Abby Normal

The 11,122 is COD income that can be excluded by bankruptcy or insolvency. Sounds like the software is splitting the total COD between line 21 and 4797, which would make 4797 no gain or loss because proceeds = adj basis.

We even efile extensions for people we have not heard from and are not sure they're coming back. We've had people show up later in the year and I wouldn't want them to have to pay late filing penalties because I didn't file an extension for them.

I had a client leave me because I didn't get their return done before 4/15 last year and they owed some penalties. I paid the penalties even though they still said they were leaving. They hated the preparer they met with last summer so much, they decided to come back to me. I showed them a little extra love and attention this year.

We've been efiling all our extensions. The batch add extension feature stupidly prints all the extensions and takes so long you might as well add them all manually, especially since you have to open the client to dot all the i's and cross all the t's and create the efile. I'll have to submit my idea to ATX for a batch way to create federal extension efiles based on last year's tax.

And they've made some nice improvements this year. Does anyone else feel like after they rolled over all the extensions, it got a little less stable? I had one printing really slow so I had to close and reopen. Also, my letters have reset to default wording twice this year. I hope they fix that for next year. Would be nice to do the letters once and be set.

I hate having a cold so you have my complete sympathies! Put some whiskey in that tea!

When I give a client an extension, I always efile it as well. Just in case.

I have elderly clients coming in later today who are upset that they owe 50K on 1.1 million sale of principal residence they bought in 1992. I'm going to tell them to be glad the laws benefit them because if they didn't they would 400K. And to be glad they made so damn much money!

Yes I bought MAX. I didn't understand the other options. Thanks, I'll check into when I renew!

It's not a tab it's a drop down at the top. It's still there on the Input tab. You all are getting punchy! Or is that crunchy?

It's not a duplicate. It's just telling you to classify that much of the gain as ordinary gain over on 4797 Pt II. People with large cap loss c/o can hit with phantom income when selling MLPs. Also, you should be freeing up PTP losses to be deducted on Sch E. I've done a few Kinder Morgan's already. I would never invest in one of these.

Speaking of education credits, I was doing one last night and switching between AOC, lifetime & deduction to see which gave lower tax. Deduction was giving lower tax and I almost didn't give it a second thought because it was a higher income return, but my spidey senses told me I should look at the 8863. Well, lo and behold, there was no 8863 in the return. I almost blew that one! Would be nice if ATX alerted you to the fact that no 8863 was in the return when you choose. It probably would have added it when I left the detail input screen but I didn't try that.

Too bad. This was one of my suggestions. I think it's wrong to have a 1-3 pack and a 4 to infinity pack. I wanted them to add a 4-7 pack, an 8-10 pack, etc. I feel like I'm really overpaying for the extra 2 users I need. Oh well.

Depending on the pricing this might save me money. I need 5 users so I have to pay about $600 fox Max package every year. If they price additional users at anything less than 300/ea, I will save.

If I'm not sleeping, I'm working. Might call it quits earlier Sunday evening if I've been really productive.

"when you purchase these enhanced asset capabilities along with your ATX renewal"

A lot of people were paying for useless health care plans before and having to file for bankruptcy even though they were 'insured.' Health insurance companies need to go back to being nonprofit like they were in the 70s. No reason to have shareholders earning dividends off our struggle to be insured.

My finacee is taking IRA distributions so she doesn't slip into Medicaid territory. We can't get married because she would lose her PTC and go from paying 70/mo to 500/mo. I dropped my old grandfathered in plan for a new plan because the premiums were much lower and it offered better coverage, but with a higher deductible. I don't care because I'm just looking for catastrophic coverage anyway.

These announcements always make me both excited and nervous. Edit: Oh, I see that it will still be an additional fee for these enhancements. I think I'll pass. I only have a few clients with assets in more than one state.

No income = no return. It's in the instructions. $600 minimum income filing requirement.

Alt-Space M Press down arrow until it's on the screen. And, yes I wish ATX would not reset all my window sizes and positions every time there's an update! I have to resize my print window and my communication manager window. And I still think if you were running ATX maximized, and not resized, you would not have this problem. Unless it's an issue with windows 7.

Quick & dirty refresher: If it distributes principal and income it is a complex trust. Income only distributed is a simple trust. If not all the income is distributed, some income stays in the trust to be taxed. Capital gains/losses usually stay in the trust until final return. Always read the trust document.

It rarely goes about 500MB of memory unless you have more than one return open. I have 3 returns open now and it's at 616 MB.

Rich, I just backup my install files. CrashPlanPro gives my unlimited storage and besides a 500GB backup is tiny now that hard drives are now in TB.

You should read these examples first: http://www.irs.gov/publications/p970/ch08.html#en_US_2014_publink1000178534 I've never had this situation arise.