Pacun

No... Idiot, they are talking about the laptop's own monitor and a second external monitor. This is a quote from the original poster. "I would like to have a dual monitor setup this year, the laptop and a stand alone." You can attach a second monitor and use it as an extension of the built-in LCD. When you first open a program, it will open on the regular screen then you move it to the second monitor and close it... ever after, that program will open on the second monitor. To revert that setting is hard if you want to use an external monitor as a replica of the LCD.

If this community pays for the training, I will go and I will share everything with you all. Since my background is computers, I am the perfect candidate. LOL. Any other runners up?

Yes, you can just connect another monitor to your laptop. The only problem I have noticed is that if you extend your monitor real estate, (you use the laptop monitor and the external monitor becomes an extension) the setting stays and it is hard to set up back to normal operation. (normal operation means that you see the same thing on both monitors). This becomes an issue when you use a projector with your laptop since your laptop thinks that the proyector is the external monitor and therefore it uses it as an extension of the regular laptop monitor. If you have a docking station, this problem is non existent since your laptop has a docked and non-docked hardware profiles. (Sorry for the (), but I have hard time explaining this). PS. I have not seen a laptop that doesn't support an external monitor, you might need to accomodate the monitor to use the outlet on the laptop but that's about it.

"Will get it set up one of these days, but in the meantime, the old one is behaving perfectly...WEIRD!" It sounds like the spouse behaving better when he or she knows that the replacement exists and is ready to get out the "box".

You are right we need to be advertised and the best place to be advertised is when people are purchasing ATX software. Maybe ATX should donate $1 per client and I hope some of us donate during tax season. You are right, they could take the name away but it would not be a good business decision because that will make a lot of us mad and look for other alternatives.

I feel the same way too. At least they should make it real inexpensive.

There is nothing wrong with someone making some money from ATX as long as that income in properly reported to the IRS.

It is my understanding that the house market it causing NYSE to go down. Since there are enough houses in the market for 4 years of demand, do you think that NYSE will not recorver until 4 years later? Anyone with a crystal who can predit the future? Do you really think the house market is the one causing this or it is just a cyclical downfall?

Thanks for your answer. Wife walk away from house and eventually bank will do a foreclosure on the house. How will wife know if debt was not legally satisfied? How does it work when you have a 20-80 loan and two separate banks have each loan? It is my understanding that the banks that holds the 80% loan is the one that does the foreclosure without considering the little guy (the bank that holds the 20% loan)? Let's say a $500K debt. $400K for the banks that forces the foreclosure and $100K for the bank that holds the 20%. Let's say the bank sells the house for only $390K. Do both banks split the money 80-20 or the big guy gets they whole pot? How will the wife know that she still owes the little guy if she just walked away from the house? Thanks in advance for your time and answers.

It really depends on what expenses the 15 year old has and where his own money went or is. I have seen cases that one person uses 50% of the income and the other 50% is divided into 3 other people. As long as he did not provide more than 50 percent for his own support, parents should be able to claim him. You also have to consider that parents (may be) had savings at the beginning of the year.

Client lost her house and husband continues to pay his current house. While trying to get out of the whole mess, lady gave information to realtor about properties in her home country because she wanted to sell properties overseas and continue paying house here in U.S. I have two questions. Since her house was sold to her about $50K more than real value and the house devaluated, can bank go after her properties in her country? Can the bank go after her husband's home? Loans were completed separated when houses were purchased. Realtor was suggesting to wife to file for bancruptcy but her husband has a house, and she has property in her country which makes her solvent.

I think you can get installation codes and what software package you got on line. Go to www.atxinc.com to find out.

Yes. KC. My question is clear now. Thanks. Let's see... households have a need for nannies and for lawn mowers and they have made an exception for those "household jobs". There is no room for accounts or lawyers in those exceptions. So, no matter how you would argue, you will be a contractor if you visit your clients and do their taxes at their home.

John, Please wait for peer review... just in case we missed something.

It is correct. You have to pay attention to the questions of qualifying child on SCH EIC. Please make sure to read question 3 and maybe 5 on the qualifying child of SCH EIC. The key here is that they lived in the same household for more than half of the year and that they are under 19 or under 24 if full time student or any age if disabled. If they lived only 5 months with the parents (except for temporary absences), they would not qualify for EIC even if the parents provided 100% of support.

This is from a respected source and from a respected CPA. It is not clear to me and that's why I posted the question. "Sometimes I can’t believe what other people believe. One of my tax clients honestly thought that if her teenage son was paid in cash, he didn’t owe any income tax. Another thought that teenagers, by virtue of being under age 18, didn’t owe income tax. Many parents think they can just add their teen’s income to their own income when doing a tax return. I have the unpleasant task of destroying their misguided beliefs, but I do tell them I will help determine if their teenager needs to file a tax return. Do teenagers need to file a tax return? The United States federal government income tax system is complex and so naturally there is no simple answer to this question. There are so many ways that teenagers can make money today. They can have a part-time job or even several jobs. They can be self-employed, like my daughter who is giving piano lessons. They can be what the IRS calls a “household employee” doing babysitting or mowing grass. Sometimes they are not employees but independent contractors, like my local newspaper carrier. Some teenagers have “unearned income” from savings accounts or investments in their name. Here are some guidelines (based on 2006 amounts) to help you determine if a teenager may owe taxes. If a teenager has EARNED income over $5,150 (in 2006), they owe federal income tax. Earned income is money from a job where the worker gets a W-2 (as an employee) or 1099MISC (as an independent contractor) or from being self-employed. The dollar threshold of $5,150 is adjusted annually. If a student has UNEARNED income over $850 (in 2006), they owe federal income tax. Unearned income is income from investments such as interest on a savings account, dividends from stock and mutual funds owned in a custodial account, and capital gains for the sale of stock or mutual funds. The dollar threshold of $850 is adjusted annually. If a student has SELF-EMPLOYMENT income over $400, he or she owes self-employment tax (called SE tax). Self-employment income is the profit from a business. SE tax is the same a social security (FICA) and Medicare for self-employed people. The dollar threshold of $400 has not been adjusted in decades. If a teenager (under age 18 at anytime during the year and a student) was a HOUSEHOLD EMPLOYEE, he or she does not owe SE tax. A household employee is a housekeeper, maid, baby-sitter, gardener, and others who work in or around a private residence as employees. This income is reported on Line 7 of the 1040 along with W-2 wages, but includes a note “HSH” with the dollar amount of the household employee income earned. These guidelines may be confusing because there is more than one type of tax covered on the Form 1040; both the income tax and SE tax are on the 1040. There is also more than one type of income that is taxed. There are forms and schedules for unearned income, self-employment income, investment income, etc. The thresholds vary depending on the type of income and type of tax. Some of the thresholds are adjusted every year, but some have not been adjusted in decades (like the $400 threshold on SE tax). The following are real life examples of teenagers earning money and their tax situation. Real Life Examples Earned Income - Lauren works at Sears and makes $3,100. Lauren does not owe federal income tax because her wages are under $5,150. She could file a return to get a refund of any federal and state income tax withheld. Lauren works two jobs and earns $6,000. She must file a 1040 with both her W-2s. Household Employee - Emily earns $800 babysitting and $200 giving piano lessons. social security and Medicare taxes do not apply to the $800 because she is a household employee. Her $200 from teaching piano lessons is self-employment income, but under the $400 threshold requiring SE tax. She should still file a Schedule C (Profit or Loss from Business). Kurt earns $2,000 mowing lawns for neighbors. Kurt will not owe social security and Medicare taxes because he is under 18 and a household employee. He will not owe federal income tax because $2,000 is under the threshold of $5,150 for federal income tax. Self-employed Income - Kurt mows grass for a cemetery and gets paid $1,000 on a 1099 MISC. He is considered an independent contractor and will owe SE tax. He will not owe federal income tax because his income is under the $5,150 earned income threshold. Kurt should file a 1040 to pay his SE tax. Phil does web design and earns a profit of $6,000. He owes SE tax, federal income tax, and, likely, state income tax. Unearned Income - Tom has a large savings account. He earned $600 in interest. Tom does not have to file a tax return, nor does he owe any income tax because his investment income is under the $850 threshold for unearned income. Tom’s dad manages his college fund. Tom is 17 years old. He sold stock for a capital gain of $5,000. Tom must file a 1040 and include Schedule D (Capital Gain or Loss) and Form 8615 Kiddie Tax. He will pay federal income tax at his parents’ rate. His dad waited until Tom was 19 years old to sell the stock. Tom still files a 1040 and Schedule D, but now pays federal income tax at his rate of 5 percent. There is no Kiddie Tax! Common Questions From Teenagers (and suggested answers) I do a service job (i.e. lawn care or babysitting), do I have to pay taxes on what I make? As long as you are under age 18 at anytime during the year and a student, your employer doesn’t have to pay social security taxes on you. You are also not considered self-employed. You will not owe federal income tax until you make over $5,150 (in 2006). I want to start my own small business selling crafts. What do I need to report? Congratulations on living the American dream of being your own boss! You are considered self-employed and will pay two types of taxes: income tax and SE tax. SE tax is the same as social security (FICA) and Medicare for self-employed people. You will report all your income and expenses on an IRS form called Schedule C, Profit or Loss from Business, when you file a 1040. Many teens who have small businesses find that they do not owe federal income tax, but do owe SE tax. (at 15.3 percent of their profits!). Keep good records of everything you earn and everything you spend on your business. It’s a really good idea to talk to an accountant when you start your business. He or she may also help you with issues like sales tax. What if I get paid in cash? According to the IRS, all types of earned income are subject to income tax. It doesn’t matter if you get paid by check from an employer (such as working at a fast food restaurant) or in cash by your neighbor (for mowing his or her lawn). How you are paid doesn’t matter to the IRS. The important point is that you report your income and pay tax on it if you are required to. My new boss wants me to be an Independent Contractor, not an employee. What’s the difference? Independent contractors are hired for a specific task or project (like plumbers), bring their own tools, may work for several clients, and do not need training. Examples of typical independent contractor jobs include sales, newspaper carriers, computer design, computer repair, entertainers, babysitting, and tutoring. An independent contractor is a self-employed person and pays both halves of social security and Medicare taxes called SE tax. On the other hand, employees have half of their social security and Medicare deducted while their employer pays the other half. Teenagers may owe significant SE taxes at the end of the year even if they do not owe federal income tax! The good news is that if you are an independent contractor, many expenses for travel, tools, equipment, etc. are deductible as business expenses (you must fill out a Schedule C Profit or Loss from Business)."

I was thinking about attending the one in Baltimore but I have used ATX since 2002 and I believe I will not benefit much. Any one that has attended could tell me how beneficial those seminars are?

Yes, it is from pubs. I only copied and pasted.

"It seems that Doctors and Lawyers, since they study more than most of us, have better loyalty to their profession" That's why I said "most of us", meaning most of us tax preparers. Does any one know the ratio between CPAs and none-CPAs that prepare taxes?

It seems that Doctors and Lawyers, since they study more than most of us, have better loyalty to their profession. I have never seen a doctor putting down another doctor. But some tax preparers don't miss an opportunity to do so. I have to admit, I always commented about the little mistakes other preparers made, but lately, I have only mention mistakes when there is a need to amend a return. While tax preparers do this, Tax Payers will come with wierd questions, listen to your answer, modified and go to another preparer with the modified story. Another thing that I have noticed, is that most of us don't use profession standards when we charge for our services as H&R and JH do. I have to admit that I do not charge enough but this is not my primary job and therefore it is more like a hobby... I charge not even half what H&R and JH charge and I have more knowledge and experience than most preparers there.

I take it back gadgets are constant and correct. I was able to see Jainen reading my postings (no replies though). I think that if you do a google search while not logged on to the community, google.com will appear. As you know, this community is wide exposed and google search engine checks it from time to time depending on the queries.

If (IF) Client age 17 and full time student made $5K working in a restaurant and was withheld SS taxes, can he recover his portion of SS taxes withheld? It is my understanding that someone under 18 does not have to pay SS taxes if he makes less than $5,150. So employers don't know if that student will only make $5K and therefore they must withhold, but at the end of the year, we know exactly what he made (in this case, his only income was $5K from wages). It is clear to me that household workers don't pay ss taxes if under 18. Let's keep this forum active and participate by asking or answering.

Yesterday, I was able to see the last 15 clicks and monitor who had seen my posting and not reply (I know Jainen would agree with me on this one). I also saw what everybody was doing. Later I couldn't see it any more. Today when you sent the link, I can see them but it seems that the gadgets are messed up and they do not stay constant. Permissions to see last 15 clicks should be limitted to only administrators/moderators. That's just my opinion. (I would agree that it is nice to see who has the knowledge and doesn't want to share it).

Thanks for your reply (ONLY ONE reply I would add). I think that as long as the rental property is only one structure shared by you and your tenant, you use Schedule D. I asked the question the day before yesterday and yesterday's mail had my answer. NEW RULES FOR SALE OF RESIDENCE WITH RENTAL USE General Rule Generally if the property is used as a principal residence in two out of five years preceding the sale, and the other §121 conditions are met, the exclusion applies to all the gain except the part of the gain attributable to depreciation taken after May 6, 1997. Mixed-Use Property If property is mixed-use property (part residential and part rental), and it was not used entirely as a principal residence during the five years preceding the sale, the reporting depends on where the rental use takes place. If the rental use takes place within the dwelling unit – defined as a house, apartment, condominium, mobile home, boat, or similar property, but does not include detached structures [§1.121-1(e)(2)], all of the gain is eligible for the §121 exclusion except the gain attributable to depreciation taken after May 6, 1997. Example: Arthur used his home as rental property during tax years 1995-1998. During this period, the allowable depreciation was $20,000. The depreciation allowed after May 6, 1997, was $7,500. In 2006, Arthur sold his home for $300,000. His adjusted basis in the property was $150,000. Since Arthur used the entire property as a principal residence for two out of five years prior to the sale, the §121 exclusion applies to the gain. Arthur’s total gain is $150,000 ($300,000 sales price minus $150,000 adjusted basis). Of this amount, $20,000 of the gain is due to depreciation. However, under the §121 rules, only the depreciation taken after May 6, 1997, cannot be excluded. Therefore, Arthur may exclude $142,500 of gain and must report $7,500, the depreciation allowed after May 6, 1997, as unrecaptured §1250 gain. Since Arthur used his entire home as a residence during the five-year period preceding the sale, the transaction is reported on Schedule D. No portion must be reported on Form 4797. Since the gain shown on Line 16 (Schedule D) is due to depreciation, this gain is considered unrecaptured §1250 gain. It will be included on Line 19 of Schedule D. Conversion of Principal Residence to Rental The fact that the principal residence is rented at the time of sale does not necessarily prevent the gain from being excluded under §121. The gain exclusion depends on whether the taxpayer meets the ownership and use requirements and the one-sale-every-two years test at the time of sale. The depreciation allowed or allowable after May 6, 1997, is not eligible for the §121 exclusion. Example: On May 14, 1999, Jacey purchased a home for $190,000 that she used as her principal residence until December 31, 2004. Jacey acquired a new residence and converted her former residence to a rental property. On October 1, 2006, she sold the rental home for $250,000, recognizing a gain of $75,000. At the time of sale the depreciation claimed on the rental was $15,000. She still lived in the home she acquired in December 2004. Even though the property was converted to rental use, it still qualifies as Jacey’s principal residence at the time of sale because: She owned the property for at least two out of the last five years before the sale; She occupied the property as her principal residence for at least two out of the last five years ending on the date of sale (October 1, 2002 through December 31, 2004, a period of two years and three months); and She has not used the §121 exclusion for any residence during the two-year period ending on the date of sale. Therefore, she can exclude $60,000 ($75,000 - $15,000) of the gain on the sale since it is less than the $250,000 maximum exclusion for a single individual. The $15,000 of the gain attributable to depreciation allowed on the rental after May 6, 1997, is taxable since it is not eligible for the §121 exclusion. This amount would be taxed as unrecaptured §1250 gain. The $75,000 gain is reported on Part III of Form 4797. On Line 2, Part I of Form 4797, the phrase “Section 121 exclusion” must be written and the gain exclusion amount ($60,000) entered as a loss in column (g).

Code P could mean a lot of things, you need to find out the taxable portion of it by asking the client or the issuer of the 1099-R.