Abby Normal

1 hour ago, schirallicpa said:

This is on a brand new PC

If it's a brand name computer, it may have come preloaded with a ton of crapware that starts automatically. This is why I always build PCs from scratch with only windows on it.

3 hours ago, PatE said:

Since 1099-INT and 1099-OID use the same worksheet (sad that ATX can't have separate work sheets) where do enter OID Acquisition Premium (Box 6) on the 1099-INT?  

Box 1 adjustments. Code O.

Trust me, economists have LESS personality than accountants. They don't call it the Dismal Science for no reason.

If clicking on Browse doesn't show your database, you'll need to reinstall or run the database repair batch file. Does ATX even have the 2022 batch file up yet?

Key Lime Pie is King! Blueberry is also great.

Ann gave up her lot + $3,000 cash. Bob ended up with just the lot and assumes Ann's basis of $5,000 because he gave up nothing, so the lot was essentially a gift, despite the semi-elaborate transactions.

I usually buy whichever Brother printer is being discontinued for $99 and then use generic toners and drums. Rinse and repeat.

On 3/11/2023 at 10:26 AM, cbslee said:

Slippery Pencil's warning is timely since HP announced recently that you will have to use their OEM toner and ink with their new printers.

Don't update the firmware or drivers on your HP printers. If already updated, roll back to the previous firmware or driver. And whatever you do, uninstall or don't install the softwares that come with your printer. Those softwares are nothing but trouble.

An article on HP firmware updates and how to avoid them:

https://www.cartridgepeople.com/info/hp-firmware-update

I look forward to buying a gas station coffee with my refund... or a small box of mints.

46 minutes ago, WITAXLADY said:

I knew that about the 8801 - I am just wondering - why if he is taxed as a K-1/the k-1 income , why do the distributions get counted again and take away all that refund?

Thx d

Sounds like time for a side by side, line by line comparison. Distributions with ample basis should not change anything but basis, but as has already been suggested, perhaps your AMT basis worksheet is wrong.

The real question is whether this is really a business or just a hobby.

https://www.irs.gov/newsroom/earning-side-income-is-it-a-hobby-or-a-business

Yes.

QuickBooks sets a lot of things running that you don't need running like their online backup service (Data Protect), their QB Update service and QuickBooks itself (so it starts faster). I use either Services or Autoruns (from Microsoft) to disable these things.

It might be ok to disable the QB company file monitor and the web monitor, but once you start QB those will be started as well and keep on running.

Subtraction for Public Safety Retirement Income

New for 2022: An individual taxpayer may now claim both the standard Pension Exclusion and the Subtraction for Retired Correctional Officer, Law Enforcement Officer, or Fire, Rescue, or Emergency Services Personnel. Claim the subtraction using code letter “v” on Form 502SU. (See Instruction 13 in the Maryland resident tax booklet.) Note: When claiming the standard pension exclusion, do not include any amount subtracted for public safety retirement income.

To qualify, you must be a retired correctional officer, law enforcement officer, or fire, rescue, or emergency services personnel of the United States, the State of Maryland, or a political subdivision of Maryland. Only subtract income that you included on your federal return as taxable income received as a pension, annuity, or endowment from an “employee retirement system” qualified under Section 401(a), 403, or 457(b) of the Internal Revenue Code.

https://www.marylandtaxes.gov/individual/income/filing/pension-exclusion.php

ATX should subtract the 15k from the total pension before calculating the regular pension exclusion.

On 2/24/2023 at 3:55 PM, Robbie said:

Ok: I haven't had to use LAA.  I figured out yesterday that my computer wasn't configured correctly, so a few changes to optimize my memory usage seems to have done the trick.  Ah, slow learner.....

If you're running ATX, your computer needs to be lean and mean, with as few background processes running as possible.

On 2/24/2023 at 3:55 PM, Robbie said:

Ok: I haven't had to use LAA.  I figured out yesterday that my computer wasn't configured correctly, so a few changes to optimize my memory usage seems to have done the trick.  Ah, slow learner.....

Kill ATX in task manager to save having to reboot. But you should reboot every day to clear memory.

1 hour ago, jklcpa said:

No, they should be amended.

https://www.thetaxadviser.com/issues/2015/sep/statute-of-limitation-tax-carryovers.html

There are 2 cases presented in the article that precedes this quote, but without a C&P of the entire article, the following excerpt hits the basic idea:

 

I don't think that applies to passive loss carryovers. I stand my not amending.

I wouldn't amend anything that doesn't get a refund. I'd go back and redo each year properly, to determine the current passive loss carryover, then just do 2022 based on that.

The IRS doesn't keep track of carryovers so they won't complain when one just shows up.

4 hours ago, mcb39 said:

Nope!  Only ended up with 2.

But still you added an unnecessary step.

But the point remains that if you file an amendment before the due date with extensions, it's superseding, and if after it's not. And there's not a damn thing you can do about that. But it does lend credence to extending all returns, even those that were completed on time.

1 hour ago, cbslee said:

Usually SS monthly benefits are paid about the 10th of the month

Social Security payments dates vary with the day of the month you were born, and either get paid on the 2nd, 3rd or 4th Wednesday of the month.

Social Security retirement, disability, and survivors benefits all are distributed on one of three Wednesdays each month for beneficiaries who began receiving benefits after May 1997. When a beneficiary will receive their payments depends on their birth date, as described below:

If you were born between the 1st and the 10th, you will receive your Social Security payments on the second Wednesday of each month.

If you were born between the 11th and the 20th, you will receive your Social Security payments on the third Wednesday of each month.

If you were born between the 21st and the 31st, you will receive your Social Security payments on the fourth Wednesday of each month.

Source: https://www.investopedia.com/social-security-payment-schedule-5213627

14 hours ago, Lion EA said:

My clients have a LOT of wash sales, so I love importing spreadsheets.

That still takes longer than just entering the totals. Plus it makes the the file size larger and the return longer.

13 hours ago, Sara EA said:

knew they just went into a dumpster

I always thought, incinerator.

LAA might seem daunting at first, but it's fairly simple, actually.

12 hours ago, Catherine said:

I thought that Drake (my software) has a choice for "Frist Amended/superceded return" and thought it was both cool and about time.

I've never understood the point. My understanding is that if you amend before the due date, including extensions, then it is considered superseding. But either way, the final numbers are the same, so who cares.