Randall

Client is co-owner of rental on 1040 Sch E. Client also has LLC with rental activity (2 member LLC). Sch E rental shows loss but not deductible (8582) because of income level. LLC K-1 has rental income. I am preparing both the LLC return and the 1040. On the 1040 K-1 input, can I check both the 'active participating in rental' box and the 'passive activity' box? If I don't check 'passive activity', the LLC rental income won't offset the Sch E rental loss and the LLC income will carry to 1040 page one, while his Sch E loss is suspended. I was of the understanding that rental activity is considered passive (unless re pro).

Yes, much better. Especially after a few years. Only those older accounts that have been transferred before the new rules where the current broker doesn't have basis info are a pain.

I'll lump several with close dates.

Yes, I hate it when they come in over $500. Ugh.

I'm not sure where you're inputting. In ATX on Form 8949, input tab: if you enter an acquisition date, the ST or LT will show up accordingly. If you enter various, ST will show up. You can then override ST with LT. I usually enter 12/31 as disposition date.

How do you really advise on questions like this? I would sell and rent, but people want to have that house.

I thought this was an old thread. A recent post must have revived it. I agree with that kind of volume, you should be well beyond ATX/Drake. I've got both ATX and Drake. What's wrong with me. I'm still struggling with getting acquainted with Drake.

Just had one at $341. Ugh.

Then there are those who take multiple withdrawals and the company issues separate 1099Rs for each withdrawal (at the time of each withdrawal!). But the client only brings you one 1099R. How would you know? I caught one because the client included the account statement which showed total withdrawals for the year and it didn't match the 1099R. After asking the client, I find out there are several 1099Rs.

If long form not required, I don't even bother, just let the total go to 1040 page 2. ATX gives a cautionary warning but doesn't prevent the efiling, no red print warning.

I don't think time matters. I think they're automatically considered long term. Enter acq date as various or a date S corp started if over 12 mos. Then override ST with LT.

If the broker can provide a csv file, you can import directly to ATX.

One may be an IRA, fully taxable. Maybe the original money was an IRA or 401 rollover. Of course if he's well over 70 1/2, he would have had minimum distributions in previous years. The one with basis is not an IRA, just after tax dollars he put into it.

Thanks.

Is there no age limit for EIC? Seems like there was a few years ago, age 65. Is this not so anymore? I don't see anything about an age limit. My client, 66, $5k W2, SocSec $21k. Disabled adult child. EIC calculated and going thru.

Looks like I'll have to paper file. I think Jack must have been thinking of a foreign child, must wait until finalized in that case.

First option, max the 401k. May also get additional employer contributions. There are other things but he should see his financial advisor on those.

Lion EA, this was the way I was reading it too. The worksheets even have lines available for credits taken in previous years. My problem with ATX is that it won't let me leave info blank as the instructions say to do if that info is not available. So I was wondering if I have to paper file this return.

Are you saying the assets will not be listed with the double asterisk (**) from then on?

Jack, I understood that expenses paid in 2013 could be used for the credit in 2014 even if adoption is not finalized until 2015.

No comments yet?

In the drop down menu, the delete return is just below the close return and high up on the menu list. I never liked that. I know there's a warning message if you hit the delete return. Sometimes I'm going fast and accidentally hit the delete button. So far I've caught myself with the warning message. But I've been meaning to put in a request that they move the delete farther down the menu list.

Form 8839 instructions say if info not available on line one, leave blank. My client has adopted child birthdate of Jan 2015. ATX won't accept a date after 2014. Also, no ssn or atin yet. When I leave these blank per instructions, ATX won't accept this and efile can't be created. Does this mean I have to paper file the return?

I meant 'Open Balance Equity'

Then there's 'Opening Fund Balance'