Randall

Today (Monday) is a half day. Only because it is the 15th. Tomorrow off.

I agree. I don't want to do this for people. Sheesh.

I agree Pacun. Let the he said she said stay with the lawyers.

K1 received from an LP. Box for PTP is not checked. Do we assume this is correct? I’m not sure of the difference in a PTP and an LP where the average client (investor) can invest. Should I just accept the K1 and not mark it PTP in my software?

I had a 1065 rental, some commercial, some residential. I aggregated the residentials together and the commercials together and had two 'businesses'. The 1065 worksheet had only one line for z code. I showed the total on that line, then went down to the 'other line' and divided the total into two groups, residential and commercial rental. It showed up on the K1s and I took it from there on the 1040. I think you can do something similar with the S Corp. Making 3 business activities.

Thanks JohnH.

Transfer MUST be direct. No 60 day rule here.

Thanks for comment. Couple getting divorced. Were not my clients. Attorney in the building (and other attorney) asked me to prepare the returns. I prepared a draft showing both outcomes. Problem is there is one child so I prepared two drafts of MFS showing each claiming child. The outcomes were quite different. I didn't comment on it but I think it's an uh-oh situation. I haven't heard back but I think they're fighting it out. With the due date approaching, I wanted to mention to the attorney about the extension and wanted to know the best approach with the extension.

With the due date approaching, which would be preferable if one may owe in a MFS situation? File a joint extension with no payment due? File separate extensions with one making a payment with the extension?

Jack, I originally thought this too. But looking at it, there was nothing about the age 24. From Pub 970, he is a dependent of the parents (other relative), he is a qualified and eligible student.

Undergrad

Just to confirm my thinking. Client's son was 24 before end of year. Still qualifies as qualifying relative. W2 earnings only $2k, lived at home all year. Has used AOC credit 3 years. He should still qualify for the AOC.

What is the IRS official position? There doesn't seem to be much room at the top of the form. But the print at the bottom is pretty small.

Thanks Rita. I thought so from the instructions but thanks for the confirmation.

They'd rather we verify 1098Ts for accuracy, give our clients lie detector tests or whatever. Threaten to fine us with penalties if the documents we're given are incorrect.

And does the exemption amount of $37,000 include nontaxable Social Security? The instructions say any and all sources.

Why would you call it the Hall tax? I know, I saw that is the name of the senator who started it, but is that official or just some Tennessee thing? Just had a client who now lives in TN. Looked it up and see the Form is an individual income tax form. So they do have an income tax, or at least limited. If age 65 and income under their $37k amount, do I still have to file? I see ATX is allowing efile of this form.

How do you keep the print cache clear?

I have that problem when I begin a big print job. For some reason it gets hung up. I do get a message window and can close ATX myself. I save, close return, exit ATX. It's annoying but I've learned to print part of my print job at a time if I think it's a little too much.

Hmmm. Just put in a DOD on a living client just for fun. The deceased and DOD still showed up at bottom of printing section on page one.

Estimates for what type of tax? I thought TN didn't have an income tax.

Must have been with the latest update.

Yes, I knew that, meant to say delete from the Efile manager. But I have two in the Return manager. One where the Fed was efiled and the other where the state was efiled.

After the recent ATX update, I got a message that several Efiles have been in my system marked Sent to EFC for a long time. ATX recreated them but warned if duplicated and resent, disregard. At least I can mark them 'complete' so they are no longer in my Efile manager.

When I mark them as read, they still show up initially but in faded color. Then if I check on the 'unread' they're all gone. Not sure if this is the same thing.