Burke

1. "maybe [you] were not aware that it is not necessary to do an exact accounting of assets anymore." The jurisdiction that applies here is the local probate court and their instructions. I see you are in NY. Has anyone checked with the local court? In VA, accountings to a court can be waived in the will if all beneficiaries sign off on it; however, they still have the right to demand an accounting from the [preparer/executor/administrator/personal representative] if so desired. 2. Note post reply above says Line 9 & 10 say "required to be distributed." This is not correct. Line 9 says "required to be distributed currently." (Where the will or trust specifies it, and that is whether or not it is received by the beneficiaries). Line 10 says "Other amounts paid, credited.....etc" Note the comma! If the income was paid (distributed), your software will compute DNI and the adjusted income flows through to the beneficiaries. So do the return as it is supposed to be, and send the K-1's and then let the benes put this monkey on their back. 3. Yes, if the money was required, (or not required to be distributed -- as long as it was -- ), it triggers reporting of the income.

His personal return would include only income up to date of death. If a trust or estate return is necessary, you can elect a fiscal year (ending June 30, 2018) or calendar year (ending 12/31/17.) Both methods are still timely. Calendar year would be due 4/17/18. Fiscal year would be due Oct 15, 2018.

This worksheet has blue fields for Lines 10 and 11, which means you can input an amount other than that on the federal Sche A. Does anyone know why? All instructions I can find say you deduct on VA what you can deduct on Federal.

I print out the suggested FMV from the TaxBook and give it to them to do a detailed list. Others also available online from Goodwill, Salvation Army, DONATE IT, etc. I won't take "xx bags" and "xx boxes." Only took one year and all my regulars got it. Now I get reasonable values and itemized lists. Well, it took a few more than one year to get the message....

There is nothing easy about the taxable Social Security calculation unless their income is so low it is zero or so high it is 85%.

Well, I found it! It is not on the Data page. It is on the VA EF Information document.

Yes, and I do opt for all caps. However, it never affected the client letter, K-1 letter or billing invoice (which are pre-printed in upper/lower cases) until this year.

I checked all over the VA data input screen and there is no field there. Will contact ATX to see if update is pending. I also tried to override the "office use" section on Page 2 of the 760, but it will not let me do it.

I have 100% success with the post-dated check thing. I don't deposit it until that date or after. I only have a couple and they are repeat clients. BTW, if you have any doubt about the check's validity, take it to THEIR bank after the day it is dated, and inquire whether it is good or not. I took a check one time at a yard sale, and suspiciously felt that it might not be good, went to the bank drive-in window on two occasions and asked if it was good -- it wasn't either time -- so I asked whether a specific time of the month might be better, and teller said "Try on the 1st." I was there johnny-on-the-spot and got my money! I think this would work only if the check is made to you, and not to a company -- but you never know.

YES! And I am one of those who complained. I do use the K-1 letters, billing invoices and sometimes the client letters, and I never had this issue before this year, even though I have ALWAYS used all caps for returns. So it is newly programmed into the software for 2016, and NEEDS TO BE CHANGED. If you check it in Preferences, you cannot then change it on the keyboard for those letters.

My client received a letter stating he has been assigned a PIN for Virginia filing purposes. The letter says "You must provide your Virginia PIN and SSN on your tax return." And "if using tax software to prepare your return, you will be prompted to enter your Virginia PIN with your tax return data." I am neither prompted for this info, nor is there a field in which to put it. Anyone else had this issue?

Trying to edit K-1 letter. Will only type in all CAPS. Anyone else done one of these yet?

Logging on via MyATXSolution Center to send an email: does it require the same password as logging into the tax program?

What you are describing is an Option to Purchase. It is not a "rental." The payments specified are Option payments which can be held in an escrow account for the specified time in which the buyer is required to close the sale. If the Option payments are forfeited by the terms of the Option agreement, then they become Ordinary income to the seller who retains ownership of the property during the Option period. It is possible the Option payments are made in one tax year, and forfeiture occurs in a succeeding year. If that happens, the TP may have to file amended returns to report the income in the year received. If the buyer wishes to rent the space while this Option is in place, then he needs a proper lease which specifies that rent for a specified time and the payments cannot be applied to the purchase price. So you have 3 possible scenarios: 1. Lease 2. Option to Purchase 3. Installment Sale. The seller cannot "decide" which one of these scenarios it is, after the end of the period. It needs to be in writing up front in a properly-worded contract.

I don't have any problem with the $795 monthly rent - as long as that is supported by a separate lease agreement for the premises for a specified time, and which has no connection whatsoever to the eventual sale of the property. This means none of the rent can be applied against the sale. That does not appear to be the case with the facts as you state them. As presented, it is an installment sale. Period.

I don't think you have to worry. They won't be back. And you are right.

I believe there is a box to check to tell it not to report gain/loss on 4797.

Yes. Believe it or not, parents income (MFJ) is lower based on FPL % than the kids (Single). Trying to get the mechanics of this form completion. Kids took "0" APTC.

This has been going on for several years, and I am surprised you haven't come across it before. Seems as though one or the other party on a MFJ return could claim "I never got the letter...." if it was addressed to just the primary SSN. So now each gets one (in separate envelope) and have been duly notified.

Beg to differ. Co-signer IS contractually liable for payment on any loan for as long as it is outstanding and payment is not made by the original party. (Mtge interest 1098's often only have one name and SSN on them, even though husband and wife are parties to the loan and contractually liable to pay.)

TP (parent) got APTC on his return for himself, spouse and 2 kids who were insured on the plan (under age 26). Well, both kids made too much money to claim and filed their own separate returns. Now IRS wants 8962 on the 2 kids and a copy of their 1095. They did not get their own 1095 since TP parent told Marketplace he was going to claim them. Soooo, now they will allocate 100% of APTC to parent. Instructions say if this is the case, do not complete 8962. If I do complete 8962, whose percentage goes in Part IV? No matter what I do, I can't get past ATX error checks when this form is part of their return. It appears to be required ONLY if a certain percentage (other than zero or 100%) premium tax credit is to be applied to other persons.

I have this same situation. The child is not claimed on parent's return, she is claiming herself. HOWEVER, we want to allocate 100% to parent. Other than indicating this in Part IV, is there anything to fill out in Part II? If lines 24 & 25 are left blank, I get an error saying Form 8962 not required!

I am going to assume he may be referring to the purchase of a tax credit from someone who entered into a conservation easement. Often these are awarded to land rich/cash poor taxpayers (i.e, farmers) and who because of no real taxable income, the tax credit is pretty much wasted. So some states allow them to be sold to actually generate an incentive for the TP to put the land into conservation/non-development use. In this case, the OP uses the term "donation." If someone pays $100K for something and it has a FMV of $445K, then then there is going to be gain reportable somewhere when it is realized.

You are such a good guy. I make them write me a check when they pick it up, and date it ahead. Then I have it and don't have to hound them for the money. I only do this occasionally and when there are special circumstances.

If this had been a regular whole life policy, the dividends (if still credited to the policy and not previously withdrawn) would have been paid out at death as part of the benefit.