Pacun

ok

If flipping house is always profitable, it doesn't make any different if you are running a business or a hobby. Sch C is the way to go.

I will start my vacation on April 18.

Thank you. I found it. Thank you for the quick response. You were almost as quick as ATX customer service.

How do I see the list of forms that will be efiled after I create efile?

We talked about this issue a month ago and I just found out what solves the issue for DC. Fed was accepted and state rejected. When I tried to see the rejection code, ATX would close. I was able to open the client and do everything but I was never able to see the rejection code. I got this error on 2 clients and what I did was to print out the state to make sure I didn't messed up anything and then I went to the state worksheet and schedules and delete them. Then when I tried to efile, the necessary schedules and worksheet were added. I created the efile and it went through. Keep in mind that the main form is not the issue so you don't need to start from scratch.

She will not be able to deduct the traditional IRA because she is "covered on a retirement plan at work" and her income.

Even if the program is correct, you have to delete them since you didn't make the election to forgo carry-back.

I had an audit and we issued a 1099-misc at that point and there was no penalty and the deduction was granted.

I was looking for 1099-K input sheet and I din't see it. I would like to report it separately like a regular 1099 form, should I use the 1099-misc input form? Client is a sole propriator filing schedule C.

I am talking about DC. I deal with VA, MD and DC. I have only seen DC to hold refunds for long. I think VA and MD are more organized and the refund is issued in time before paying interest kicks in.

When I get a new W-2, I used to type the first letter and I would jump to employers that start with that letter. Now it doesn't work, I have to scroll down manually. It worked at the beginning of the year but after a couple of updates, that feature went away. If the employer starts with W, I have to scroll down all of the employers. Thanks.

What do you prefer, a student who asks a bunch of questions or one that pull out his i-phone and only looks at you when you request the signature? I joke with the guys that pull out his phone and start texting, playing or surfing when I do their taxes and I say... "next year, I will attach a game station to my computer so young people can entertain themselves and not ask questions". I have also thought about a little TV with the Jerry Springer show for mid age people and I have to come up with what will attract old people.

I have a client who was owed a refund from the state (let's say) for $14,000 but the state didn't issue a refund when requested but a couple of years later. When the client got the refund, the check was for $15,000 which included $1,000 of interest income. At the beginning of next year, tax payer got form 1099-G showing state refunds for $15,000 in 20XX. In the fine print, you can read that $1,000 was interest. Since this client itemizes every year, you have to include that refund but if you enter it on the 1099-G form, the state will not calculate that as income. What do you do? You split that and enter $1,000 in interest income or do you enter the whole amount on form 1099-G. Remember the IRS matching because they get form 1099-G. By the way, have you noticed that the IRS doesn't issue form 1099-int to people when the IRS pays them interest? I am always careful with that but most of the time, people don't make a copy of the check. I always include that as interest income but usually my clients are paying a credit card interest because the refund was not issued in time.

I was joking. I have been fully e-filing for the last 6 years. I love it.

Yes, I remember my first one. It is fresh in my mind. It was last year when the IRS forced us to efile.

The answers given on this forum are correct. You are mixing two things which are completely different. One thing is to convert a house to rental and another is to rent your house while you are on vacation. If I go to my country for a month and I rent my house more than 14 days, and then I come back to live in it, then what you are saying is correct. You are also corrent in the sense that you have to divide expenses. Since your client lived in the house 4 months and then rented it for 8, you have to devide expenses. Let's say that you have a 1098 that shows that 1200 were paid in real estate taxes and you also paid 18,000 in Mortgage interest. You will enter 400 on schedule A for RE taxes and 800 on Sch E. For mortgage interest, $6000 will go to sch A and $12000 to schedule. Imaging that the client paid $1,200 to insure the house, then $800 on schedule E and the rest is not deductible.

I want to make sure that I can use an NOL next year by relinquishing the carry back option. How do I do that in ATX?

You said "any other ideas"? Well, client sold primary residence and I don't find where to add the asset either. I am thinking about going to the previous year, add the asset (which was easy to do prior to 2012 ATX) and roll over the client.

Clerical error? We use efile.

The reason why I asked what software you were using is because ATX is covering our back. I got a return rejected by ATX (not the IRS) because I didn't check it. After all the trash that has been talked about ATX, I am very happy for this feature and remember this is a very new requirement.

If you don't mind me asking, what software are you using?

I always file the parents first so the rejected one is child's which is the easy return to be mailed.

We are not checking who will benefit more. We checking who is entitled to the exemption but using simple math. Remember that math will hold true no matter how you start. The rule is... if the child provided more than 50% for his/her own support, no one else can claim his exemption even if he refused to take it. So we check, what the parents provided, if we reach a level that parents provided more than 50%, simple math tells us that the child COULD NOT have provided more than 50% of his her own support. that would mean the end of the conversation and ONLY the parents should claim the exemption. Pub 17 doesn't dictate how you apprach the issue.

Poster changed original post and I didn't quote. It happened to me in the past and I guess I will have to quote before I answer. Originally, there was a child mentioned. Maybe we should ask Eric for posters not to be able to change original posting. Our answers look rediculous after the original post has been modified.