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Yeah those things can explode in your face. I had one high roller with a bunch she finally sold. She had large cap loss carryovers and sold most of these at a loss, BUT the ordinary income portion that goes on 4797 was about 40k, so she had to pay tax on that. It was partly offset by deducting the suspended PTP losses on E2, but she still paid tax on the sales. I had one of these once and it seemed like they were sending me my principal back since the K1's kept showing losses. Never again. I tell my clients that the reason they're being invited into the partnership is because the business is so risky the banks won't lend them the money.

I never check before 3 weeks and that is today for my last fax. It was not processed yet, so I'll check again in a week. We used to be able to do these online, instantaneously, and that was so nice, but not enough tax pros used it so the IRS shut it down. Too many tax pros are Luddites and they ruin it for the rest of us.

All my disallowed amounts this year have been less than five or six bucks. I assume the gain or loss is off by that amount in IRS favor. Shoot me, I don't care, and I don't have time to input and upload stuff for amounts that are negligible. Not even for $600. In the poor south we lose clients over stuff like that. My $475 client who pays his broker $18,000 a year would fire me over that.

Well, Abby might have a better outlook than me, but I'd rather chew off my right arm than have a client get a letter. It's so much more trouble to me than doing a return. First the panic call. Calm down, and bring me the letter. Then the drop off and the 15 minutes to explain how I got this. Then 20 minutes catching up and telling them how Uncle Fred is doing, and hearing about their dog that has an infection. Then, oh yeah, 35 minute conversation for their quick question because they talked taxes with their hairdresser. I fix the problem. Eight months later IRS sends a letter saying, "We got your response, but we lost it..."

Exactly why I'm selling. But, I'll still be working and pestering all y'all.

Good Question. I think it still needs to be reconciled .... but what do I know? This year I have had curveball after curveball thrown at me. I am not guessing anymore. Tom Modesto, CA

I'll tell you what I find amusing over at reddit.com/r/tax/. All the Robinhood folks who bought investments that give them K1's. They had no idea what they were getting themselves into! And many of them have not had the pleasure of selling these investments yet.

Yes. Tom Modesto, CA

USUALLY, revocable living trusts are just ignored until someone dies and the trust is actually funded. YMMV.

You are so right.... and none of us needs that. I'll just wait. Trying like everyone else to push these out of here. My Birthday is at the end of April and I'm celebrating big this year, as you know. I'm not sticking around for the May 17 deadline. Heck, I won't be sober till June....

Ha. Those PTPs. One client a few years ago had to report $29k in cancellation of debt income. He was in a high tax bracket too. A few days after I saw the K1, the company was in the WSJ.

This is a good assumption. And, ultimately, it's the broker's job to provide the correct basis and the client's job to tell us if they think it's incorrect. It's our job to input the 1099B as it was given to us. Even if basis is missing, it falls to others to provide the basis to us.

Add back on Form IT-558 using code A-011. NY has been too busy legalizing marijuana to vote on any tax de-decoupling.

Generally, I either see the error immediately after posting, or not at all until someone comments on it. So changing from 5 to 15 minutes would not really help me. I am just really grateful to have this board, and that it is so easy to use, and the Judy does such a great job moderating. Yay Team!

The 5 minute limitation helps to alleviate certain situations that can be difficult to navigate as a moderator. We only have one rockstar moderator on the forum (thank you so much, Judy), so if it's not too much of a hardship to deal with I would prefer to keep the 5 minute limit in place. I think in situations where 5 minutes isn't long enough, 15 usually isn't either.

I've resigned myself to paper filing decedent returns with refunds, and advise my clients to make sure they die owing taxes. I tell the family/executor to not make estimated payments after death or near death. So much easier to file a balance due.

I use IE by default for eservices, but when I'm having issues I fire up Chrome or Firefox. Firefox is my main browser as well. I just had to switch to Chrome for my online banking because it's not working with Firefox on my work computer, even though it still works fine with Firefox on my home computer. Go figure. As long as one of my browsers works, I'm good.

Yes, the browser issue is getting annoying. For ages we've been told to use only IE then IE 11+. I otherwise use Firefox. During my trials getting back to e-services, the help desk had me use Chrome because it seems IE sometimes causes problems. She said they weren't supposed to deviate from IE but have found that sometimes only Chrome will work. So for IRS e-services, I now use Chrome. Clearly Lion's mileage has varied from mine!

A lot of browsers these days automatically block pop-up windows or other types of fill-in forms. She may have to lower her security settings (or you may have to, if you help her) for that one site. The settings are usually per-site so for the most part you don't have to reinstate them afterwards. I have a couple of sites with pop-up login pages where I had to specifically allow the pop-ups to pop-up.

You HAVE to check the tax treaty. For most countries, it's ordinary income here - but not for all. Tax credit F 1116 almost always works better than Sch A.

Good way to describe it! I'm going to borrow that, Abby.

Nope, it won't fly by zeroing out the PTC. We will have to wait for the update... or delete the 8962. I wonder how much trouble that will cause, @Abby Normal?

Donna uses TaxWise. I was unable to override one the other day using ATX. When I say "other day," that mean three to seventeen days ago.

We know if will work if you discard 8962. Sure, you'll get an IRS notice eventually, but that's easily handled.

@Possi How did it go? What did you override and were there any issues with e-file? I am starting to get a few piled up and I would like to get them off the pile. Tom Modesto, CA

Thank goodness the amount didn't change for any reason. I understand him, though. A Seal, he was home briefly and wanted to tie up all his business before leaving again. But, hey, sign your tax return. In the big scheme of life, HIS life, this is not so big a deal. We all, in this world, could use some prospective from time to time. I got a dose of mine.

I have a similar situation. I'm just going with the 1099B. There's no way I can do what Lion did.

No local return required if all you're dealing with is local income tax withholding on a W2.

I have had prior year e-filing rejection until I got the Submission ID current on the relevant EF Info form. It has to contain the current years date (just after the PIN). Doing this is kind of wierd, something about eliminating the practioner and re-chosing one. It used to be you would discard the EF Info form and re-load it. I don't think that works any more.

Wouldn’t the Spanish SS be taxable if applicable like our SS, not sure what treaty says. What I do with Canadian OAS is treat it like US SS pursuant to the treaty

Usually better to take the foreign tax credit. Also, use the FECWKST to report this income (I think).

I don't know how I'm suppose to audit the broker. I have a client with about $10k in his account with proceeds of $35 million. I have to rely on the 1099B. If the client has a problem, he can take it up with the broker.

Daughter in 2020, filing on her own and not eligible to be claimed as a dependent, is eligible for both EIP1 $1200 and EIP2 $600, and EIP3 $1400.

The disallowed wash sale is added to the basis of the purchased stock that created the wash sale event, the timing. He might still own that stock. When he sells it with its higher basis (from the previously disallowed wash sale amount from the stock that sold that was paired with the stock purchased to create the wash sale) he will have a larger loss/smaller gain and essentially be able to use that disallowed loss finally. It's disallowed until the last stock in the chain is sold, which might be in a future year. So, what you have to watch for is -- Is the disallowed loss from this stock added to the basis of the stock purchased, so that you have an accurate basis when that stock is sold?

The preliminary payment of EIP2 and EIP2 were based on the filing circumstances of 2018 or 2019, depending on what was on file at the time they sent out the payment. They are reconciled on the 2020 tax return, so that is the only return that really matters for EIP1 and EIP2. The preliminary payment of EIP3 will be based on the 2019 or 2020 return, depending on what has been filed when they send that payment. That will be reconciled on the 2021 return. This may result in duplicate payments for someone, but that is perfectly acceptable. There is plenty of money to go around, apparently.

Maybe you can get it for her. https://www.irs.gov/identity-theft-fraud-scams/retrieve-your-ip-pin

All 1099-Bs say wash sales are disallowed. However some are adding the wash sale to the basis, so you don't need to make an adjustment (even though the form shows the adjustment) and others aren't. So check your gain and make sure it matches.

The court appointed PR does not have to file 1310 with an original return, but instead attaches a copy of the appointment to the return. ATX has a link to attach it to e-file.

If only 1040-ES were included.

Mine are rejecting too, for EFT's beyond April 15. 2 clients need to pay the first quarterly by April 15, so we wanted to send the 2020 liability in May. I'll hold them but not for long. They gotta GOOOOO....

Just did a conversion to "Intuit Online Payroll," everything is in the cloud. They have 3 levels Core, Premium and Elite which is what they use. Fee is monthly plus so much per employee per month, not charged per each payroll run and includes direct deposit. They don't use "Quickbooks" just the online payroll and with Elite, they will do the conversion for you, BUT review it carefully, our conversion could have been smoother although we converted mid year. Elite includes time tracking and reporting with Quickbooks Time (formerly TSheets.) Time can be entered from a smartphone app or tablets set up as "kiosks" and time is approved prior to running payroll. It has a lot of options and you can set schedules, shifts, breaks, locations, etc. I like that it is in the cloud, they make all Fed, State and Local deposits and all payroll tax form filings. Employees have a phone app called Workforce where they can access payroll history and receive notifications when they will have their pay deposited. Employees like it. Support is good for Intuit Online Payroll and poor for Quickbooks Time, unless you like using the Community.

Yes, his estate got stepped up basis.

Does she want it to do everything, because she'll be able to understand how to do everything? Then she can demo almost any payroll software to see which one works the way she works. Or, does she want it to do everything, because she does NOT understand or have time to train to do everything? Then, she should talk to payroll services who will do it for her. It's like a taxpayer choosing tax software or a tax preparer.

Despite no income, there are expenses. Yes, a partnership return should be filed for calendar year 2020.

I have 2 that owe a few bucks but the non-refundable child tax credit takes care of that. I am going to file as if nothing happened. I have been suggesting that the IRS only programs line 28 (I believe) to 0. So that line should read: Maximum repayment = 0 and be done with it.

OK, that's cool, because I just found myself overriding the UC worksheet at the bottom of Schedule 1 to remove the UC from the MAGI calculation.

I'm going to pull the trigger on this one. I don't believe there are any ripple effects to this. Any update might have a wksht, but I can easily go back to 2 returns and adjust if I need to do that. It won't change the bottom line.

I'm going to wait. There might be a "worksheet" for this.

Yes, I can create the efile. I only have 2, but want them both outta here.

Have you tried the override and then create the efile? Any Errors? I don't know if there is a good reason to wait, but I am. We only have 3 with amounts due, and since they are going to get something they did not expect, I think a little patience until the software is updated is OK. But if it works for you I might get them out the door. Let me know how it works. Tom Modesto, CA