joanmcq

Well I just got a NY extension accepted. No federal ones. or returns.

Anyone know what's up? Its such a pain accessing the ATX site, I try here first. And now I've lost the piece of paper where I had my password written down, and I can't remember if I set it with january or february as the date I put in a password i need to update continually.

Me too. Although a few do get the union dues deduction. Same thing with medical; then I can point out what they'd need for the deduction and how short they came. Sometimes we talk about bunching expenses. My investment expenses gave me $27 this year!

I started efiling my extensions last night and they are all stuck in validated by EFC. Anyone know what is happening?

So my boyfriend doesn't have to pay his $8 due?

There is a limit on what the IRS will send a CP2000 out for. Stock sales, almost always because they don't know the basis. a piddly little 1099-int like described above will not cause a CP2000. However, if they leave off something that WILL trigger one, the cp2000 will have every dollar in interest that wasnt' there.

The land goes on part 1 of the 4797 and the rest on pt 3. I haven't done one of these in a couple of years, but you did use to have to overrride on the 4797 to get the exclusion to work on the 4797. Its supposed to be in part one and you exclude the amount of gain less depreciation. maybe the program will handle it now.

I found it immediately because I'm on another board that KC is on and Eric posted there about this one. Glad to see we are being found! And there is no censorship here.

I woke up with a sore throat. feel like CRAP! 5 days left. Just filed some extensions...and a new clients stuff just hit the desk. He gets an extension, but I gotta figure out if he should pay something.

I don't drink, so please drink one for me.

EFC transmission failed and the support site is 'down for maintenance'. Any one got a clue? Any of those tech staff online can tell us? This is a day I go to my day job, so I can't call in; was just checking acks before I went to work.

Yeah, that's the one. Why am I reading this stuff since I decided an hour and a half ago that I'd take a break, have some dinner, and see if the burnt crumb that was once my brain will jump start again.

I don't think recapture happens until you sell, unless its listed property that you 179'd.

Yes, currency trading isn't usually on either; if the proper elections are made its on another form entirely (which one has conveniently slipped my mind) but it is for 'something, something and straddles'. so if you type 'straddles' into the forms selection box, you'll find it. Then you get to reseach these things deeply. definitely too late in the season to do in any depth.

The client got the number! Yeah! Tell them they can't efile without it and it gets 'em cooking.

Lots more expenses qualify for 529 distributions too; like books, room & board...just about anything educational. If the distribution was taken out in clients name rather than the daughter's she could get a nastygram wanting an explaination.

I'll try to find out if its one of those. Its supposed to flow to line 7 right? Anyone else with american fund eins? jeez, i may just pick one at random to get the damn thing efiled. The 1099 hasn't even been issued yet. do i need to do a substitute form?

No, one of the wierd things is he only got the 1099-C for the 'visa' second mortgage. The first one was nonrecourse debt, I believe. But no 1099-A either. I'll get the rest of the data for the insolvency equation tonight.

I know the payor is American Funds. Do you know any way to get an EIN?

I haven't gotten any renewal email or mail, so I don't know what they are charging. I'm so nuts right now I can't even think about changing software. But I like the program and am not changing yet.

Want to pay the tax now. 1099-R asks for zip code and EIN of payer which I don't have. filling out substitute doesn't seem to populate 1040. Trying to get efile to create. Anyone know what to do?

Choice number one above is the correct one. That's all they want to see. You can also check the transcript on eservices to see what the IRS did get against what you have, as well as all of the suggestions above. Let us know what happened.

Jeesh old jack, I know I know. And I gave them the rules for donations...I just wish they had stuck a bunch of the stuff in the garage until January. If they had called me, that's what I'd have said. I still don't know how to break up a Sch A donation that has two names on it and the items are owned 20/80 though. do I split the total value of each donation or item 20/80, or somehow distribute the items approx 20% to partner B and 80% to partner A? D'ya see why I wish it was a partnership distribution? Not to mention I still am not quite sure as to figure out what is a similar item and what is not. And the kicker is that the 80% partner really will get very little tax benefit because his income is so low...without itemizing his tax is wiped out by the child tax credit and he gets EIC and ACTC besides. The 20% partner has a huge COD problem (see other post below), as well as most of the income.

If you are doing 3000 returns a year (unless you are a mass producer type of preparer), wouldn't it be better to upgrade to profx or one of the other software packages that is geared to larger firms? Its perfect for my solo practice, and since I am picking up more and more out of state returns, it is great to have all states and all forms supported, especially the 982 this year!

Partnership had a stall in antique mall to sell antiques. Business was not that great and when main partner got sick, they went out of business, and donated the inventory to goodwill. (I really, really want to shop at this Goodwill; the one partner claims it is the Saks of Goodwills, very rich neighborhood). So I have 4 reciepts from goodwill for the same date with thousands of dollars of antiques (about $26000 worth), as well as some personal items. Truth of matter is , they said they closed p'ship and then donated the items, although it may just mean they closed the store, and then donated. Putting this stuff on the 1040 will be a huge red flag, as well as there being a problem with a lack of appraisals, although is a 'morris chair' a similar item as an 'oil painting', or 'persian rug'. the reciepts are not grouped in any fashion, and one has 5 pages of items attached. The way I'd like to do it is to have it flow from the K-1; less messy and a lot less 8283s. What do you all say? and if I put it on the partnership, do I reduce the inventory by the amount donated as 'items withdrawn' in the COGS calculation?