Jump to content
ATX Community


  • Content Count

  • Joined

  • Days Won



About jklcpa

  • Rank
    Forum Moderator

Profile Information

  • State

Recent Profile Visitors

14,547 profile views
  1. Brandon, it may be helpful to know which years you are working with, and were the backups made using ATX's backup function from within the program? Are you then using the restore function also from within the program itself? Backup and restore using other methods or commercial software will definitely cause these errors. Is this also related to moving files and programs to the new computer that you posted about separately? If so, were the programs installed fresh on the new machine, not copied or transferred from old to new? I haven't used ATX in a few years now, but it used to be that from within the program, the backup function would allow the user to change the location of the backup. If this is still an option, try backup directly to a flash drive or CD and then using the program's restore function from that rather than backing up to the default and trying to copy the folder because you may be missing a piece of the puzzle. If you are using the functions from within the program and still having problems, you should call ATX support.
  2. @Max W Ed, where do you see 2 years mentioned? Everything in the two posts are for 2016 other than examples and his mention of computer errors in general and citing a separate problem with 2018 TT's 2210 bug.
  3. Something is definitely odd. Did you perhaps also have transfers/rollovers from retirement plans in addition to the regular retirement income that weren't rolled over timely, more than one rollover in the 12 months, or that weren't reported properly on your return? Was there perhaps a reporting error by the custodian? With this level of mismatch from return to notice, you might have considered requesting a transcript of your account for that tax year to match against the CP2000. Do you have some other specific questions for us or to discuss the impact of budget cuts?
  4. In general, a spousal waiver wouldn't be needed for an IRA. However, in community property states the spouse would have a claim to any retirement savings made after marriage, but not contributions prior to that. I'm not in a community property state, but if you are advising a client that is, you'll have to take that state's laws into consideration.
  5. @Christian, you have two different types of retirement assets in your first post, and you later brought a second storyline into the mix as well. My post was about IRAs only in response to your original question about your client, and made prior to bringing in your cousin's situation where a wife, a trust, and grandchildren were mentioned. Sara's post is about ERISA that covers most retirement plans of companies and that would include your client's 401k. IRAs aren't covered by ERISA, but SIMPLE IRAs are because those are employer plans.
  6. I want to clarify that the number of views is meaningless. If I look at a topic 10 times, that is 10 views and not 10 people. Other members will view a post multiple times to view the responses, for whatever reason, and may not have the technical expertise or some other reason for not wanting to respond. The number of views would also include any "guests" or the public view the post because it comes up on internet searches, and those viewers are unable to post. I'm not sure if bots and webcrawlers are included in the views, but if they are, those would also add to the count.
  7. https://www.irahelp.com/slottreport/what-happens-when-estate-inherits-ira
  8. @Pacun, no, this is not correct. Please see the exception in the code sec I posted above. Because all of the rental came after the period of being used as a residence, as long as the taxpayer used it for 2 years out of the last 5, hasn't used the exclusion on another home in the last 2 years, and meets the use requirement, he or she will be allowed the full exclusion. The only thing will be to segregate out the gain resulting from the depreciation taken that will be taxed at ordinary rates.
  9. Is she reporting on a purely cash basis because her receipts allow her to be a small business that doesn't require inventory reporting that would make her either modified cash or accrual? Artists have exemption from the unicap rules if they qualify. As for distinguishing materials & supplies in COS from other supplies, you should have that discussion with the artist. I'd think that items such as canvas, paints, frames, framing costs, hardware, freight and other expenses to acquire those items would all be in COS. Other more general supplies such as easels, brushes, solvents and cleanup chemicals or shop rags indirectly related would be in general supplies in other deductions. That may be splitting hairs and the client should be able to elaborate what is contained in each total.
  10. @schirallicpa, read the linked page for sec 121 for yourself and see what you think regarding the period of nonqualified use as it applies to your client's fact pattern where I believe your client falls into the exception in sec 121(b)(5)(C)(ii)(I) . Here's what it says:
  11. Margaret has it right! Love your brain picture. After 10/15, many of us are "vacationing" or needing to do this:
  12. Yes, all too familiar. What tax software are you using now? Ready for next year?
  13. jklcpa


    If you want to take a look, Google "2019 draft 1040" and look for the link to IRS site. I'm on a tablet right now and can't post a link because the web address automatically goes to a download the draft form as a pdf.
  14. jklcpa


    The checkbox on the 2018 form was on the righthand side directly below the spouse's SSN.
  15. jklcpa


    The early draft of the 2019 1040 didn't have the checkbox to indicate full year coverage, but that doesn't mean that it won't be added to the final version .
  • Create New...