jklcpa

Margaret, this is one of my worries too, forgetting to attach this election each year, and I think this will happen a lot. Fwiw, I think you should try to send it in too. I did read that a late election on an amended return is only available with IRS consent, so I'm not really sure how IRS will view this since you aren't really amending.

I think you should call for technical help. That would really annoy me if I had to jump through those hoops every time I wanted to open the program. It does sound like an installation issue that should be remedied.

Which, to read the instructions or to file properly? The OP asked how to file the gift tax return properly to make the election. He didn't ask about the effort or whether that effort is "too much". I would not suggest that the client forego filing and miss making that election, but in any case that is up to the client to decide, not the preparer.

I am stuck on review financial statements that I've been struggling to finish up and now I've got final figures and have NOL carrybacks to prepare also. This is a FY 5/31 corp with the return due 2/16. I pulled my hair out all summer and fall trying to get the complete records I needed from this company. The bookkeeper was extremely ill and ended up in the hospital fighting pneumonia, and then the owner's elderly mother was dx with a terminal illness and died. Plus, I do so few at this level any more that this is the one that will have to be submitted for peer review. I just want to scream! I won't even be able to get to individual returns for a few more days.

Because the funds came from an account solely in the wife's name, technically she gave the entire gift and she is electing to split the gift with her husband, so she needs to file a 709 and check the box electing the split for that to be valid. Husband must sign her 709 in the designated area for the split to be valid. If the the husband made no other gifts, there is an exception that allows him to not have to file a 709 as noted in the instructions, so only the wife needs to file. Wife would check "no" on line 17, and the husband must sign on line 18 of page 1 of the wife's form 709: Consent of Spouse Your spouse must sign the consent for your gift-splitting election to be valid. The consent may generally be signed at any time after the end of the calendar year. However, there are two exceptions. The consent may not be signed after April 15 following the end of the year in which the gift was made. But, if neither you nor your spouse has filed a gift tax return for the year on or before that date, the consent must be made on the first gift tax return for the year filed by either of you. The consent may not be signed after a notice of deficiency for the gift tax for the year has been sent to either you or your spouse. The executor for a deceased spouse or the guardian for a legally incompetent spouse may sign the consent. When the Consenting Spouse Must Also File a Gift Tax Return In general, if you and your spouse elect gift splitting, then both spouses must file his or her own, individual, gift tax return. However, only one spouse must file a return if the requirements of either of the exceptions below are met. In these exceptions, gifts means transfers (or parts of transfers) that do not qualify for the political organization, educational, or medical exclusions. Exception 1. During the calendar year: Only one spouse made any gifts, The total value of these gifts to each third-party donee does not exceed $28,000, and All of the gifts were of present interests. Exception 2. During the calendar year: Only one spouse (the donor spouse) made gifts of more than $14,000 but not more than $28,000 to any third-party donee, The only gifts made by the other spouse (the consenting spouse) were gifts of not more than $14,000 to third-party donees other than those to whom the donor spouse made gifts, and All of the gifts by both spouses were of present interests. If either of the above exceptions is met, only the donor spouse must file a return and the consenting spouse signifies consent on that return

I agree with Jack. If you prepared the return, you should enter your name. If you don't feel comfortable entering your name, you probably shouldn't be involved with the return. I just filed my sister's return that took me longer to print out her copy than it did to prepare the thing, and that was with a n/r PA and out of state credit on DE. It had a W-2 and a 1099R. No way I'd ask her pay me. Some day when she has time off, she'll probably bake some cookies or muffins and share with me.

TaxmannEA is correct about the GVWR of and F350 because that would be around 10,000 lbs. It sounds like it was all handled improperly from the beginning. The rule is that only for passenger automobiles with unrecovered basis at the end of the recovery period, those can continue to depreciate the automobile if it is still being used in the business. For listed property other than passenger autos, the depreciation stops at the end of the recovery period. It does look like your asset was entered as listed property, possibly with the first year using the mileage method and then switching to actual expense method. When that happens before the vehicle is fully depreciated, the straight line method must be used over its remaining estimated useful life, otherwise MACRS is the required method. So it would seem that since you have SL method, that might be what happened...unless that was an error also.

cbslee is correct. You would enter the business % used and keep depreciating it.

I'm so sorry, Naveen. I wish there were words of comfort that would help to ease your loss. Please know that if you need help or need to share, we have a great group of folks here that care about you.

Have you checked the ATX knowledgebase? There were issues like this in prior years also.

I don't think it is "rigged" at all. When this couple filled out the application on the CA exchange, did they perhaps use AGI without including the nontaxable portion of the SSA or could they have underestimated their income on that application in some other way? Do you have a copy of that to know for sure what they did? It is possible for people to take too much APTC that could have this kind of payback. For someone in the 300-400% of FPL range, for every $1000 of income that wasn't anticipated or included when the insurance application was submitted last year, that has the potential to add an additional $95 to the taxpayer's monthly contribution toward health care premiums that they can pay themselves, and would reduce the amounts on the 8962, part 2, col c by that amount. There's also the limitation in col E that compares the premiums of the actual plan chosen to that of the lowest silver after the taxpayer's contribution, but I see that as a less likely limitation for people to be subject to that where the income changed.

Not only that, but you have to set the jumpers on the old drive so that it is seen as a slave drive. There are probably online videos to show you how to do that along with how to identify pin 1 so that the cables are attached properly, but if you don't know what you are doing, you should probably hire someone that does. If you wanted the paths of where the backup files were stored, the ones for 2009-2011 are C:Program Files(x86)ATX2009Backup C:Program Files(x86)ATX2010Backup C:Program Files(x86)ATX2011Backup In the backup directory, you'll see a couple of folders and then a list of files with client names with the extension .bck . Those are the backup files created by the ATX program. If you use the program's backup/restore function from within the program, it will allow you to choose a path to point to where the backup files are stored. Of course, if you are connecting the drive as a slave, obviously "C" will change to another letter depending on how many drives the new machine has already. I can't tell you about 2012 and forward after the program was revamped. Good luck.

What exactly are you trying to restore? Client data files for the returns? Are you asking for the directory or path of where the backup files are located for those prior years or something much more technical? Did you not make or keep backups or exports of the returns on external media?

Goodness, I'm #3 out of 79 CPAs in a 5 mile radius, and 342 in a 10 mile radius with another 52 others with afsp. 10 mile radius of listed CPAs, EAs, and those in the afsp total 456. That's a lot of competition in our little state, and many people drive more than 10 miles to see me! ETA - So that I could see the competition I'm more likely up against, I widened my search to 25 miles because some people do drive that far to see me. The message asked if I wanted to see the top 1000 names or it suggested that I narrow or refine my search parameters.

Right above the box where you type, second line, 4th from the left is the "strikethrough" formatting. Make sure that is not selected. I fixed your post. Welcome to the forum.

Joan might be correct. Is there a box to check to force itemizing for the federal to allow the Sch A input for the state? I have to do that with Delaware because it also allows the Fed to use the standard and itemized for state. In those cases, I e-file the federal in one transmission with the higher standard deduction, and then I go back and check the box to force itemizing to allow the Sch A to be included and then I transmit the state in a second e-file. The IRS doesn't care because it's already processed the 1040. If I don't do it this way, the Sch A isn't sent with the state return and the processing is held up while the state sends the client a letter requesting that the schedule be mailed or faxed in.

John, I read that too. To be clear, if the Fed uses the standard, aren't NC residents allowed to itemize for state purposes within those stated limits?. It sounds like what Terry is asking is why he isn't allowed to itemize on NC unless sch A is present on the Fed return also, because he said his input was greyed out. That's what I thought was weird and why I asked about the filing status, wondering if it was an MFS status causing his problem.

I'm thinking a lot of that should be a capital loss. See what you think after reading pub 535, page 3, middle column at the bottom under the heading "going into business", if you don't go into business and the expenses were incurred for a specific business or project. About the legal fees, were those to handle the purchase of the business and all that involves, or was part of that to try to recoup his deposit? The part of the legal fees that were for the investigation and purchase of the specific business, I'd consider part of the capital loss. If part of those legal fees were incurred in an attempt to recoup the deposit, I'd be inclined to separate that out and put that portion on Sch A as a miscellaneous itemized deduction as legal fees that are paid for the production or collection of income, or preservation of assets. Those are my thoughts right now on how I would consider this without research. Maybe some of our other members with more experience with purchasing businesses will chime in if I'm off the mark on this.

Weird, that's not really the way the instructions read though. Is it the filing status causing a problem?

The taxpayer can go online to the IRS site to get a variety of transcripts online without you having reconstruct the return. That is available for the current processing year and the 3 prior processing years. The FAQs says it takes about 3 weeks for the transcript in electronic format, so using this would depend on how big a hurry someone is in. It's definitely not an optimal solution, but might be a consideration for a return of a more complex nature. get transcript transcript type and method of delivery get transcript FAQs

JB, you and anyone else should never feel that way. I know I've made my fair share of mistakes on here, and research materials and internet searches have save my butt at times too. Everyone brings something of value to the site, and I can say unequivocally that I'd be begging for reassurance if I had to do some of the EIC returns that are presented that others here answer with ease. The same goes for obscure farm issues.

I agree with you. If the taxpayer can not check the box on line 61 of the 1040 and does not meet any of the exemptions, then the worksheets in the instructions are used to calculate the shared responsibility payment to be included on the return. The form 8965 is not filed with the return. The worksheets are not filed either but should be retained to document the calculations. I read your post from the other day on this subject, and at first it seemed to me that you were confusing the worksheet with the form. For what it's worth, the worksheets are never e-filed with the returns unless the IRS specifically requires it.

Is there also unemployment income shown on the 1099G or only the repayment? How much is the repayment?

Drake has general worksheets for the health care input and basic worksheets for the 8962 and 8965, but nothing that comes close to the calculations for this situation, at least not that I've found. As I said, I did all those calcs by hand on paper, and did make an error in looking up the one limitation. I didn't have the benefit of inputting the numbers into a return to see how the figures would change, so I was working only in theory. Tom's client had the added complication of having a social security limitation in the mix as well. One thing that I spotted was that Tom's client had only exceed the 400% of FPL limitation by a small amount, relatively speaking. When that limit is exceeded, any chance of the subsidy is lost and would result in a repayment. That is when it can be extremely beneficial to consider the contribution to the retirement account or HSA that can be made up until April 15th that may remedy some of the situations where the client has the shared responsibility penalty. If you don't have it, here's a link to Rev Proc 2014-41 with the 2 methods. The method #2 (the alternative method) has some examples to try to clarify the calculations.

There is no way to code the 1099G worksheet if the only amount shown is a repayment. If it is for a prior year and is less than $3000, you would have to enter it directly on line 23 of sch A, and if client can't otherwise itemize then there is no tax benefit derived from the repayment. Repayment of unemployment compensation. If you repaid in 2014 unemployment compensation you received in 2014, subtract the amount you repaid from the total amount you received and enter the difference on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. On the dotted line next to your entry enter “Repaid” and the amount you repaid. If you repaid unemployment compensation in 2014 that you included in income in an earlier year, you can deduct the amount repaid on Schedule A (Form 1040), line 23, if you itemize deductions. If the amount is more than $3,000, see Repayments , earlier. If over $3,000 and for a prior year, see pub 17 for general handling and possibly taking a credit against tax under a claim of right.