Abby Normal

Great articles, Judy. I bookmarked them both. Should probably print them to PDF for reference.

I've used this view for many years and it serves me well... except when I end up in the Drake forum and feel like Dorothy in Oz. https://www.atxcommunity.com/discover/12/

That's... something I would never do. Two lines on the 8949, one for code A and one for code D with MW code is the proper way.

Why? All you need is totals on the 8949 with codes MW. Anything else is a waste of time.

No, it's a rusty brain cell. I may be thinking of something to do with partnerships.

If the 5k loss is after the 10k depreciation then the rental shows a 5k profit, which is offset by 5k of depreciation (separately stated), right?

And CCH is owned by Wolters Kluwer.

Isn't there something about an ownership change of 50% or more, freezing the NOL?

The income taxed in MI is a pass-through MI entity which is not even taxed in MD, so to take the credit for MD taxes paid on the MI NR return is doubly nonsensical. Thanks for replying!

But it doesn't seem “correct” to me. Instructions (and experience) day that only residents get that credit. I mean, the tax they're getting credit for is not on the same income that's taxable in MI. I'm just going to override it to zero. Thanks for the reply!

Paging Michigan preparers. Anybody out there?

I've checked nonresident, and chosen nonresident for school district and attached the NR form, but ATX is still calculating credit for taxes paid to a second nonresident state. The taxpayer has pass-through entities in both MI and MD, but is a resident of DE. I've read the instructions for MI 1040 and it says the credit is only for residents. What am I missing or is this a known bug?

It's taking longest for my trust clients. I thought all payments went to bank lock boxes so the IRS employees couldn't steal them... I mean so the IRS didn't have to process them.

The other states tax credit and improved automation of state and local taxes, make it worth it to me. I've never been able to make the 1099-Q calc's work and the education credit optimization is no big deal since you can easily see which is best by switching between them.

I think you were going for 'ravaged.' And, sorry to hear about your area having a rough go of covid.

There's an M2 reconciliation worksheet. Put the excess distributions in the adjustments column to reconcile it to Retained Earnings. Get rid of those fake loans, NOW.

My experience has been different, but maybe the IRS has fixed eservices. What happens when I fax a POA sign by the personal representative/executor along with supporting letters of appointment or POA, it lets me download the transcript but instead of the info being there, it's just a message that the info is unavailable.

There are certain circumstances where distributions can reduce AAA even if it's already negative. Possibly, if there were capital contributions during the year. I don't really know what AAA is for, so whatever happens with it, I just accept and move on.

When the IRS flags a taxpayer as deceased, certain features of IRS websites are blocked. You may never see it on 'where's my refund'. I know for sure you can't download transcripts for deceased taxpayers, which really sucks. If I see an obit for a client and I have a POA for that client, I immediately login and download all the latest transcripts before the IRS cuts me off.

ATX has blank elections and blank statements. Use the blank elections to type up the 351 election. There's no need to attach it as a pdf. It gets sent with the return. You can verify this in the Efiled forms tab of the EF Info form.

I have a shortcut to Alice Cooper's Hey Stoopid on my desktop and I hold the receiver up to my speakers and crank up the volume.

Before spreadsheet software, we would 'foot and cross-foot' to ensure our totals were correct. Now, we add a cross-foot formula to double check our totals. My choice is to have to formula display zero if it's in balance or the amount by which it is out of balance.

People who can't make it anywhere else, often end up in banking... or so it seems from my experience with bankers over the past 40 years.

You should share stories here on a regular basis. I would so look forward to reading them!

I'm not a SC preparer, but I had to research this for a client recently, and I agree with you that this LTCG qualifies for it. If SC disagrees, they'll let you know.