jklcpa

When I last posted a screen shot, I pasted it into a Word doc and that type of file is allowed here. The other thing you could do if you have a pdf converter is convert the file to a pdf to attach it here. That has also worked for me with some attachments.

Who's whimpering? I'm feeling like this today:

I've never had this error code, and the only times we've seen postings about this here have been when it was user error where the preparer inadvertantly had the boxes checked on the depedents' returns to claim themselves. Your only course of action is to paper file the returns. If somehow those boxes are checked on your parents' returns in the IRS system, then you will receive notices or if there is a change in tax. I'll apologize for anyone automatically assuming you were a nonprofessional. It was probably because your question involved your own return and those of your parents. Especially at this time of year, we do have regular people not in the profession post questions while attempting to prepare their own returns, and the members on this site are here to help other pros, not give out free advice to the public that might not understand the reason for our answers.

I'm with Lion and will go one step further. If she can't write off for medical because she doesn't have written order from the doctor or because there is no excess over the increase in value, then I wouldn't even consider this an increase in basis. If a house has mold, it certainly decreases the value because no one wants that, but I don't see it as anything other an remedial expense like other repairs that homeowners make. Now, if she dug up all around her foundation and had sealer put on and other extensive work done to divert water away so that her basement remained dry and mold-free going foward, then that I'd add to basis.

KC is correct, BUT the ATX program or any program will not know if the loss from the prior year was carried back and used in some preceding year, so you have to check the numbers, and if those losses were used, then they shouldn't be carried forward. You would have to make a manual entry to tell the program how much has been used, if any.

No, it isn't being deducted twice. Simple hypothetical example - a business income statement shows: Gross profit from operations $30 Guaranteed payments $20 Other deductible exps $18 Loss per books $ 8 1065 pg 1 will report the guar payts of $20 and will have an ordinary loss of $8 The income(loss) before any payments to the partner would be a profit of $12 and that's what partners will pay s.e. tax on (GP of $30 - other exps of $18), but it flows through from the 1065 in the pieces of guar pay't net of the ord loss. (20-8) Sch K and the totals of all K-1s will show: Ln 1 - Ordinary trade or business loss, line 1 ($ 8) Ln 4 - Guaranteed payments $20 Line 14 - (A) Self employment income $12 Line 14 - (C ) Gross nonfarm income $30

It might be picking up a figure for s.e. income from line 14, code A from the K-1. Did you prepare the partnership return? ATX calcs that automatically unless you override.

If the loss is on line 1 of the 1065, is from ordinary trade or business activity, and the partner is a general partner that is active in the business, then the loss on line 1 is netted against the guaranteed payment to arrive at the self-employment income on the K-1. Hypothetical - it's also possible to have a sec 179 that is allowed because of the guaranteed payments even though there is a loss on line 1, so that actual income subject to s.e. tax might be reduced further yet.

An NOL carryforward is reported on line 21, and it will make line 21 negative if it is the only item on that line, or if it exceeds the other income on that line. Make sure that you don't need to carry back first, or that the NOL coming forward is that which is remaining after the carryback, or that the client elected to only carry forward. I don't understand why you are saying that the program is adding the NOLs from 2011 and 2012 together. Was the 2011 NOL shown on the 2012 return on line 21, and then that is part of what is creating the NOL for 2012?

ATT's facebook page was lit up with postings from all over the country about the service disruption. Sounds like much has been resolved: http://mashable.com/2014/04/07/att-u-verse-outage/

^ that. Totally agree.

What does the will say is supposed to happen with the residence and that vacation home? Was the estate supposed to sell them, pass to one or more of the beneficiaries?

Bonnie, you are correct. The kiddie tax doesn't apply to wages or self employment income. As far as what danrvan said, if this was paid from a partnership, the child must be the child of both partners, so having a third partner or a partner other than a parent will knock that out. Also, the income would have to be paid as wages for it to be exempt from from FICA and Medicare taxes and the employer's match. Since it was reported on a 1099, the child would be subject to s.e. tax on this income.

Terry, make sure to include a second set of calculations and a 1045 filled out on an AMT basis even if the client wasn't subject to it on the original return or after the carryback. The IRS will ask for that if you don't provide the calculations, and it will delay his refund.

I would file those returns with Sch D to formally document the loss carryforward with the IRS even if the overall return is below the filing threshold. ETA - I know nothing about the effect on WI homestead.

I don't know how I managed it, but I cooked most of the time, take out once a week. I tried to make things that were in large enough quantity to last a second day, then fill in with simple meals that I could throw in the oven that cook themselves or a quick breakfast meal one night. I also cook for 2 of the dogs that are old and in the early stages of kidney failure. They have other issues and can't take the meds, so custom home cooked diet has helped tremendously. At the beginning of March I made a month's worth for both of them. Tonight I'm finishing 2 more weeks for each....still have to cook lots of sweet potatoes and portion them out.

Just what John said. It's a compliance issue and meant to cut down on fraudulent returns. I've known many of my clients for 30 years or more. One client I've known for 50 years, she's mom's age and her daughter and I went through school together. In fact, she and her late husband grew up with my parents, she was a teller in a local bank.... All have understood the request without having a problem with it. Like I said, I think the former preparers weren't very good based on what she said and some things I saw on her prior returns. Because they'd never asked, she wondered why the need. I explained and her hesitation vanished.

I agree with you John and Jack. The funny and aggravating thing was that she sent other docs with sensitive info to me by unencrypted email, but didn't want to send the cards. After I explained that it was a compliance issue and helped cut down on fraudulent tax returns, and the penalties assessed on preparers, blah, blah, blah, she sent them right away by encrypted email. She was a new client this year, and will be a good client once I get her trained. She asked a lot of good questions, and part of those came because the preparers she'd used in the past either weren't very good or were loose and sloppy.

From client's email: I am not happy about copying them either. I have never had anyone ask me for these is this something new? Do you just need to look at them as the tax preparer or do the IRS expect a copy be filed with the e-return? Can you go ahead and proceed with the e-filing with just the forms? If you have to look at them, I can bring them by tomorrow when you are going to be home. So can I just look at the cards and notate in my file that I verified that names, SSN, and DOB match? These are not strangers to me, but are people I've known since elementary school. These are higher income earners, no kids, no credits of any kind on the returns. Return has W-2s, a rental, Sch A, and home office.

It sounds like you have an NOL. Unless you elect to only carry forward, you have to carry the losses back first.

No one is hysterical here, there isn't a substantial amount devoted to politics, and no one is suppressing your freedom of speech. Within the general chat, non tax posts are clearly marked so that you may avoid those if you consider them a waste of your time. If you don't like the tone or slant of the politics here, you may completely avoid that forum altogether since it is separated out, join in the political discussions by posting your rebuttals in the topics made by others, start your own topics with your point of view No one is forcing you to visit the politics forum or open any topic you don't want to see. No one is even forcing you to come here if you dislike this site so much. You complain about the politics, and yet when I look at the topics you've posted in since the beginning of 2014, I see that just over 1/3 of those are in the politics forum. You either like it here or you don't. If you do choose to continue to come here and participate, please stop the whining, complaining, and especially the KC bashing. You've been doing it for years, and it is tiresome. Do you attend a party hosted by someone you strongly dislike, and upon your arrival do you announce to all the other guests your dislike for the host, the home's decor, and the food being served? Do you stay at the party, pick at the food, spit on the other guests? How long do you think it would be before you were asked to leave?

Yes, this would be reported on 4684. At this point, before any of your adjustments it sounds like the Quickbooks "Undeposited cash account" is -0- and the loss of cash is in bad debts expense. I don't know why you would want to go through the equity accounts at all, or seem to want to reverse the entries made by the bookkeeper. Why not just credit B/D expense and debit the theft loss account. If you are trying to leave a trail, your journal entry description should suffice: "reclassify theft loss out of B/D expense".

I got lots of exercise shoveling snow.

Thanks Tom. That means a lot to me. I had to refill my popcorn bowl after I got angry and threw the first one against the wall.