Jump to content
ATX Community

JackieCPA

Members
  • Posts

    189
  • Joined

  • Last visited

Posts posted by JackieCPA

  1. I have a couple of clients returns that rejected because it wants the Form 1116 Sch B to be electronically attached. There is not spot for it in the e-file attachments. Anyone else having this problem?

  2. For the MN working family credit and child tax credit, I have a client who has wages of $101,000 (MFJ) and farm income loss of $80,000. Combined earned income of $20,000. They are receiving the federal EIC but the child tax credit and working family credit is not calculating. I have on the MNDQC that the children are qualifying children and on the MNWFC form the earned income is flowing. Am I missing something else as to why those credits aren't working? 

  3. Client gets a K-1 from a company that is from South Dakota. Because it is a SD company, there is obviously no MN K1 that is attached to it. The client is a MN resident. The South Dakota company takes bonus depreciation during the year - but the federal K1 does not show it broken down it all goes in with ordinary income. How does the MN preparer for the MN return for the client know that there was bonus depreciation taken to be added back in? 

  4. Hello!

    I have a client who purchased a house - he put it into an LLC because the plan was to improve it enough to rent it out. However, he has decided a few years later to just sell it and not rent it out now that the improvements are done. I had originally set it up on the Schedule E with expenses as passive and had the loss carried forward (as there was no rental income). Now that he is selling it without it being rented at all, does he still qualify to take the passive loss that was carried with the sale or is that void since he decided not to rent it at all? The original plan was to have it rented - not sure if that matters or not. 

  5. I had to call ATX and they gave me a file call "Large address aware" to put on the computer and they walk you through making sure it is working properly - haven't had an error since. 

    • Like 3
  6. K1 from LA shows these items:

    1. Distributable Income/Loss: $9,899

    2. Mineral Interest Income: $34,402

    3. Intangible Drilling Costs: $-1

    4. Depletion from Oil and Gas: $7,568

     

    Composite tax paid on behalf: $421

     

    Where on the LA individual return do I show the composite tax that was paid already on their behalf?

    Is just the income to show on the LA return the Distributable income of $9,899? The mineral interest income of $34,402 shows on the federal K1 as the gross income amount, so I'd assume that I would not include that as additional LA income just the distributable portion. 

  7. So, when someone receives CRP Ag Prog Payments it isn't self-employment taxable as long as they are on social security. If that CRP is flowed in from a partnership on a K1 it shows as self-employment taxable because the business return preparer wouldn't know if the recipient is on social security or not. Is there a way to add on the K1 (ATX) that it is CRP payments and not just farm income and to be deducted on the Sch SE on their personal return? Or, should the business return preparer know if they are on social security and show it on the K1 as not self-employment income? 

  8. I had a client have the employee retention credit completed by one of those "ERC" companies that charge a % of the credit as their fee. They are recommending that my client doesn't amend their prior year tax return because the IRS is absolutely going to change their mind and make it tax free. Reading everything I have read; I really don't think they are going to make it tax free (not reducing the expense). 

    What is everyone's stance on this. I would rather amend the return now before I do the 2022 return. 

  9. Is there a way in ATX to print K1s by shareholder? Right now, when there is more than one shareholder it prints federal first for all then state for all. Hoping to find a way that it will print the federal and state for shareholder one, then two, etc.? 

×
×
  • Create New...