 50/50 split between husband and wife. I guess I can do the splits, but upsets me because ATX has been working extremely well for me up until I stumbled on this last night. Thanks again.

I did the same thing because last year all of my 1065s were rejected out of hand with that canned reject message. Since I had not updated my e-file info since 1983, I was only approved to efile 1040 returns. I also did it on IRS e-services. And, yes, you can efile the return with the K1 now. Matching could be a long way off...

Speaking of which, why is it in these days of modern know-how that it is impossible to find a decent eraser.? The ones on pencils are hard as rocks and leave black smears. I guess I need to go back and look through some of my kids' old school stuff. Don't they think we make mistakes anymore? Dont they know we cannot cut and paste, highlight and delete, backspace, etc on pencil notes? Here is a chance for someone to make a lot of money by creating a decent eraser once again. BTW, John, would you take a look at my post from last night regarding the splitting of a Schedule C. This has me really upset and I forsee LOTS of pencil work to split all that stuff manually. I was hoping that more people would get onto that train and present their thoughts. I guess that posting serious stuff on a Friday evening is not always savvy. It gets lost in the folds of the weekend.

Pub 17, Page 86: Qualified Joint Venture: If you and your spouse each materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership. To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Each of you must file a separate Schedule C or Schedule C-EZ. Oh, please, we are not talking about anything more than a small family business here, where the spouses are contributing equal time, effort, etc. In WI, it wouldn't even matter if it was equal. These businesses do not justify the work or cost of filing a partnership. Please Give Us Back the Box to Check! :angry:

This is Community Property state. I will check it out. Only option will be to create 1 schedule C and then split it between 2. That will be an extreme pain as some of these have been set up this way for years. Another reason to split is to allow both to contribute to IRA. PUT THE JOINT CHECK BOX BACK!!!!!!!!! :mad:

What am I missing? In Wisconsin, Schedule C can be split between spouses so that they both have income and both have SE. This negates the necessity of filing a Partnership for a small business. Some of my clients have done it this way for years. Now, all of a sudden, the "joint" box is missing from the choices at top of Sch C, or I am not seeing it. HELP!!!!! PS....This also gives them the married couple credit on the WI return. These are in cases where both spouses are actively involved in the business....

Only one so far that I know of. However, I have "Where is my refund" in my favorites and when they call, I go and take a look because "I" am the one who told the when it should be in the bank. I have bigger worries than that right now.

I'm glad that you asked that question. I had one come in this afternoon and one yesterday. I am thinking of the 5329 but am curious as to what others think.

ATX should be doing the conversion for you. Call Customer Support.

Yes, I have already had several issues just like this. If he made over $3000, he qualifies; and, of course, he made more than that or he would qualify as someone else's dependent. Do the worksheet, he will get the credit.

To think that you added insult to injury by not doing your job. For Shame!!!! Anyhow, she better not let them forget that they forgot..........they can pay and pay and pay! RCooper! Everyone on this board is wishing you well and I hope you take advantage of Valentines Day!

Or better yet, in my opinion, order one from IRS. I ordered last week and it was here in a couple of days. I like paper in hand so that I can take it with me. (anywhere out of the office) Pub 17 is certainly the reference of choice for many tax questions.

Yes, but no matter what, there will be a limit of $500 or $1000 on the deduction.

Wisconsin is VERY particular about assembly order. I don't know what they would or could do to you, but they scold us every year at seminars in regard to this subject; even though most of us are required by state law to e-file returns. And, of course, that saves on staples or paper clips (your assembly tool of choice), paper, toner, stamps, etc.

That is pretty much correct, Zeke. Unfortunately, the ones that we want to "move on" never do. I, personally, tell new marrieds that I will be happy to help them, but if they are more comfortable going to the "other" preparer, I will understand.

You HAVE to read the form no matter how repulsive that may be. It tells you exactly which lines to skip (which are a lot of them most of the time). It calculates correctly if you follow the directions.

Yes, she gets a stepped up basis for his half to the value on the day that he died.

But, the question is, does he qualify in 2008? He should get $300 for child who is his dependent this year. If you check the box for child at the top and do the rest of the sheet correctly, he should get a Rebate credit on line 70. I have had so many of these. Many got partial or none last year but qualify based on 2008 return. Just did one last night where the wife was her parents' dependent last year because she was still in school. Neither the parents nor the girl got a stimulus for her. This year, she is married and working (a lot). Do the numbers and she receives $600 based on her 2008 return. New husband got his $600 last year so he doesn't get any this year. (Clear as mud, huh?)

Hi Wayne....we missed you and we need all the help we can get.

Jainen, that's the kind of post that makes you an ATX Master... :huh:

The answer is yes to the qualifying child if she is under 17, and the mom does not have to pay it back. It should be $300 for the child. Did he only receive $500 for himself last year that he is receiving an extra $100 now? Not unusual, just curious...........

It's morning now.......hope everybody is rested and ready to go.

It shouldn't negate the credit for her since the credit is based on 2008 return. Clients claimed by someone else last year and were over 17 did not trigger a credit for anyone. If they claim themselves this year because they no longer qualify as someone elses dependent, they get the credit this year. I just finished one of these. Client was a student last year. This year he made $22598, claimed himself and got a $600 credit.

I am finding the program to be extremely smooth. I don't really mind the changes because I don't believe it hurts any of us to have to THINK and not rely too heavily on the program doing all the calculations without us having to find out WHY. We are supposed to be professionals and this is a professional program. I don't do bank products so can't comment on that and I have not had to call tech support thanks to the great people on this board. Basically, I feel that I got my money's worth now that the 8839 came out and I am able to carry forward adoption credits. I have a friend who has messed up twice so far this year using Tax Act online. When she filed hers, I had to amend it for her because she took a dependent she should not have taken. Now she botched up her son's. She just faxed me the whole mess. Makes one wonder how many people are doing returns wrong year after year and not knowing it. She has wasted so much of my time. (Vent is over)! All in all, I am feeling happy from where I sit....

I was going to answer it, but Catherine beat me. Now SHE gets all the love! :wub: