L.S.

Thanks, guys!

This just doesn't seem right - Client, MFJ, has $14,913 on Line 8a, $4,654 on line 8b, $2,791 on line 9a, $1,893 on line 9b, -$611 on line 12, $66,171 on line 13 for agi of $83,264, itemized deduction of $12,823 and exemptions of $7,000 making taxable income of $63,441. Program puts this into the Capital Gain Tax Worksheet and tax comes up as $0. Can this possible be correct. I have examined this worksheet and it appears all figures are correct. Help, please. Thanks.

Yes - that box was checked and thankfully the amount for 07 was over $4,000 but I can use part of the amount on that 2007 1099-T for the 2008 year - thank you very much for your help.

client received 1098-T showing only $160 as tuition so got a printout from college. It is showing prepayments for 2008 course work for classes taken in 2008 - these payments are shown in 2007. Is there anyway these prepayments can be used on their 2008 income tax return? I am thinking no - but just want your advice. They used the full $4,000 tuition tax deduction in 2007, but had over $7,000 in expenses for 2007. Thanks.

Preparing a final return for a revocable living trust. There are $297 worth of capital gains from investments. Does this stay with the trust as income or is it passed through to the beneficiaries? When I enter this amount it comes to Line 4 on the front page, but then on Sch D, page 2 it shows up under 14a(1) Beneficiaries - should this be shown under (2)Estate's or trust's? It looks like this is passing on to the beneficiaires on their K-1's and maybe is correct as 14a(1) - but why does it show up on the page one of the 1041 on Line 4? There was also a sale of farm on 4797. There were sellers expenses paid including a pro rata of real estate taxes. I added this to the cost of the farm. Is this correct or should it have been shown on the front on Line 11 for taxes paid? Thank you.

IA126

Oh, I think you mean Form 5695 - but thank you for the info.

I have a doctor who installed a Geo-Thermal heating system in 2008 for $22,000. Can he get any credit for this? Thanks

I am having the same problem - will they be fixing this? is there a new update yet? Thanks

ok, dumb question. I have been running the automatic update each day. Should I have been doing the manual update each day?

Entered info several weeks ago on Sch A - version 19. I am back to return now and want to e-file, however, I can't as it says it is version 19 which is earlier than required minimum version 20. How do I replace this form with current one. Hopefully, I do not have to re-enter info as this one has lots and lots of charitable contributions. Didn't this automatically replace with current form last year when you opened return? thanks

Hmmmmmmmm - would I rather be preparing taxes in sunny California or sub-zero Iowa?? :rolleyes:

Our office has been struggling with this issue concerning the 50% special dep. allowance, too. If they don't opt out of this (which most have done), this gets really ugly with the Iowa return - changes to Iowa Sch A, change in how much s.s. is taxable, etc. If they do opt out, we are having clients sign the Election and keeping it on file. Is there any problem in e-filing these returns? The election gets e-filed, too, right?

How do you handle depreciation when the state does not couple with the federal - i.e. - Special allowance depreciation of 50% that the federal is allowing, but the state of Iowa is not. In the asset entry - it does show the difference - what then? Do you go to the state form and override? thanks.

RCooper and Mike, Thank you and bless you. This youth pastor/client is my oldest son.

Yep, hoping to hear from Mike. He is a part-time ordained youth pastor and also works at the elementary school and has a wife that is a PT.

have a pastor that has all his wages put toward housing allowance - $15,626. When completing the worksheet #1 - I put in this amount on line 4a, his actual expenses are $19,025 so that goes on 4d, on line 4g I put 24,000 and line 6 comes up with 100%. On worksheet 3 I have total from 2106 of other than meals of $2,996 and meals of 185 on line 2 on line 4 and on line 5 making line 6 zero out so none of the other deductions claimed in this return are allocable to tax-free income. I thought these amounts could be used on Sch A. What am I missing here? Thank you.

Every year I forget how to print this - please help. Thanks

Have a farmer who lives on his home place but bought another 40 acres with a house in 2008. I am setting up a Sch E for the house as they are renting it out. House is valued at $80,000. In 2008 they put in new windows for $5,000 - paid labor for putting in the windows of $992, repaired roof for $4,000 and paid $3200 for labor for the roof. They also put up a pole barn on the new 40 acres that the farmer is using for his equipment to be stored - I am going to depreciate that on his Sch F. My question is on the labor for the windows and roof - does this get added in the cost of the windows and roof and depreciated or can it be shown on the Sch E as labor? Thanks.

Have a farmer, Sch F. Put down concrete flooring by his barn for his cattle - would you depreciate as real property with sub asset of 3 for 20 year property? Also bought farm machinery. Would this be asset F with sub asset of 9 for 7 year farm equipment or asset A with sub asset of 8 for 7 year fences, grain bins & equipment used in Agriculture? Thanks.

Doing individual's tax return and they come in with sheet of paper from Accounting Firm saying with the sale of xxx you have a section 1244 stock loss of $5,440.00. Please advice your tax advisor regarding your loss. In reading some info on loss on sale of 1244 stock, it would appear that this can be shown as an ordinary loss. I would assume on a 4797 - how would this be shown and is this the correct form? This is from a C-Corp. Or should this go on a Sch D? Thanks for any help on this.

Thank you SO much - that was it - I didn't realize this was a drop down field. I had changed the operation from grain & hogs to grain and cattle this year. Just got it connected to the right Sch F - and it works perfectly. THIS is why I LOVE this board - all this completed in less than 10 minutes!! Thank you.

Have a Sch. F with self-employed health insurance premiums. I complete the Sch. F - which shows a profit and then go to the SE Health insurance deduction worksheet and enter premiums paid in #1, however the profit from the farm is not coming through on Line #4 - it is showing 0. If I try to override this field with the correct profit amount, I get the #VALUE on Lines 5 through the end of the worksheet. Anyone else having this problem? Thanks!

Is there a way to make a list of those clients who used the standard deduction in the 2007 program? I want to put in notes in their files to remind me of the standard deduction being increased by real estate taxes. Thanks

This is really driving me crazy - as it why this won't print. I was on the phone with tech support for 1/2 hour and they couldn't figure it out so now I have to call next week and get to the upper level tech support. On my preferences for print I have checked under default print copies filing copy, under general settings I have checked print return in one print job and print watermark on client copy, under check return reports all are checked except the first one and under print worksheets all are checked. When I try to print I always just get a blank paper even though I have items on the error report. I can go to the print on top and copy the error report to a PDF and then print that, but I don't want to do that for each return for the entire year. There is something else really strange. On the 2007 program I always printed the error report and today I go back to that program and I cannot print this error report now. This is all just really strange - We did change printers this summer, but I can print the return just fine - just not the error report. any ideas?????