jasdlm

Do you mean in the 'a' box? I thought it was wrong, also, until I read the 1040 instructions for this year, and it has changed. ***If you have IRA distributions and/or pension and annuity payments, unlike in prior years when you entered these amounts on different lines, this year they will be combined and reported on the same line. IRA Distributions You should receive a Form 1099-R showing the total amount of any distribution from your IRA before income tax or other deductions were withheld. This amount should be shown in box 1 of Form 1099-R. Unless otherwise noted in the line 4a and 4b instructions, an IRA includes a traditional IRA, Roth IRA (including a myRA), simplified employee pension (SEP) IRA, and a savings incentive match plan for employees (SIMTIP TIP Need more information or forms? Visit IRS.gov. -28- Page 29 of 117 Fileid: … ions/I1040/2018/A/XML/Cycle08/source 14:16 - 24-Jan-2019 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. 2018 Form 1040—Lines 4a and 4b PLE) IRA. Except as provided next, leave line 4a blank and enter the total distribution (from Form 1099-R, box 1) on line 4b. Exception 1. Enter the total distribution*** My taxable amounts have flowed through okay.

Mine did not flow automatically. It was a 1065, and I entered it by drilling down into the 'grayed in' line on the schedule K.

I'm about to cry 'Uncle' here. I have been reading for hours and am no closer to feeling good about an answer. Based on the following excerpt from the following link (pinned under 'Chat'), do you feel that in an entity that owns rental real estate and sells one piece at a substantial gain, the recaptured depreciation is QBI and the remaining gain is not QBI? (Unrecaptured 1250 gain QBI; 1231 gain not QBI) I guarantee from the variety of opinions I have read that there will be NO consistency of filing among preparers/individuals. https://www.irs.gov/pub/irs-drop/td-reg-107892-18-corrected.pdf To avoid any unintended inferences, the final regulations remove the specific reference to section 1231 and provide that any item of short-term capital gain, shortterm capital loss, long-term capital gain, or long-term capital loss, including any item treated as one of such items under any other provision of the Code, is not taken into account as a qualified item of income, gain, deduction, or loss. To the extent an item is not treated as an item of capital gain or capital loss under any other provision of the Code, it is taken into account as a qualified item of income, gain, deduction, or loss unless otherwise excluded by section 199A or these regulations.

What did you end up doing with this? I have an LLC that owns several rentals and sold one for a substantial gain. I have been researching for quite some time and can't find an answer that feels definitive.

I assume you mean gross income? Net is under $250,000, but gross is over.

Thank You, Deb!

Goes in Box 12 w/ code S - it's an employee deferral. Maybe W2 is not done correctly? It could be that I'm not quite understanding the question.

I have filed the LLC return for this client since 2012. Always pay the $800 to FTB by 15 April for the year. This year, ATX is generating the usual 3522 for the $800 AND a 3536 for $900 due 15 June. What am I doing wrong? I googled, and from what I can read, only one is owed. Yikes. Thanks so much!

I assume you already closed 2017 and 2018, shut down your computer, restarted your computer, and tried again? I have had this happen, but a complete reboot of the computer has fixed the issue. Do you have autosave on? How frustrating. I really feel for you!

DANRVAN - You are 'da Bomb! Shining me on to the County Website allowed for a 'drill down' into a division of the 'building' value between the house and the barn. I can now figure this out proportionately. I love this site. Thanks so much!

From a preparer long before me! My understanding is that the House and 5 acres has always been a separate, non-farmed plot, but the barn was built on that land. I'm not even clear what the barn was used for in the farming operation, because by the time I got the client, the spouse (farmer) was deceased, there was no equipment, and another person was running cattle on the Ag land (2 separate tracts) for cash rents. Unfortunately, my client is not too well informed about the whole thing. County has the land at $123,000 with $100k assigned to the house and $23k to the land. Thanks much. I really appreciate you weighing in. Do you think I should just apportion the sales price at the same percentage as the county appraisal and then take off $$ for a 1/2 acre of land (figured proportionately)?

A client sold his primary residence (on 5 acres) in an installment sale. Sold two other pieces of farm ground on installment. 6252 done for the two pieces of farm ground. The barn the client used for farming, which has a basis of $50k and depreciation of $30k, is on the 5 acres sold with the primary residence, which sold for a total of $150k. The appraisal did not assign a specific value to the barn. I'm having a brain collapse. I can't figure out how to deal with this barn. Thanks so much. Some days I wonder if I still have what it takes to do this. Aaargh!

Not always, unfortunately. It depends on the State and the type of asset.

I had trouble two weeks ago. Shut down did not help. I contacted support, and I basically had to copy the return and use it to create a new efile.

Mine is doing it every time. Grrrrr.

Has anyone else had the situation where ATX is NOT populating the 'last year's itemized deductions' field in the worksheet when last year's return was prepared by you in ATX?

I hate Form 8283 with the power of 1000 suns.

My usual 'onslaught' is around the 13th of February, and it has definitely hit. I have had years, though, where the whole dropoff parade seems to be delayed.

Did you choose '1' in the dialogue box for line 28, or how did the calculation get triggered?

Margaret, I think (I hope) I just uploaded the spreadsheet I use into your message box. I've never tried to do that before. Please let me know if you don't get it, and I'll try again. Hope it's helpful.

There is a worksheet for figuring this in Pub 970. I use it all the time. It is even better sometimes to add back the amount of the taxable distribution to taxable income to take the credit.

On a return last year for long-term clients, I missed the fact that they did not give me his W2. She had changed jobs, and the income was less, (yes, I used the comparison, so don't even go there) but I knew she was unemployed for a period of time, and he had failed to print the document (which wasn't mailed, supposedly), and I gave them the return, they signed, I filed --- fast forward to November and IRS and State want $$$ and not an insignificant amount because it messed with credits, bracket, phaseouts, etc. Of COURSE I knew that he had a job. I amended, got checks from them for the tax, mailed separate checks from my account for interest/penalties, told them I was sorry, and moved on. Most clients will give you grace when you admit the error readily and acknowledge being human. It is no additional cost to them than it would have been originally without the mistake if you pay the penalty/interest, so they actually got to keep their money a little longer! Love ya, Possi! You 'da bomb!

I find that I often have to walk Churches (where the minister is my client) through filing (or amending) the appropriate paperwork for Clergy. It is often a secretary or volunteer who is preparing the document. My understanding is that the Church does have to approve the housing allowance once the minister designates the same (i.e. our Church Council 'approves' the housing allowance for our minister every year, and it is in the council minutes). The housing allowance should be in the call letter. I have never known of a requirement for an annual contract - just an annual approval by the Church governing body. Are MAMalody or JJStephens still on this Board? They are extremely helpful in the Clergy Tax arena.

They paved paradise and put up a parking lot.

What did you find out?