jklcpa

See the snip from the instructions in 8965, page 12 I've copied below. Bolding is mine on that last sentence. I'd make sure that the client understands that they can allocate using any percentage they agree on. If they agree, your client will use 100% of the subsidy in calculating his return. If they don't agree, then your client is limited to 50%: Taxpayers divorced or legally separated in 2014. You and your former spouse must allocate policy amounts on your separate returns to figure your PTC if both of the following apply.You were married at some point during 2014 but were no longer married to that spouse at the end of 2014.You and your former spouse were enrolled in the same qualified health plan, or you or an individual in your tax family (as shown on your tax return) was enrolled in the same policy as your former spouse or as an individual in your former spouse's tax family at any time during 2014. You will allocate with your former spouse a percentage of the total enrollment premiums, the premiums for the applicable SLCSP, and APTC for coverage under the plan during the months you were married. You will find these amounts on your Form(s) 1095-A, Part III, columns A, B, and C, respectively. You and your former spouse can allocate these amounts using any percentage you agree on between zero and one hundred percent, but you must allocate all amounts using the same percentage. If you do not agree on a percentage, you and your former spouse must allocate 50% of each of these amounts to you and 50% of each to your former spouse.

No, you looked at the figures for a dependent over 65 or blind. Your dependent has these filing requirement thresholds: when earned income exceeds $6200, unearned income exceeds $1000, or gross income was the larger of $1000, or earned income (up to $5850) + $350 Anyway, this dependent must file, and if his or her MAGI is the $7776, that is the figure you should add into household income.

Thank you, Ron, that is my basic understanding as well. The one that I have on my desk right now is a smallish retailer with 2 locations and the materials/supplies issue. If this business purchases preprinted bags, gift boxes and sales slips that are not all used by the year-end, am I really supposed to analyze that and move some of that expense to a supplies inventory?! Sort of rhetorical, but that is what I'm looking at today and trying to decide because the sales slips purchased near enough to year end to have not all been used up exceeded the $200 threshold. It's a measly $700 bill for these sales slips, and I think this is why the AICPA and other groups are arguing that the thresholds are too low. This seems like a big waste of time for something that is used on an ongoing and steady basis... or am I completely off the track with my thinking about this "supply" issue?

The OP asked how to properly file the gift tax return to make the election. I gave the technically correct answer so that he knows the proper way to do that, and he will decide how best to advise his client. If you don't want to do that then don't, but I don't know why you are taking such exception to me providing the OP with the technically correct answer here.

GeorgeM, please see pages 18-19 http://www.socialsecurity.gov/pubs/EN-05-11011.pdf

So it's your contention that if no one will EVER look then it's ok to miss an election, or to not file, or to file incorrectly, and that's how you advise your clients as an enrolled agent? Nice! /s The OP now has the correct answer. He can now decide how to properly advise his client.

Yes, this doesn't help me with the 5/31 that I'm working on that is due next Monday.

Yes, if both meet the requirements of minimum essential coverage, all you have to do is check the box on line 61, and it looks like that is the case.

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.