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Exactly what I base my decisions on as well. With ATX's 2012 disaster, I wasn't about to risk my entire season on a potentially unstable program, and certainly not for the price and lack of support. Once I moved to Drake and learned the program, its overall performance and value for the $ has been a good fit for my practice. I will reevaluate if that changes, as I would with any software or business tool.

In the first post, Tom said that all contributions had already been withdrawn and used for college.

Yes, because he has had the account for at least 5 years, he can withdraw up to $10K penalty free under that exclusion as long as he meets the requirements for a first-time home buyer.

I do that too. It's a great summary with the flow of the old 1040.

That is the requirement here too, 4 hrs every 2 yrs.

A Sec. 266 election for unimproved and unproductive real property is made on a year to year basis, and must be made by attaching the election to an original return. Once made it is irrevocable unless IRS gives consent. It does not have to be made in the 1st year that the property became unproductive and out of service.

Catherine and Margaret, glad you are getting through that sickness and hope each of you have no lasting effects. Husband and I were both exposed at the end of September but luckily didn't get it. I just got the flu and covid boosters yesterday and am not feeling all that great at the moment (high fever, shaking and aching....) Now is the time to take care of ourselves first, rest, and not let those procrastinator clients with the multitude of excuses play on our sympathies.

Joel, congratulations on a long career and well earned retirement.

You are correct. No GPs.

Terry, did you look at the partnership input area contained on the 3rd tab over that is labeled "Add'l entries"? That screen has many of the codes that seem to be "missing" particularly for box 20 or some supplemental information. Did you try calling support, checking for a KB, or post on the Drake forum? I rarely visit that site unless I have a specific issue with input such as this, but there should be CA preparers that have the same input issue that may be willing to answer too.

Drake DOES have a state column, but it doesn't have every single code in its selection of drop-down codes in that exact area of input. It DOES have most of the other "missing" codes on another tab that can be input there, and that area does have Fed & State columns too. For example, I looked at a client's K-1 for a PTP that has some codes listed for box 20 whose input would be on the supplemental and not where the preparer may first expect them to be. That may or may not be what Terry is referring to.

I don't think this is limited to only Drake software. IIRC other software I've used in the past has also had the limitations of missing codes, and that's because many of these items require manual input. The program does not have enough information to calculate these automatically and requires additional information or manual calculations from the preparer.

The check box is there only for farming losses that still allow carryback. Starting with NOLs arising in 2021, any NOL that is non-farming must be carried forward.

This is a small private forum in comparison to the official boards run by the software vendors, and not every post is guaranteed an answer, and certainly not within an hour, and especially not at this time of year when the majority of our members take a break from this site. Maybe have a little more patience, or perhaps you should post on the official forum for a wider, larger audience.

Does client have an NOL CF for AMT? If so, and especially if a new client, is that entered properly in ATX?

The license is per EFIN per location, so if the secretary of the licensee is working at the same location and the laptops stay in one location, installation is allowed on both laptops. Secretary should be set up as a separate user with her own log-in and password, not granted admin privileges, and I believe the primary administrator can choose to further limit what the secretary has access to. Ideally the the laptops are networked, otherwise if standalones each data file worked on would have to be manually transferred between machines, at least I *think* that is possible. It would be best to check directly with Drake support. Here's the part of the license agreement that covers the EFIN/site location issue:

As cbslee said, we could come up with a variety of labels, but client and "partner" need to describe what their intentions were and provide available documentation.

Technically speaking, the sec 266 election is made by attaching a statement to the timely filed (including extension) tax return for that tax year. The election must be made each year the taxpayer desires to capitalize those costs. Also, sec 266 says that only those costs that would otherwise be deductible may be capitalized.

The new fingerprinting rules are for new applicants or for modification to add new principals or responsible parties to an existing account.

Need some clarification about exactly what the trust document says concerning the wife and when the assets of the trust are to be distributed. Does it say that the children only become beneficiaries if the wife should predecease the grantor? Does it say that the assets should belong to the wife and should be distributed as part of the settling of deceased husband's estate? Does it say that the rental is held in trust for the wife's benefit during her lifetime with her receiving benefit of the income or corpus, and then it passes to the children at her death? Something else?

Does your state have any other filings where officers of the corp are listed? My state has an annual franchise tax for corps filed with the Sec Of State to keep the corp in good standing and that allows it to operate legally as a DE corp. That filing requires the officers be entered. Anything like that with St of NY that you could ascertain? You might try googling to see what comes up and if officers are listed. Also check LinkedIn for wife's profile to see how she lists herself

Hmm, the error that M 7047 is getting looks familiar.

I don't remember now but most likely had internet on at the time. Makes sense. Thx.

Has anyone here actually installed a very early version of QB on a Win10 computer? When I purchased my current computer at the end of 2016, I could not get QB Pro 2011 to install, so I'm now with the 2017 desktop version but still have the 2011 software disks & license code.

And that is why I said Tom must decide how this applies to his client's specific situation because I did not want to continue making assumptions and (probably again) misinterpret what was meant by the original post or what was included in the client's "travel." Tom, if the travel was only pre-purchase and investigative in nature, that would be start-up, but if once the property was identified and if client incurred additional travel or other costs to attend the actual closing and purchase of the ID property, those subsequent costs would be capitalized.