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TaxmannEA

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About TaxmannEA

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    IL
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  1. An 80 year old man died last year and the family has been going over his papers and settling his estate. It seems that he had an IRA that he had never taken any distributions from. He really didn't have a filing requirement as his income didn't exceed the minimum, even if he had taken the RMD. The balance in the account went to his sister's estate as she passed shortly after he did. The funds were passed to her heirs through her estate. My problem is this. Should the original TP be subject to penalty for not taking the RMDs for all those years? Does the estate have any responsibility for this? The executor is having kittens over this. There is no tax avoidance involved as inclusion of the funds would not have resulted in federal or state tax liability. The decedent was probably not of sound mind as he was a hoarder and the house was full of every scrap of paper that he ever had. (Except for the financial records that we need.) Is there any penalty abatement that might help in this situation?
  2. I have a young lady who just received her green card and SSN in December of 2019. Prior to that time she worked for 5 months in Qatar. She had no US income in 2019. Her husband is still in Qatar. I'm assuming that she would have no filing requirement as she had no US economic activity in 2019.
  3. Thanks ! It just seems weird to file a 1041 with no K-1.
  4. I do a few 1041s but this is a new situation to me. A TP with no family died and left everything to 2 churches and a local fire protection district. There are no other beneficiaries. He had a revocable trust which became irrevocable on his death. The trust has received his pension payouts as well as farm rental income from another state and farm income (unsold crops) from this state. They sold farms in both states. My question is do I prepare any K-1s for this or does the entire thing go out as a charitable deduction on the 1041 ? This may be kind of basic, but at this point I'm arguing with myself. (brain fried)
  5. We have a husband and wife who formed an LLC for a property in a resort area. They rent part of year and also have personal use days. When the days of rental and personal are entered on the Form 8825, the program (Drake) does not do any allocation of expenses as would occur on a Sch. E. Are we using the correct form (1065) or should we be using a sch E on a 1040 ? The LLC lists both as partners. Or do we just need to do the allocation manually?
  6. Thank you Abby! F4 worked. Life is good again!
  7. I've found the purple field. It's a box at the top of the 1040 that links to the Injured Spouse form. I can't seem to restore or delete anything to remove the color. Looks like I'll have to roll the client over from 2018 and re-enter all of the data.
  8. I guess I'm just dense. When I click on the error message, it takes me to the 1040 which has no direct input fields. There are no pink override fields anywhere on the return. The error started showing up when I added a billing invoice to the return. I've deleted that and it's still there. I'm still trying to figure out what "sheet 1" is.
  9. I'm getting an error message that is preventing me from forming an e-file on a return. It says: 1040... Estimate .....On sheet '1' you entered a value of ". When I click in the message, it sends me to P.1 of the 1040. I have no idea what it's trying to tell me. There are no estimates on the return. I've checked every input sheet and have come up empty. Any ideas?
  10. TaxmannEA

    ATX 1099's

    Mine have all been accepted.
  11. Just now I tried twice to pull a transcript from E-Services. I get logged in and the security code entered, but when i try to go to transcript request I get an error message, Anyone else had a problem?
  12. We are going to be hiring 2 new part-time preparers for the upcoming season. The boss has asked me what a fair hourly rate would be, I'm sort of at a loss as in over 40 years in the business I've never been paid hourly. I either got a commission or salary. We are in a rural area in central Illinois, so the rates here are not like those in the urban areas. I just thought I'd ask here as many of you probably have the same situation.
  13. Yes. There is a worksheet that can be found in the forms menu to do this. It's not fully automatic, but it works.
  14. That sounds like a problem that I had with my class at a local junior college. The remote student could log in, she could see me and I could see her, but I had no sound at my end. In fact that computer had no sound at all. The volume controls and mute settings had no effect at all. The IT guys fixed it and told me that it was in some control area that I probably could not have found. I think that it was caused by some system upgrade. Maybe Skype doesn't like accountants.
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