A day stuck in FTC Hell

[jklcpa]

 **muttering many bad words** this afternoon. 

If ever there has been a place for tax simplification or raising the thresholds for needing the bleeping form, it is the 1116.  All from a seemingly simple little folder of a handful of documents with large numbers and everything but the kitchen sink on the broker statement.

Tomorrow it will be a different form that I shall rant about. It was the 1116's turn today. 

That is all. /

 

[Richcpaman]

I HATE that Form.  And ATX's process for getting it done right for anything over $500 is atrocious.

Rich

 

[Abby Normal]

I must be doing it wrong, then, because it seems pretty automatic. I find that things like this are much easier if you don't care too much about them.

Also, I heard that even though you're not required to file the 1116 when you're below the limit, you're still supposed to do the calculations! Good luck with that!

[Catherine]

I detest Form 1116.  It just does not NEED to be as convoluted as it is.  

[Abby Normal]

42 minutes ago, Catherine said:

does not NEED to be as convoluted as it is.  

I say that about the entire tax code!

[jklcpa]

Abby, yer doin' it all wrong! 

It's been too many years for me to remember how ATX handled the state tax deduction where none, some, or all may be partially allocated as directly related, depending on if the state includes or excludes the foreign income.   Blah, blah, blah, and so forth.   I don't see how this could ever be automatic because it doesn't relate to the Sch A deduction.  Are you not doing calculations for this? Or is it really automatic in ATX?

I got sick of looking at this particular return because after the FTC, I then had the analysis and annualization for the state's version of the 2210 and underpayment penalty where the "quarter's" dates do not conform to the federal quarters and dates for reporting on the 2210 annualization.

That return was thrown back in the stack for final review when I can look at it fresh again.