Leaderboard

Filing does preserve the 3-year SOL and makes identity theft harder (or catches identity theft since the last time they filed, so they can act on it now). And, the state may be a lower requirement (isn't IL only $33 of income?! CT is a higher threshold than federal, but ANY amount of CT w/h requires a filing or a $50 penalty).

Maybe they can pay Rita in tomatoes...

I would absolutely prepare and charge for this tax return.

You didn't say what entirely makes up the $21K of AGI but will assume since you used "AGI" and have input the data, that the $21K includes only the taxable portion of their social security. As far as the Sch D/8949 activity, the determination of gross income for the filing requirement includes capital gains but not capital losses, so your client may still have a filing requirement if they have losses offsetting the gains in your calculation AGI. You must use only the gains in the filing requirement calculation. There is a whole list of items in Chart C of the 1040 instructions that lists other situations that would require filing. Probably the most common for older retired folks are if they had any distributions from an HSA, or Archer or Medicare MSA, even if those were used for qualified medical bills that has zero taxable effect. Obviously this doesn't consider the state requirements either, so you'll have to check that also.

I have entered the start up costs as an 'other expense' and then amortized the amount that exceeds the $5,000.

Come on, Rita. What's wrong with you. A nice, elderly couple...fixed income...probably have a garden in their back yard that they tend to. Let them be.

I believe the requirement states Gross Income over $27,800 for them for a federal return. I would consider that they are required to file. However, if they did not, there would most likely be no consequences assuming basis was reported for all of the income from their stock sales.

I have had ATX for over 20 years - many times I swear I am going to switch - but their service has been incredible the last couple years - and the issues we have had - were mostly related to single glitches with a client, not overall. It has all the forms I need - I do about 70 S corps and about 800 total returns. I have tried a few others but do not like the format nor the price. This is easy to teach - even to remote preparers. and it does have the interview available. It has "lost" some features I dearly loved - calculator in the line, cannot open more than 1 return in the current year, - can in prior years! Compared to another program I had, I wish it had a timer on!! I have even stepped down a version as I did not need all the extras. I think! D

Same here, here, here. While there have been issues in the past, I must say the program has been working well for me the last few years.

Same here, here.

Not quite. Rather, it's because the answers actively HIDE until you give up and ask. Then they pop out at you, snickering, as if they had been there the whole time.

Sometimes I think I post on here just to bring stuff to my own attention.

I too have had ATX for 20 some years. I actually tried out Drake and didn't like it. ATX is a good software for a small business. I like that I input from a screen that looks like the form. But I started out old school filing in the blanks on a tax return by pencil. So I feel comfortable using the forms and not relying on input prompts. I haven't had any complaints (since that little issue in 2012.....) (2012?) (The older users will know.....)

I have been using ATX for about 20 years and have no reason to switch.