Randall

Am I reading this correctly? Client has Sch C income of $31k. K-1 partnership loss of $44k (he is general partner, has basis). K-1 shows loss in SE earnings box. With investment income, AGI showing positive $3k Client got health ins thru exchange and received advance premium credit. With low AGI, income drops to 19%, less than 100% of poverty level. I'm showing on Form 8962 that he not only doesn't have to pay any back (max would have been $600) because his estimated income when applying thru the exchange was at least 100% of poverty level but he is also eligible to get the reimbursed credit for the additional amount above the advanced credit. I wasn't expecting this and just wanted some confirmation. I was expecting the payback for those whose income exceeded the 400% of poverty level.

Extension. Tell client good books or new tax accountant.

Multiple naps.

I don't bother anymore with past returns except for one year back. I do have someone with 2012 and 2013 to do. She's been dragging her feet on getting me info so now it's two years past due.

I've always used the comparison for myself but seldom giving the client a copy. I've been doing that more this year though whether they read it or not.

Same here with Ky credit for tax paid to other state via a K-1 composite.

I agree with Bulldog Tom, mcb39 and Jack from Ohio. I have had Drake for two years (paid for it, am I crazy?). I tried to get into Drake more. I wanted to give it a try. I'm sure it's a good program and once you're used to it, it is good. But I prefer ATX. I have the Total Tax package. I'm used to it. It's much more intuitive. More forms, payroll, tax research. All handy in one program. I will renew ATX again but not Drake again. I'll just live with the slow reaction time of ATX. My volume isn't that great. The pros just outweigh the slowness of the program.

Yes, a lot easier now that a few years have gone by and brokers have the info needed to code A and D. Should get even easier each year.

I agree, price and forms. But I still wonder with a high volume, multiple user office, why they wouldn't want a more powerful and stable program. They should have the revenue to support the higher end programs. But I also realize the big guys are raising their prices higher and higher too.

I don't know why those with high volume would want to use ATX. I'm a one person office so it fits my needs very well.

Jack, I'm not having problems. I just play it safe with fewer things open at once. I have a new system, no problems. I do keep several programs open at once, say a webite, email, QB, others. But within ATX, I like to keep it as simple as possible.

As a side, I don't update with the open program. I go to ATX and download, then run the update. I also close everything else. I don't know if that has anything to do with the problem. It's just that these programs seem to be sensitive and too many things going on at the same time makes me nervous.

I don't get this comment. I've been a long time user of ATX. It's slow but I think that's the type of programming it uses. I haven't had the problems others have had, returns not opening or whatever. Something must be going on unique with them.

Nevermind. Found my answer. I had the spouse marked in the SEP worksheet.

Now I'm looking at SEP for client. If he contributes to SEP, he's an active participant and can't make the IRA contribution. But ATX is showing spouse also as an active participant. I'm wondering why he can't contribute to a SEP and she contribute to her traditional IRA based on his earnings.

DevM, thanks. That was it. W2 info from several years ago was still in the return.

My IRA worksheet is showing box checked for participating in an employer plan. I can uncheck it but I'm wondering why it defaulted that way. Client receiving Govt pension, both spouses receiving some RR SocSec equivalent. Client has a Sch C consulting business with high profit. Both ages under 70. I'm wondering if the box is checked because it's rolled over that way from several years back when client was still working govt job and was an active participant. I think I just need to uncheck the box but was curious why this box was checked in the first place. Maybe the program knows something I don't.

I have a similar situation. Surviving spouse received 1099R and I think there should have been two 1099Rs. There was a distribution with tax withheld and there was a rollover into spouse IRA. I have the statements showing the amounts. It was with a broker and the IRA and non-retirement account was with the same broker. A direct transfer. Sheesh. They just took a short cut in issuing one 1099R. I warned client of an IRS letter.

Thanks everyone.

Joan, activity not sold. I was wanting to confirm that PTP box is checked and not the passive box. With passive checked, loss goes to 8582. With PTP checked, loss doesn't go to a form, just a worksheet.

I was just going to post a question on this, a little different. Mine is not a final disposition. I marked PTP. Loss in K1 box 1 is suspended. Not showing up on a form, just in the PTP summary schedule. Is this correct? If passive activity marked, it shows up on 8582. But can't mark both PTP and Passive Activity (one or the other). K1 shows plenty of capital (tax basis). Does being PTP preclude it from being a passive activity. Yet the loss is still suspended so I assume it is in real terms, a passive activity.

If they have multiple accounts with the same broker, they can have the broker deduct the fees for all accounts from the non-retirement account. Therefore, getting the total fees outside the IRA and deductible on Sch A. That also lets their IRA build up more.

I do some work at home on my laptop. I have a ShareFile account. I use ATX export. But there were too many subfiles in ATX export to bother with ShareFile. I just use a Flashdrive. It may not work for you since you're working with another person.

Too many people have a trust created but don't do the necessary things to accomplish what they want done. Too many attorneys prepare a trust document, maybe explain to the client about putting assets in the trust, but nothing gets done. The accountant is usually the last one to know a trust even exists.

I agree with Jack. The last thing I want to do with any app is uninstall and reinstall.