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.

16 hours ago, Christian said:

I usually reup about now. As you may well imagine I am going to hold off for the time being. 

Me too!

1 hour ago, BoSkeezer said:

Here is part of our chat, which ATX sent me to confirm my visit:

Product: ATX  
Issue Summary: Telling me "we'll let you know" is really not an answer I can plan with. What is the ETA for restoring normal ATX functionality?  
Issue Resolution: Unfortunately, we do not have a specific timeline for when we expect service to be fully restored and we do apologize. For the latest updates, please check our corporate Facebook page and Twitter account.

Well that's just great!  I guess I will be relying on some of the really helpful members here because I'm not on Facebook or Twitter.   Please keep old timers like me posted. And Thanks!

I think it’s safe to open.

 How was Scotland?  I’ve always wanted to go there.  Seriously.

All that sounds pretty serious.  I'm glad tax season is over for me.  Working on CP2000 response now but relevant software and return info thankfully resides on my machine.

I’m also planning to replace my five year old HP desktop running Windows 8.1.   I guess Windows 10 is in my future like it or not.  My wife had a lot of issues with Windows 10 but that was 3 or 4 years ago.  You can get a lot of computer for the money in a desktop.  She recently went overboard with a HP Omen gaming desktop.  Very fast and powerful (and looks bad ass, even if somewhat juvenile) but cost around $1800.

Yes Margaret, I’m in the same boat as you.  I know the program and don’t want to climb the learning curve of another program as this stage.  In their defense of an 8.5% increase, they did have to cope with the TCJA which has been called the biggest tax rewrite in 30 years.  

Im listed here as a newbie but I’ve been using tax for 14 years.

The renewal notice for 2019 Max that I received a couple of days ago indicates $1610 BEFORE shipping and sales tax for a total of $1809.  Does every one get the same price?

Great site.  Although I haven't posted any questions or issues this season, I have posted a response or two and have enjoyed reading some of the posts.

I just donated! I actually never noticed the "Donate" tab until the subject was brought up in one of the posts.

Thanks to those who make it possible!

Scott

I thought that it was a fairly settled issue that the shares have a zero basis.  But I have not researched it in a while.  I have used zero basis on my clients in the past but they had basically inconsequential amounts of stock.

What is the downside of assuming that 1099S was issued and reporting it on 8949 with exclusion code?  That's what I do.  Better than client getting a letter in a couple of years. ( and then me having to deal with it then)

It's a tax in interest and dividend income.  And no estimated tax  to my knowledge although I don't live in Tn. Must pay it via direct debit...no checks allowed.  It's called the Hall tax.