scottmcfly

Lee B thank you for that. That sounds like the answer.

I have been using ATX since 2004. First Total Tax Office then Max. But I am getting old and don't need the money that bad so I just finished my last tax season. I am very familiar with ATX and like it a lot. If they made a "1040 LIte" I would buy it just to do my return as well as my brother's and daughter's. But since the 1040 product costs about $1100, I guess I will be doing those three returns next year on Turbotax. Unless someone here can suggest something better. Its just that it seems that there is no program in the $300 to $400 range.

I had a client who owned a bunch of publicly traded partnerships in his traditional IRA. I tried to keep track of the UBTI and told him that we could run into trouble in the future as he kept buying more PTP shares in the IRA. I even used to lay in bed thinking about it..........but then he died and my problems went away. I know that sounds harsh. But tax season makes me that way.

Some people are too "smart" for their own good.

I agree Yardley, but I still remember the 2012 year and it is not a fond memory.

I worry too Tom. I keep files close to home. Am I paranoid? Who is asking?

Yes! Just because you did their tax return, they think you should be “on call” to answer all of their stupid questions tax-related or not.

Thank you Mink, while I don't agree with the logic of the IRS position I am worried about the "skeleton" issue. And the ease of which it could be computer checked. Csblee, thanks but I don't understand the double dipping deduction comment. Maybe I am just dense . But the premiums were paid by the S corp are deducted on the 1120S and therefore reduce the income pass thru and the related QBI. Why should I have to reduce QBI again for the same premiums. On the 1040, other than the S corp income pickup, the treatment of the premiums on the 1040 are a wash: (1) inclusion in taxable wages and (2) deduction under section 162 (l) taken on Schedule 1. So for income tax purposes the premiums end up being deducted once. But for QBI purposes it seems the IRS wants them deducted twice. (I think this is the "duplication" that Mink discussed). What am I missing?

Just curious, are you following Q&A #33 as it regards the double deduction of self-employed health ins premiums in calculating the QBI of a greater-than-2% shareholder. The health premiums are deducted once in coming to the net income of the S corp. As such, they are deducted at the "entity level". Q&A#33 indicates that that are also be required to be deducted AGAIN at the shareholder level when computing the shareholder's QBI on the 1040. This just seems wrong. And this treatment is not specifically stated in any regulation to my knowledge. I am not inclined to follow Q&A#33 until there is a more authoritative promulgation. Any thoughts?

When I was downloading the 2019 ATX Max program from the Download Center something with the name atx-EBOOKBUN showed up to be downloaded. It had no activation code connected with it. Does anybody know what it is? Thanks, Scott

Maybe accounting type stuff is not her thing.

None of those expenses are ordinary and necessary in relation to being a financial consultant. And moving expenses were eliminated by TCJA so my opinion is no. Apartment broker fee is a personal expense.

Yes, I have been shocked more than once when seeing the fees on the consolidated 1099's. And I usually point them out to clients. Most don't seem to realize how this affects them in the long run and how easy it is to manage your own money. That's what I do. The money management business is a lucrative business. In the past I thought about it briefly but personally I do not have the ability to sell something that I would not buy. Sooo I am still doing taxes. However I am sort of proud that several of my clients have thanked me after transferring their accounts to Vanguard.

Pull up the acknowledgement then roll your curser slowly over the little message indicator.

Me too!