clay

Client recieved a 1099-Q. Lives in NYS. Distributions of $7000. Only $300 of eligible college tuition (child is in high school and took one college course), balance used for private high school tuition. Earnings were $2100, cost basis $4900. I know the ineligible amount is reported on line 21 of 1040, and the IRS pub has a worksheet to determine taxable amount (essentially earnings less tuition). Plus a 10% penalty. I had to enter all this manually. Is there a worksheet in ATX to help with this calculation? Anybody with NY experience of how it effects their state return? They had a dedcution on NY when they funded the account.

I need a computer that can travel with me, hence I bought a notebook. A Toshiba with 4 Gig of memory (max out on the memory as an edge to extend the useful life of the computer). It replaces another Toshiba that is 5 years old, still works great but runs a little too slow. The new computer cost $700 but then I added the extra memory and a 9 cell lithium battery. I paid as high as $2500 about 10 years ago for a notebook. It sure is nice to see the price drop. I see Vista as a modern day ME operating system. I view this notebook as a temporary solution until Microsoft comes out with something as stable as XP.

I renewed with ATX a few months ago. I looked at Drake very seriously. The problem for me with Drake is their method of entering data. You fill out worksheets and the data flows to forms. I like ATX's setup better where you are on a form and "bunny" hop to an input sheet. It allows you to track the flow of data. With Drake I had problems tracking where the data ended up.

Janien was correct. Why are you folks so tough on her? Especially if you did not research the issue before deciding how to handle it!

I renewed with ATX but had to upgrade to a more expensive version because of the e-file fees they charge. The other programs I looked at utilized input screens that I was not comfortable with because I could not follow in every case the form where the information was posted. I like the ATX bunny system better. But I would certainly consider another program in the future. It is always good to keep your options open. I just do not want to go through the learning curve when you switch to another program unless the features are better than ATX and the price of the software is reasonable. I previously used Pro Series and liked the program but not the price. I have been an ATX user for about 6 years.

Client has 4 brothers. Mom passes away in January. Mom has $150,000 in joint bank accounts that lists her name along with the names of client and one other son. Also has an irrevocable trust with the only asset being a house that was sold this year. Client wants to distribute the cash from the bank accounts. Brother wants to limit the distribution to the limit before gift tax kicks in. Brother is concerned about gift tax because he says that once mom died, the funds are in his name and the client's. Mom had a will but bank accounts are not mentioned. The will simply states that assets be distributed equally. Is the gift limit a concern in this case?

Has anyone looked into this feature that will be offered by ATX for next year? I know Pro Series is also offering this as an add on. Using a scanner to bring W-2 and 1099 info directly into the program sounds intriguing. I realize not every W-2 and 1099 issued by a company will be scannable, and exactly which company formats will be scannable will be one of the deciding factors when you determine whether or not to purchase this feature. Besides the cost of the program (about $795), you will need a full functioning Adobe program (about $200?) and a dedicated scanner that is Twain compliant. This adds up to a lot of dollars, but it may be worth the price if we can reduce support staff or otherwise increase productivity. Dave Letterman asks will it float - I ask will it save us time and reduce data entry errors.

I just tried out Tax Slayer Pro. Cost is only $795, including e-filing. It is not a program I will have at the top of my "alternative to ATX" list. Information is entered using input screens that leaves you wondering if you left something out or overlooked a deduction or an adjustment (especially when going to the State returns). I could not locate screens for MA Nonresident Social Security adjustments and the companies' technical support never found it. My faith in the program quickly dwindled after that experience. The meu at the top of the program did not show an option for "Form finder" that their technical support said she be available to locate forms. I was able to open the option by moving the mouse to the upper right corner but the form finder only lists forms. This is not helpful if you are preparing a nonresident return and are unfamiliar with all of thie forms. How would you know which one to open? I prefer a program that allows me to view the actual form and be able to click a line to go to a worksheet. I am also looking at Drake and have some issues with their input screens but will hold off on an evaluation until I contact their technical support for some help.